Last update: Oct 2026

Cost of Living Comparison Between Reykjavik and Istanbul

For one person, living is cheaper in Istanbul: $1,526 a month against $4,037 in Reykjavik, rent and utilities included – about $30,100 less a year. Rent and utilities account for most of the difference.

193

Cost of Living Index in Reykjavik
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Reykjavik Living Index
74

Cost of Living Index in Istanbul
Learn more

Istanbul Living Index

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Reykjavik

🇮🇸 Iceland

$4,037

/mo nomad

Istanbul

🇹🇷 Turkey

$1,526

/mo nomad

Monthly Cost of Living

How much you'll spend in Reykjavik and in Istanbul

Real prices from locals and on-the-ground checks – rent, groceries, transit and the daily extras. Here's what a month in Reykjavik and in Istanbul actually costs, broken down by who's living it.

A single person spends $4,037 per month in Reykjavik vs $1,526 in Istanbul, rent included.

Reykjavik $4,037
Istanbul $1,526

A couple spends around $5,666 per month in Reykjavik vs $2,399 in Istanbul, rent included.

Reykjavik $5,666
Istanbul $2,399

A family of three spends $7,295 per month in Reykjavik vs $3,272 in Istanbul, rent included.

Reykjavik $7,295
Istanbul $3,272

Reykjavik costs about 164% more than Istanbul, and outside of rent the biggest gap is in groceries.

Both Reykjavik and Istanbul sit above the global median – Reykjavik by 201%, Istanbul by 14%.

Meal at Budget Restaurant

$30.59 ISK 3,727

$11.88 ₺585

157.49%

Three-Course Dinner for Two, Mid-Range

$136 ISK 16.5K

$55.1 ₺2,715

145.98%

Fast Food Meal (McDonalds, etc)

$27.08 ISK 3,300

$9.14 ₺450

196.28%

Cappuccino

$6.72 ISK 818

$4.24 ₺209

58.49%

Coke/Pepsi/Fanta/Sprite (0.33 liter bottle)

$3.27 ISK 399

$1.75 ₺86.0

86.86%

Water (0.33 liter bottle)

$3.16 ISK 386

$0.54 ₺26.84

485.19%

Local Beer (0.5 liter draught)

$13.91 ISK 1,695

$4.69 ₺231

196.59%

Imported Beer (0.33 liter bottle)

$12.06 ISK 1,469

$5.97 ₺294

102.01%

Milk (1 liter)

$2.04 ISK 248

$1.26 ₺62.1

61.90%

White Bread (500g)

$4.32 ISK 526

$0.95 ₺46.82

354.74%

Rice (white) (1kg)

$3.67 ISK 447

$2.31 ₺114

58.87%

Eggs

$7.02 ISK 855

$2.47 ₺122

184.21%

Local Cheese (1kg)

$22.01 ISK 2,682

$10.55 ₺520

108.63%

Chicken Fillets (1kg)

$24.70 ISK 3,009

$5.60 ₺276

341.07%

Beef Round Steak (1kg)

$42.66 ISK 5,198

$21.21 ₺1,045

101.13%

Apples (1kg)

$3.37 ISK 411

$1.93 ₺95.1

74.61%

Banana (1kg)

$2.85 ISK 347

$2.29 ₺113

24.45%

Oranges (1kg)

$3.17 ISK 387

$1.28 ₺63.1

147.66%

Tomato (1kg)

$6.39 ISK 779

$1.84 ₺90.8

247.28%

Potato (1kg)

$4.01 ISK 489

$0.67 ₺32.87

498.51%

Onion (1kg)

$1.64 ISK 200

$0.59 ₺29.31

177.97%

Lettuce (1 head)

$3.80 ISK 462

$1.33 ₺65.4

185.71%

Water (1.5 liter bottle)

$1.74 ISK 212

$0.59 ₺29.11

194.92%

Cigarettes 20 Pack (Marlboro, Camel)

$13.80 ISK 1,681

$2.36 ₺116

484.75%

Wine (Bottle)

$23.38 ISK 2,849

$13.47 ₺664

73.57%

Local Beer (0.5 liter bottle)

$3.53 ISK 430

$2.42 ₺119

45.87%

Imported Beer (0.33 liter bottle)

$3.45 ISK 420

$3.54 ₺174

-2.54%

One-way Ticket (Public Transport)

$5.77 ISK 703

$0.83 ₺40.65

595.18%

Public Transport Monthly Pass (Regular Price)

$95.1 ISK 11.6K

$66.5 ₺3,274

43.18%

Taxi Start (Normal Tariff)

$6.63 ISK 808

$1.35 ₺66.6

391.11%

Taxi (Normal Tariff) (1km)

$2.79 ISK 340

$0.85 ₺42.06

228.24%

Taxi 1hour Waiting (Normal Tariff)

$81.4 ISK 9,915

$10.86 ₺535

649.26%

Gasoline (1 liter)

$2.11 ISK 257

$1.47 ₺72.3

43.54%

Midsize Hatchback 1.4l (Volkswagen Golf, Toyota Prius, Honda Civic, etc)

$50.8K ISK 6.2M

$51.6K ₺2.5M

-1.56%

Compact Sedan 1.6l (Toyota Corolla, Mazda3, Kia K4, Hyundai Elantra, etc)

$52.7K ISK 6.4M

$44.4K ₺2.2M

18.66%

Utilities for 2 People in 2-bedroom Apartment (Heating, Electricity, Gas, Water, Garbage) (85m2)

$88.7 ISK 10.8K

$89.2 ₺4,396

-0.62%

SIM Card Monthly Plan (Calls and 10GB+ Data)

$31.53 ISK 3,842

$11.60 ₺572

171.81%

Internet (50+ Mbps, Unlimited Data)

$84.6 ISK 10.3K

$16.10 ₺793

425.71%

Gym Membership (Monthly)

$100 ISK 12.2K

$77.3 ₺3,806

29.94%

Tennis Court (1 Hour on Weekend)

$48.20 ISK 5,873

$22.66 ₺1,116

112.71%

Cinema Ticket

$19.87 ISK 2,422

$8.34 ₺411

138.25%

Preschool or Kindergarten, Full Day, Private, 1 Child (Monthly)

$1,277 ISK 155.7K

$974 ₺48.0K

31.17%

International Primary School, 1 Child (Yearly)

$31.0K ISK 3.8M

$25.8K ₺1.3M

20.08%

Jeans (Levis 501 Or Similar)

$161 ISK 19.6K

$52.7 ₺2,597

205.18%

Summer Dress (H&M, Zara, etc)

$64.9 ISK 7,908

$39.16 ₺1,930

65.73%

Sport Shoes (Adidas, Nike)

$183 ISK 22.3K

$103 ₺5,084

76.99%

Men's Leather Business Shoes

$254 ISK 30.9K

$96.6 ₺4,760

162.82%

1-bedroom Apartment, City Center (Monthly)

$2,499 ISK 304.6K

$994 ₺49.0K

151.43%

1-bedroom Apartment, Outside City Center (Monthly)

$2,000 ISK 243.7K

$629 ₺31.0K

217.82%

3-bedroom Apartment, City Center (Monthly)

$3,452 ISK 420.6K

$2,024 ₺99.7K

70.53%

3-bedroom Apartment, Outside City Center (Monthly)

$2,742 ISK 334.2K

$1,155 ₺56.9K

137.48%

Buy Apartment in City Center (m2)

$8,001 ISK 974.9K

$3,160 ₺155.7K

153.17%

Buy Apartment Outside City Center (m2)

$6,249 ISK 761.5K

$1,838 ₺90.5K

240.06%

Average Monthly Net Salary (After Tax)

$4,691 ISK 571.6K

$1,203 ₺59.3K

289.76%

20-Year Fixed Mortgage Interest Rate (Annual %)

8.81

41.09

-78.56%

CityCost data is based on AI and user input – minor inaccuracies may occur.

Last update for Reykjavik: October 4, 2026

Last update for Istanbul: October 3, 2026

Monthly budget structure

Share of the monthly basket for one person, rent included.

Accommodation & Living

Reykjavik

$2K 50.9%

Istanbul

$629 41.2% 68.5% $1.4K

Groceries & Markets

Reykjavik

$625 15.9%

Istanbul

$264 17.3% 57.8% $361

Eating Out

Reykjavik

$526 13.4%

Istanbul

$218 14.3% 58.6% $308

Clothing & Footwear

Reykjavik

$298 7.6%

Istanbul

$131 8.6% 56% $167

Monthly Utilities & Internet

Reykjavik

$205 5.2%

Istanbul

$117 7.7% 42.9% $88

Sport & Entertainment

Reykjavik

$140 3.6%

Istanbul

$94 6.1% 33% $46

Getting Around

Reykjavik

$139 3.5%

Istanbul

$75 4.9% 45.7% $63

Cost Breakdown

A central one-bedroom costs $2,499 in Reykjavik versus $994 in Istanbul. Rent is usually the largest line item in a monthly budget, so the gap here sets the tone for the overall comparison.

Salaries run about 290% higher in Reykjavik, which partly offsets the higher cost of living there. Purchasing power depends on which expenses matter most to you.

A mid-range dinner for two costs $136 in Reykjavik versus $55.0 in Istanbul. Monthly groceries follow the same trend: $625 vs $264 – making Istanbul the more affordable choice for daily food spending.

Good to know

🇮🇸 Reykjavik

🇹🇷 Istanbul

🕒 Local time

02:58 2:58 AM

05:58 5:58 AM

3 h ahead of Reykjavik

🌤 Weather

👥 Population

136,894 Capital

15,701,602

💱 Currency

Icelandic Króna ISK kr

Turkish Lira TRY ₺

📈 Exchange rate

1,000 ISK = 8.21 USD

1,000 ISK = 7.32 EUR

100 TRY = 2.03 USD

100 TRY = 1.81 EUR

Exchange rates and currency converter

TRY, USD, EUR to ISK – Icelandic Króna Converter

🇺🇸 United States Dollar ($)

🇮🇸 Icelandic Króna (kr)

Icelandic Króna exchange rates as of October 10, 2026: 1 USD = 122 ISK (1,000 ISK = 8.21 USD). 1 EUR = 137 ISK (1,000 ISK = 7.32 EUR).

Turkish Lira exchange rates as of October 10, 2026: 1 USD = 49.27 TRY (100 TRY = 2.03 USD). 1 EUR = 55.26 TRY (100 TRY = 1.81 EUR).

USD to ISK in detail →

On the map

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Highest

Between locations

Reykjavik Istanbul 4,120 km ≈ 6 h nonstop flight

From you

Reykjavik
Istanbul

Distances are measured in a straight line. Your location is detected approximately.

City Median Internet Speeds Comparison (Updated April 2026)

The chart highlights the Precision Threshold for mobile and fixed broadband internet speeds, updated quarterly.

Digital Nomad Cost of Living Index

Reykjavik vs Istanbul: Cost of Living - Frequently Asked Questions

Yes – Reykjavik is pricier by about 164%, and outside of rent the gap shows up most in groceries.

For a comfortable life, plan on about $6,055 per month in Reykjavik and $2,289 in Istanbul. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Rent is clearly cheaper in Istanbul, especially for central apartments. Housing is actually the single biggest factor behind the overall cost gap between these two cities.

Kindergarten costs $1,277 per month in Reykjavik and $974 in Istanbul. For families with young kids, this one expense can tip the scales when choosing between the two cities.

Groceries cost about 137% more in Reykjavik, though it depends on what you buy. Local produce may be comparable; imported and premium items show the biggest price gap.

A $1,500 monthly budget goes further in Istanbul, where all-in costs run around $1,526, than in Reykjavik at $4,037. In Istanbul it covers expenses comfortably, while in Reykjavik it requires careful planning or may not stretch far enough.

Families tend to lean toward Istanbul – lower housing and cheaper childcare make a real difference, especially on a single income or when paying for private education.

Both have safer and rougher neighborhoods, but overall safety is comparable to other large cities. Neighborhood choice matters more than the city-level comparison – central, well-trafficked areas feel secure in both.

If budget matters most, go with Istanbul. If higher salaries, better infrastructure, or specific career opportunities are the priority, Reykjavik makes more sense. Both are solid long-term options with distinct trade-offs.