The Turkish lira has been significantly devalued over the last couple of years as Turkey's President Erdogan has slashed interest rates against the advice of his own central bank.
Inflation in Turkey has hit 70% amid skyrocketing prices and the lira has lost nearly 40% of its value since 2018.
This is good news if you're planning to visit Turkey on holiday because it means every pound you spend will buy you more lira compared to a couple of years ago. In May 2020, one pound would have bought you approximately 8 lira. Today, one pound is worth nearly 20 lira.
How much spending money for Turkey?
So how much spending money should you take with you to Turkey? Estimates from around the web all seem to agree you should budget around £50 per person per day:
- TUI's holiday budget calculator recommends approximately £50 per person per day for a half-board holiday with excursions.
- Members of a TripAdvisor forum for Marmaris also recommend around £50 per person per day including excursions.
- Travel company holidayhypermarket.co.uk suggest £40 per per per day not including excursions.
Cost of goods in Turkey
The price of goods and services in Turkey has risen dramatically in the last few years, but the rise in inflation has also devalued the lira which makes everything cheaper if you're travelling over from the UK.
According to price data from Numbeo, average prices in Ankara for common goods and services are as follows:
| Item | Price (₺) | Price (£) |
|---|---|---|
| Three-course meal for two, mid-range restaurant | 250 | 12.80 |
| Pint of domestic beer | 35 | 1.80 |
| Can of coke | 10.50 | 0.54 |
| Small bottle of water | 4.40 | 0.23 |
| Loaf of bread | 6.20 | 0.32 |
| One-way bus ticket | 6.50 | 0.33 |
| A lite of petrol | 21.30 | 1.09 |
Cost of excursions and attractions in Turkey
If you want a really cheap holiday in Turkey there are plenty of free attractions you can visit like the spectacular Hagia Sophia Mosque, Temple of Apollo and of course the countless sandy beaches. On the other hand, excursions and paid attractions are not overly pricey either:
| Attraction | Price (₺) | Price (£) |
|---|---|---|
| Dolmabahce Palace, Istanbul | 600 | 31 |
| Antalya City Tour & Boat Trip, Antalya | 680 | 34.90 |
| Adaland Water Park, Kusadasi | 400 | 20.50 |
| Goreme National Park, Cappadocia | 100 | 5.12 |
| Bursa Teleferik Cable Car, Bursa | 90 | 4.62 |
| Land of Legends Theme Park, Kadriye | 350 | 17.95 |
Where to get the best Turkish lira exchange rate
The Turkish lira exchange rate is very favourable right now for British travellers, but make sure you maximise your holiday money by getting the best exchange rate. We compare the UK's biggest currency providers so you can see who is offering the best Turkish lira rate in an instant.