Relocating? Istanbul is top affordable spot

A UK study has revealed something surprising: Turkey's largest city has been selected as the most affordable to relocate to.

The UK credit broker money.co.uk looked at property prices, living costs and salary to discover the most affordable relocation spots on the planet.

With annual living costs of £12,700 (TL 231,200), Istanbul came in at more than £15,000 less than the average city, a staggering saving.

Read more: The best Istanbul neighbourhoods for expats

Following on Istanbul's heels was Buenos Aires in Argentina, with an average living cost of £13,800, and Kuala Lumpur in Malaysia, where the cost of living comes in at £15,200 each year.

As for the most expensive: that spot goes to Basel, in Switzerland, where living costs will set you back an eye-watering £54,000 each year.

Other highlights in money.co.uk's findings included Doha, in Qatar, for its temperatures and high wages, and Austin, Texas, where internet speed and temperatures rated favourably.

Istanbul has also been ranked as the second most affordable city break destination by travel site Bounce.

Property Turkey director Cameron Deggin said Istanbul's relative affordability in the wider region made the city attractive to people from all over Asia and Europe looking for opportunities.

"Istanbul's location makes it an easy place to live: you're just a few hours' flight from London or Dubai, and the infrastructure and economic opportunities make it an attractive location for companies in its own right."

However, rising prices mean that Istanbul's affordability might soon come to an end, he warned.

"The days of low-cost luxury developments are over. While it's still an affordable spot compared to Dubai or as we've seen from this study, Basel, prices are rising quickly. Once the lira recovers from its slump investors who have bought in the last year will get a boost, and others will be priced out."