Apple's latest flagship, the iPhone 17 Pro, costs more than twice as much in Turkey as it does in the United States, according to a new report from Deutsche Bank Research. The study, which compares prices of the same 256GB model across 41 markets, places Turkey at the top of the global price ranking, with a cost of €2,222. European countries dominate the expensive end of the list, highlighting how taxes, tariffs, and currency fluctuations create stark disparities within the continent.
Switzerland offers Europe's most affordable price at €1,187, thanks to its low 8.1% VAT. At the other extreme, Hungary charges €1,565, driven by a 27% VAT rate. The gap between the cheapest and most expensive European markets is €378, but Turkey's outlier status is even more pronounced: its price is €657 higher than Hungary's, and the phone costs 119% more than in the US.
Global context: Japan and South Korea undercut the US
Only Japan is cheaper than the United States, where the iPhone 17 Pro sells for €1,012 ($1,181). In Japan, the same device costs €961 ($1,121), a discount the report attributes to yen weakness. South Korea matches the US price exactly, reflecting intense domestic competition from Samsung. The US price itself serves as the baseline for the study, which indexes it at 100 for comparison.
Beyond Europe, Brazil ranks second globally at €1,937, followed by Egypt at €1,605 and Mexico at €1,420. The report notes that "Türkiye and Brazil show how taxes, tariffs and currency weakness can distort the price of an iPhone." All countries from fourth to 24th place, except Mexico, are in Europe, underscoring the continent's high relative costs.
Major European economies: narrow gaps, but consistent premiums
Among Europe's five largest economies, the UK is the cheapest at €1,265 (£1,080), while Italy is the most expensive at €1,332. France (€1,323), Spain (€1,312), and Germany (€1,293) fall in between. The differences are modest, but all are significantly above the US price. For instance, the UK pays 25% more than the US, while Switzerland pays 17% more.
The report also compares the iPhone 17 Pro's price relative to the iPhone 7 from 2017, using the same indexing method. In nominal terms, the iPhone 7 cost $815 in the US, compared to $1,181 for the current model. Over the past decade, the price gap between Europe and the US has widened considerably. Turkey saw the largest increase, from 47% above the US in 2017 to 119% now. Brazil followed a similar trajectory, rising from 37% to 91%. Among European countries, Norway, Sweden, Finland, and the UK each saw increases of 15 to 21 percentage points. Greece recorded the smallest change, at just 7 points.
Currency movements have played a role, but the report emphasizes that taxes are the primary driver. Turkey imposes a special consumption tax and an IMEI registration fee of 54,258 TL (€1,006) for phones brought from abroad, which is nearly the entire US price. In Hungary, the 27% VAT is the highest in the EU, while Switzerland's low VAT keeps prices down. The report concludes that "Apple sets prices centrally and the product is identical worldwide — so price differences reflect taxes, tariffs, distribution costs, and currency effects, making it an excellent barometer of trade and fiscal policy."
These nominal prices do not account for income levels, which vary widely across Europe. According to OECD data, annual gross average wages range from around €12,000 in Bulgaria to over €60,000 in Switzerland, meaning the real burden of an iPhone purchase differs dramatically. For context, the recent Strait of Hormuz crisis has also highlighted how external factors can affect consumer prices across the continent.
As European consumers face higher costs for imported goods, the iPhone 17 Pro serves as a clear example of how fiscal policies and currency dynamics shape everyday expenses. The report's findings reinforce the need for policymakers to consider the cumulative impact of taxes and tariffs on household budgets, especially in an era of global supply chain disruptions and inflationary pressures.
