When considering the pros and cons of buying a property in Cyprus, whether you’re looking to immigrate here permanently, or if you’re investing in a holiday home, it is inevitable to think about what the cost of living in Cyprus might be like, and how it compares to other countries.
We have put together a short summary of some of the main costs of living in Cyprus to give you a good overall picture. Having lived in Cyprus for so many years ourselves, what we can 100% vouch for is that the quality and pace of lifestyle that living in Cyprus offers is priceless, and, in our eyes, incomparable. Taking a hike in the mountains, spending a day at the beach, having BBQs with friends, discovering little traditional villages – all of these things cost next to nothing, as does waking up to blue skies and sunshine for over 300 days of the year!
Comark's overview of the main Costs of Living in Cyprus:
Health care: Cyprus now has a public healthcare system, administered by the Ministry of Health and financed largely by taxes and mandatory social service contributions. Anyone considered an official resident of Cyprus can register with the General Healthcare System (GESY). Alternatively private healthcare (still a dominant choice for expats) can be covered by taking out a private insurance policy, for which is there an incredibly competitive market in Cyprus. Healthcare insurance policies costs vary according to scheme; the lower end of the price scale is around €300 per year, where as more comprehensive plans can rise to around €1500 per year.
Education: state education for residents in Cyprus is free, and public alternatives are extremely reasonable by comparison. A private nursery averages at around €200 per month for half-day programmes, and €300 per month for full-day programmes. English private school average between €5000 – €8000 per month.
Transportation: there is no rail network in Cyprus, and although buses are cheap, they are not as regular in comparison to other countries. To this end, most residents in Cyprus travel by car. Car prices in Cyprus are lower than the EU average.
Groceries: groceries in Cyprus tend to be a little pricier than other countries, for example the UK and Europe, especially when purchasing imported goods. However shopping bills are very reasonable if you are buying local produce such as meat, fresh fruit and fresh vegetables.
Eating out: eating out is very reasonable in Cyprus. Meals at local tavernas can sometimes work out cheaper than cooking for yourself! A basic meal with a drink can cost as little as under €10.00. Restaurant prices do of course vary and there is also a high-end fine dining scene, but even this end of the market prices well in comparison to other countries. The cost of alcohol in Cyprus is also very reasonable, a pint of beer is around €3.50, as is a glass of local wine.
Utilities: although the price per kWh in Cyprus does rank quite high when comparing with other European countries (View Here), it is worth bearing in mind that solar energy can bring consumption down considerably. Photovoltaic panels and systems are actively encouraged and are becoming a legal requirement in new builds, which we cannot recommend enough. Water bills are cheap in Cyprus, and can be as low as €20 per quarter in apartment accommodation (though it is very important to be mindful of water consumption). There is no such thing as council tax on the island, however annual sewerage bills are issued by council areas, which average at around €120 per annum.
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