Cost of living in Cyprus
Hot and sunny Cyprus is considered to be the heart of the Mediterranean. It has everything – a good location, rich history, well-preserved culture, and strong economic relations both with Western Europe and Arab countries. These factors attract foreign investors and those who want to live in new and comfortable conditions. Investors and expats assess the prospects of living in Cyprus and find the country’s resources more than adequate.
When examining the cost of living in Cyprus for expats, we must take into consideration several positions. One of the most important questions is property prices in Cyprus and rental property prices. A Cyprus residence permit can be obtained by buying a property for €300,000. Those who can’t afford to make such an investment can turn to the option of renting a property. On average, you can rent out an apartment in a large city (Paphos, Limassol, etc.) for €400 a month, excluding utility payments (eg. water and electricity). Usually, the utility payments amount to €50 per person per month, but much will depend on the season.
The next thing to consider is the cost of food. When in season, the price of fruit and vegetables is considerably lower. On average, a family of two will spend at least €300 a month on food.
If you are planning to move to Cyprus and live there permanently, you should find out more about medical insurance, which will vary in price, depending on what is covered in the policy. Cypriots often use the cheapest option, which is under €200, but please be aware that medication is quite expensive in Cyprus.
There is also the option for doctors to make a house-call. Usually, this is not free and may cost you up to €250 if it is not stipulated in the insurance.
Whilst on the subject of living expenses in Cyprus, we can not avoid mentioning the cost of transport. The country is tourist-oriented, therefore public transport is widely available, although some people find it more convenient to buy their own car. Roads in Cyprus are considered to be the best in Europe.