Cost of living in Cyprus
Cost of living is the money needed to sustain a reasonable lifestyle and afford basic expenses in a particular country, area or city. To calculate the cost of living, you factor in housing, food, education, healthcare, transportation, and taxes.
Cyprus has an excellent reputation for “living well for less”. But what does this mean, exactly? Our guide contains the information necessary to estimate the average cost of living on the island.
Property prices
Cost of purchasing a property in Cyprus
Average residential property prices in Cyprus depend on the type of property, its location, and its condition.
As of October 2024, the median price for an apartment in Cyprus is € 505,000, with the median price per square meter being around € 4,053. On the other hand, the median price for a house or villa is € 690,000, with the median price per square meter being around € 3,396.
Limassol is the most expensive district in Cyprus, with a median listing home price of € 677,500, while Larnaca claims the title of the most affordable area, with a median listing home price of € 330,000.
Cost of renting a property in Cyprus
Rents vary greatly depending on:
- Location
- Type of property
- Size
- Condition of the property
The median long-term rent in Cyprus is € 3,850 per month, and the median rent per sq m is € 23.
Main expenses you’ll have when living in Cyprus
Utility expenses
The main utility expenses in Cyprus are:
- Electricity
- Water
- Internet and phone
- Central heating
- Gas
Electricity
The electricity provider in Cyprus is the nationalised Electricity Authority of Cyprus. Bills are issued bimonthly. As of 1 April 2024, the energy charge for domestic use is € 10,35 per kWh, with additional charges, such as supply and ancillary services. A flat with one person may expect about € 70 bimonthly but € 150-200 in the summer when the air conditioning is essential.
Water
The municipal local water boards provide water. Bills are issued bimonthly. There is a fixed charge, a maintenance charge, and a water consumption charge. The charges change according to the district. In Limassol, the fixed charge is € 16, the maintenance charge is € 6, and the water consumption charge begins at € 0,90 for the first 40 cubic metres.
Internet and phone services
The semi-nationalised Cyprus Telecommunications Authority (Cyta) or private companies provide Internet and phone services. Prices are competitive. For example, Internet home and telephony at Cyta begin at € 34,96 per month. Some private companies begin with € 24,99 per month for Internet and telephony.
Central heating
You will pay for your central heating by ordering petrol to be delivered from a petrol station. The current (October 2024) cost of heating petrol in Cyprus is € 1.029 per litre. Nevertheless, prices fluctuate. You can watch the prices daily by following this link at Retail Fuel Price Observatory.
Gas
Gas is not brought to the home via a pipe system; you must buy gas cylinders to be fixed to appliances (cooker, heater, etc.). On average, a 10 kg gas cylinder costs € 15,88.
For example, a gas cooker uses approximately 250 grams of gas per hour. If used for about 2 hours per day, the cylinder might last around 20 days.
Food prices
Cyprus has relatively cheaper food than other EU member states or the UK. Nevertheless, prices are rising.
Eurostat, reporting on 20 June 2024 for 2023, places Cyprus as medium expensive compared to other states, both members and non-members. For example, it is more expensive than Spain and Italy but less expensive than France, Greece, Germany, and Malta.
Eurostat and Consumer Protection
Eurostat data (2021) show that Cyprus is 9.2% above the EU average of 100% concerning food and drink. The 2023 data still show Cyprus to be above the EU average in most food types, except meat. An individual is estimated to pay about € 700 monthly for food.
You can look at the average food prices at the Cyprus Consumer Service.
Basic food basket and shopping list
The Omega TV channel recently (May 2024) estimated that the basic food basket* in Cyprus would cost 240,02 euros, based on 55 basic supermarket items.
*UN World Food Programme definition: containing the foods necessary to maintain nutritional status.A basic shopping list at a supermarket will cost a total of € 19,65, according to the latest (August 2024) Consumer Protection Service data:
- Edam cheese slices 200gr: € 2,52
- Milk 1L: € 1,48
- Rice 500gr: € 1,70
- 12 eggs: € 3,36
- Sliced white bread: € 1,77
- Small loaf: € 1,25
- Fillet chicken 1kg: € 7,57
Transportation expenses
Public transport in Cyprus means buses because there are no trains. Fares are cheap. For example, a paper ticket for a single route costs € 2,40, and € 4,00for the night route.
Private transport, however, can be expensive. A taxi ride in the city may cost about € 20, depending on the route. Depending on the route, it can be between € 50 to € 200 between other towns and districts.
Cost of education in Cyprus
For children and young adults up to 18
Public schools are free (Greek language).
The cost of public schools may vary depending on the school, but the average (in euros) is:
- 4,490, going up to 7,750 for preschool and junior school
- 8,100-8,750 for secondary school
- Some schools may charge up to 10,000 euros for new 7th-grade pupils.
Third-level education (colleges and universities)
Undergraduate degrees:
- Free for Cypriot and EU nationals.
- About € 6,834 for international students.
- There are Pancyprian entrance examinations.
- The language is Greek, with some exceptions.
Postgraduate degrees vary according to degree—about € 7,000.
- Depends on the institution and type of degree. Degrees in medicine or biosciences are more expensive.
- Undergraduate degrees may vary from € 4,000-13,000 yearly.
- Postgraduate degrees may vary from € 6,000-10,000 yearly.
- Contact admissions for more details.
Healthcare and medical insurance prices
If you have a permanent residence permit or your usual stay is in Cyprus and is covered by social insurance, you are entitled to public healthcare under the General Health System. Registration is free, costs are low, and most services are covered.
However, many foreigners on the island choose private health care. Medical insurance plans are available, and they cost families about € 150-400 per month.
Indicative prices for private health care, in euros:
- 50-100 doctor visits
- 150-300 specialist visit
- 1000-5000 per day hospital stay
- 2000-5000 common surgeries
Other expenses
Living in Cyprus as a foreigner means you factor in the following expenses:
- Owning a car is essential. You can find affordable second-hand cars (about € 5,000 for a good one). You will pay about € 300 annually for insurance, € 200 for the car licence, and € 35 biannually for the MOT test.
- Clothes and other lifestyle goods are affordable as there are malls and the major average-price brands in every city and district.
- Leisure and restaurants are not expensive.
Taxes in Cyprus
Income in Cyprus is charged at a rate. The rates are:
- 0-19,500 euros zero rate
- 19,501-28,000 rate 20%
- 28,001-36,300 rate 25%
- 36,301-60,000 rate 30%
- 60,001 and above 35%.
Foreigners’ pensions are charged at a flat rate of 5%, with the first € 3,420 exempt, OR as income above.
The tax system is favourable and provides allowances; for example, dividends, inheritance and interest are not taxed.
You will be expected to pay the following taxes on property:
- Municipality tax.
- Garbage collection.
- Sewerage tax.
The amounts depend on the property size and area, so it is advisable to consult the local municipalities.
Read more about Property taxes in Cyprus.
Average prices of living in Cyprus cities
Phileleutheros, a major newspaper, recently conducted research based on data from the crowd-sourced online database Numbeo. Limassol is the most expensive city, while Paphos is the cheapest.
News channels (using the official reports-based platform Expatistan) are reporting the following numbers regarding the various cities.
A family of four needs in euros per month:
- 3,197 in Nicosia
- 4,141 in Limassol
- 2,895 in Larnaca
- 2,642 in Paphos
The above prices are an indication because the official and authorised data usually concern the whole of Cyprus rather than the regions.
Cost of living in Cyprus compared to the UK
According to World Population Review, the global population and demographics organisation, the monthly cost of living in Cyprus in 2024 will be USD 1,266, while it will be USD 1,929 for the UK.
Cyprus is cheaper than the UK, for example in terms of:
- Prices of land and amount of rent
- Utilities
- Food
- Taxes and other government fees
- Transportation
- Healthcare
- Leisure
Further, Cyprus's distances are small, requiring less fuel or cheaper transportation fares. The warmer climate means less money is needed for central heating.
The cheapest place to live in Cyprus
The cheapest city to live in Cyprus is Paphos. Land prices and rent are lower, and so is the amount expected to cover goods and services.
If you do not mind commuting, the villages are cheaper and closer to nature than the cities.
Pros and cons of living in Cyprus
The pros of living in Cyprus are many, including:
- Warm climate
- Closeness to the sea
- Low crime rate
- Social, political and legal stability
- Excellent education and healthcare systems
- Large expat community
- English widely spoken
- Great food
- Entrepreneurial environment, excellent legal and financial infrastructures
- Strategic position between the EU and the Middle East
- Relaxed atmosphere and opportunities for family life and or socialisation
There are not too many cons, but you might want to consider them if you want to move to Cyprus or make your stay permanent:
- The transportation system needs to be more adequate. Presently, it only provides bus services, and these are not frequent.
- Relative isolation from the world. Cyprus is a small island country. To travel, you must fly, which means air tickets and accommodation abroad.
- Prices are on the rise.
- The heat can get oppressive, and summers are long. If you are not tolerant of this, Cyprus is not for you.
Bottom line
The cost of living in Cyprus is medium-high by EU standards. It is cheaper than many EU member states and the UK. The taxation system is favourable, and you should not expect unusual costs or extraordinarily high prices.
Because of its beautiful nature and climate and vibrant economic and cultural contexts, Cyprus is an excellent choice for permanent settlement.
FAQs
- Property prices
- Main expenses you’ll have when living in Cyprus
- Taxes in Cyprus
- Average prices of living in Cyprus cities
- Cost of living in Cyprus compared to the UK
- The cheapest place to live in Cyprus
- Pros and cons of living in Cyprus
- Bottom line
- FAQs
