Cost of Living in Cyprus in 2024 – Everything to Know

CYPRUS CBI HAS ENDED

IMPORTANT UPDATE: As of 1 November 2020, Cyprus cancelled its popular citizenship by investment program. This means that investors will no longer be able to acquire Cypriot citizenship and a passport by investment directly. However, the Cyprus Golden Visa provides an alternative path to permanent residency through investment. Those still looking for European citizenship can apply to the Malta citizenship program, which offers a direct investment route to a Maltese passport.

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From the beautiful beaches along the South Coast, to the highlands in Nicosia, and the central mountains in Troodos, there is something for everyone under the warmth of the Mediterranean sun in Cyprus.

This makes Cyprus a perfect location for retirees, international students, British expats, and other foreign nationals looking to soak up the sunshine.

In this article we’ll guide you through everything you need to know about the cost of living in Cyprus, including:

• Rental prices in Cyprus
• Average prices for essentials
• Cost of living in Cyprus for international students
• A Comparison of cost of living in Cyprus vs the UK, and more

Cost of Living in Cyprus: Estimated Monthly Costs

Knowing the general costs of living in Cyprus is a vital part of making the decision to immigrate or enjoying a longer holiday. Let’s take a look at some of the basics.

Rental prices in Cyprus

The rental prices in Cyprus vary drastically based on the area and the type of accommodation. Here’s a breakdown of the average monthly rent in Cyprus:

The good news for those that own rental properties in Cyprus is that the returns on real estate in Cyprus are fantastic. Not only for rentals but for selling and purchasing properties in the republic.

Due to this, buying real estate in Cyprus is becoming more desirable. As of 2024, buying a property in the city center in Cyprus will set you back about €3,012.93 per square meter. While outside the city center, you’re looking at around €2,072.41.

Cyprus utility costs

If you’re looking into living in Cyprus, you can breathe a sigh of relief, with utility bills coming in lower than most other European countries. Let’s look at some of the basics for utilities in Cyprus:

Food prices in Cyprus

Food prices in Cyprus vary depending on the item, whether you buy at a local market or a chain store, and the quality of product. Compared with other countries like the US and UK, the cost of groceries in Cyprus are relatively affordable. Here are some basic essential items usually found in the weekly shop in Cyprus:

Transportation costs in Cyprus

Cyprus doesn’t have a well-established rail network; however, buses are very much available at reasonably low prices. The downside is unreliable schedules and limited routes, which is why most expats prefer driving rental cars or purchasing a car over public transportation systems as it is the most convenient option.

Prices for Cyprus transportation as of 2024 are as follows:

Cost of healthcare in Cyprus

Cyprus offers a two-tier healthcare system. For citizens and residents of Cyprus they have access to the public healthcare system which offers low-cost healthcare services. However, for those visiting or awaiting residency private healthcare is available, with the option for private health insurance.

The public healthcare costs in Cyprus are based on a percentage of your income. While private healthcare costs vary. Generally, the following applies:

• General doctors visit: €50-€100
• Specialist consultation: €150-€300
• Day in private hospital: €200-€1,000+ depending on care needed

It’s easy to see how private healthcare in Cyprus can accumulate quite quickly. For this reason, it is best that all expats and visitors acquire private health insurance. The general cost is between €150-€300 per month per adult.

Education and childcare fees in Cyprus

In 2004, the Cypriot government made it compulsory for children to attend pre-primary education for at least one year before enrolling in primary school, which made childcare facilities consequently high. You can expect to pay anywhere between €340 to €600 on average in a month, plus a one-time registration fee.

The international schools in Cyprus are some of the best, offering a full world class education. The international schools are ideal for children of expat families, with lessons taught in English. However, the cost is considerably high at between €5,000-€10,000 per year.

Cost of living in Cyprus for international students

The cost of living in Cyprus for international students is considerably lower than in other European countries. The course fees vary per institution and course but will generally set you back about €3,000-€13,000 per year.

But where the real savings come in is with rent. For example, a one-bedroom apartment in Cyprus will on average set you back about €943.41, the same apartment will cost €1,250 in the UK. A saving of over €300 is a lot for a college student.

Monthly Costs of Living in Different Cities in Cyprus

All the cities in Cyprus have varying price points, just like any other country or republic. Understanding the pricing of each city can help you better understand what it’s like to live in Cyprus permanently. Let’s take a closer look:

Choosing the right city to live in is a big part of your decision. Each of the cities in Cyprus offer different lifestyles. From laid back to thriving city life, so it all depends on what you’re looking for.

Cost of Living Cyprus vs UK

Life in Cyprus is generally cheaper than that in the United Kingdom and other European countries. If you do a quick comparison, you’ll find that the actual living costs are around 13.6% lower in Cyprus than in the United Kingdom.

Many UK citizens choose permanent residency in Cyprus through the Cyprus Golden Visa. Not only because the cost of living in Cyprus is cheaper than the UK, but because of the change of pace.

The Republic offers a Mediterranean lifestyle where the sun shines year-round and heading to the beach is one of the top things to do in Cyprus. This is one of the main reasons many UK citizens choose to retire in Cyprus. As one of the top places to retire in Europe, Cyprus offers a world of leisure and luxury to those looking for a place to spend their golden years.

Let’s dive into a cost of living comparison between Cyprus and the UK.

Cost of living in Cyprus compared to the UK: Daily essentials

Groceries and eating out

One of the top comparisons needed to establish the cost of living between Cyprus and the UK are the groceries and eating out. Groceries in Cyprus are around 12% lower than in the UK, while eating out at a restaurant is around 14% lower. Let’s have a look:

As you can see, the cost difference for groceries when comparing the UK to Cyprus are not too significant, but it all comes down to the types of groceries you have in your weekly shop.

However, eating out can vary significantly when one starts looking at the prices for mid-range restaurants. Cyprus is generally cheaper than the UK for eating out. Plus, with all the delicious food on the menu, you’re in for a treat.

Monthly utilities

You can heave a sigh of relief when it comes to the costs of utilities in the Republic, as electricity, heating, and water bills are reasonably low. As of 2024, here are the differences in price for utilities between Cyprus and the UK:

The difference in utilities between Cyprus and the UK is significant, with over a €100 difference for the same service. The price of internet is slightly cheaper in Cyprus, while phone plans tend to be less expensive in the UK.

Sports and leisure

While the general cost of living in Cyprus is lower than in the United Kingdom, Cyprus does charge more for things like fitness clubs, for example:

• Joining a fitness club: In Cyprus, the monthly fee for a fitness club membership is about €63, while in the United Kingdom it stands at around €39.
• Renting a tennis court for an hour during weekends: In Cyprus this will set you back around €24, while in the United Kingdom, it’ll only set you back about €15.
• A movie ticket for an international release in Cyprus is about €10, while in the UK the same costs around €9.

Now, with that being said, it’s worth pointing out that Cyprus offers a world of activities for those looking to get their hearts pumping. The ocean is pristine for swimming, while the number of hiking and biking trails is astonishing. One could say Cyprus is its very own fitness club naturally, something to consider before purchasing a membership.

Rent in Cyprus vs the UK

When it comes to properly gauging your estimated monthly cost in one nation over the other, it always boils down to rent. Whether you decide to live with your family in a spacious three bedroom apartment, have a shared living space with your friends, or rent a one bedroom studio, the cost of house rent in Cyprus is arguably one of the best benefits of living in the Republic.

Here are some basic rental comparisons between Cyprus and the UK:

This difference in rental price accumulates over time, and eventually raises your living standards and quality of life, especially if you’re considering renting in Cyprus for the long term. If long term is on the agenda, the Cyprus citizenship by investment program may offer the ideal solution for those looking to obtain Cyprus citizenship in exchange for financial contribution into the country.

Taxes in Cyprus

The Cypriot income taxation law bases tax residency on an individual’s domicile status. However, if an individual spends over 183 cumulative days in one calendar year in the Republic, they are immediately considered a domiciled resident, and thereby a tax resident. Nevertheless, non-residents are only taxed on their Cypriot sourced income arising from:

• Employment in the Republic
• Permanent establishment in the Republic
• Rental of immovable property in the Republic
• Pension arising from employment in the Republic

Speaking with an immigration tax specialist about Cyprus taxes for non-residents is highly recommended to ensure you’re saving as much as possible.

Is the cost of living low in Cyprus?

If you’re wondering, is it cheap to live in Cyprus? The answer is it depends. Compared to most other European countries and the US, Cyprus is relatively cheaper, particularly when looking at rent. Generally, you can live a higher quality of life in Cyprus for less cost, ranking 28 on the cost of living index, something that makes the republic popular for students and retirees.

Frequently Asked Questions about the Cost of Living in Cyprus

How much do you need to live comfortably in Cyprus?

The estimated monthly costs for a single person living in Cyprus are around €870 without rent. For a family of four estimated monthly costs are around €3,061 without rent.

Is living in Cyprus expensive?

Generally speaking, living in Cyprus is not all too expensive, especially when compared to the UK and the US.

Is it cheaper to live in Cyprus than the UK?

When you compare the overall cost, you’ll notice a significant difference in the monthly costs between the UK and Cyprus. For example, rent is 19.1% lower in Cyprus than the UK, while the overall cost of living is about 13% lower in Cyprus. You simply have to look at the over 30,000 UK citizens living in Cyprus to know just how popular Cyprus is.

Is it cheaper to live in Spain or Cyprus?

It is cheaper to live in Spain than in Cyprus. General living costs in Spain are 15% lower than in Cyprus. Rent is similar, with Spain costing 13% less than in Cyprus. The cost of living in Spain is lower than Cyprus overall, making it a top choice for retirees.

What is the cost of living in Cyprus vs the US

The cost of living in Cyprus vs US varies, with Cyprus costing on average 18.8% lower than the US without rent. This number only goes up when looking at rent, with a 37.7% difference in rental prices between Cyprus and the US. Groceries are also 29.8% lower in Cyprus that the US.

How affordable is food and drink in Cyprus?

Many ask, is Cyprus expensive for food and drink? The answer is that it depends on what your weekly shop includes. Generally, compared to the UK and the US, Cyprus has cheaper groceries and costs for eating out.

Is it cheap to live in Cyprus for retirees?

It depends on your lifestyle. Overall, Cyprus is a popular option for retirees from across Europe and the US because the cost of living is cheaper. Particularly when looking into the cost of purchasing properties, healthcare, and general daily living expenses.

What is the cost of living in Cyprus for a family of four?

A family of four can comfortably live in Cyprus with a budget of around €3,061 without rent. Including rent for a three bedroom apartment and the average monthly cost for a family of four in Cyprus is about €4,500.

How much is rent in Cyprus per month?

The cost of rent in Cyprus is one of the main draws to the republic. A one bedroom apartment costs between €740-€950 per month. A three bedroom apartment in Cyprus will cost between €1,300-€1,750.