According to experts, life in Cyprus is pretty expensive for both single and family persons.
Perhaps one of the most important questions that worries all migrants: how much money do you need to earn to live comfortably on the island of Aphrodite?
Is it possible for a family of three to live here if they earn €2,000 per month? Some need more, others can live on a much smaller amount. And who is right? Everyone is right. Let's take a look at real numbers to calculate how much life costs in Cyprus. Adaptation to the island requires the serious calculation of migfrant's funds.
The most important and expensive are: housing, utilities, food, travel, education, personal transport, and raising children.
Accommodation in Cyprus
The rental price in Cyprus depends on many factors: city, area, property condition and size. It is not uncommon for landlords to impose certain contract requirements.
The most expensive rent price is in Limassol, where monthly rates are very high compared with other cities on the island, and last 2-3 years ago they became too expensive.
For example, the average monthly rental price for a three-room apartment is at least €750-800, the small house can be found from €900. In Limassol suburbs or in Nicosia, similar housing is cheaper by 15-20%.
Therefore, it is worth considering renting not only in Limassol, but also in the surrounding towns and villages, from where you can comfortably reach the city center by car. Moreover, because of the size of the island, the distances are not so great.
It should be noted that in recent years, foreigners started to get a mortgage loan in Cyprus banks. In some cases, it is much more profitable than renting.
The amount of the monthly payment depends on the loan amount, maturity dates, and also on the bank rate. For example, if you take out a € 200,000 loan for 25 years, then the monthly payment is about €830. Of course, as the loan amount increases, the amount of the monthly installment also increases, which can reach or exceed €1,000.
In the case of buying an apartment without a mortgage or other loans, you will only have to pay bills for utilities and maintenance of the complex in which the apartment / house is located.
To look at the property prices, visit the site, select the city and area, select buy or rent, and then you can immediately receive actual information.
Utility bills in Cyprus
Utility costs can vary greatly depending on the owners/tenants habits and size of the family.
Utility bills can be divided into monthly and annual. The first one includes electricity bill (every 2 months), water (every 3 months), telephone, Internet. The second one is the bill for the sewerage and garbage disposal.
Everything is very simple: someone saves on electricity, and they receive small bills such as €100 per month or less. If the family does not save, then the electricity bill can reach €200-250 per month in winter, and € 50-60 in summer. Plus you need to pay €50-70 per month for water.
In the case of heating the house in winter with an electric fireplace, the fuel is about €200. If you buy pine wood, then the costs range from €80 to €100, olive or oak wood cost about €135 per month.
On average, Cypriot residents spend on the phone bills from €10 to €35, from €30 to € 50 on the Internet bills. The tax for garbage disposal is about €150 per year, and the annual sewage bill is €80 per year.
Food and clothing
Calculating the food expenses is a more complex issue as each family has its own habits.
Some prefer to go shopping in 2 or even 3 different supermarkets in Cyprus as different stores have different prices and outlets, while others prefer to save time rather than money, so they make all their purchases in a closest store.
So, for example, if a family of three buys groceries in the markets, look for promotions, does not buy ready-to-cook or ready-to-eat food, then they can spend only €250-300 per month. If the family has schoolchildren and students, the family often buys ready-to-eat food, then the budget can gradually increase to €500-600 per month.
How to roughly calculate your monthly food budget if you are just planning to move?
Take your usual grocery check, go to the website of any Cypriot store, for example, Alpha Mega, and put the same products in your shopping cart. This will give you the real picture. On average, if it is customary in a family to cook and eat simple food, then you need to have €300 per month. If you are accustomed to eating out, then be ready to pay €20 for lunch, and €30+ for dinner.
As for the clothes, everything is individual here as well. But in Cyprus there is one definite plus: the weather is favorable here most of the year, so you don't have to spend much money on warm clothes and buy clothes for different seasons.
Despite the fact that Cyprus is an island of paradise, where the sun shines almost 365 days a year, many local people think about traveling abroad when they have holidays.
There are, of course, those who prefer a more budgetary option: rent a house in the mountains or spend time in one of the local hotels. This pleasure costs between €1,200 and €1,500 for a family of 3. In the case of a flight to another country, you need to include in your expenses from €2,000 and above.
Cyprus has municipal (free) kindergartens and schools, as well as private ones.
The average fees for municipal ones are about €20 per child per month. This sum includes textbooks, class trips and all sorts of little things. Private kindergartens usually start from €200, schools are from €500 and up.
Total: €20 per month for a child with a super economy option, about €200 - €500 in the most expensive case. Do not forget that almost all parents take their children to various activities, therefore, for attending additional classes, you need to have €50 to €200 per month per kid.
Personal transport in Cyprus
Cyprus is a country where almost nobody can live without a car! This is the most common form of transport on the island.
Almost every Cypriot family has at least one four-wheeled friend. It is best to travel around the country by car, because the road network is very well developed here.
As for fuel, it is expensive in Cyprus in comparison with other European countries, a liter of gasoline costs €1.1- €1.3. Monthly costs depend on the type of fuel used, as well as the mileage. On average, a couple with two cars needs around €60-80 per month. This includes travel to work and to kindergarten/school. In case of unplanned trips around the island, the costs increase.
Also car costs include:
- An annual road tax, the amount of which depends on the engine size of the car. The average road tax is between €80 and €160
- Annual vehicle maintenance (oil change, tires, etc.) is about €200 for a car
- Annual insurance is €250 per year for a car.
The most important aspect for calculating the cost of living in Cyprus is the number of children.
At the same time, the amount of expenses directly depends on the age of the child. While children are small, they need regular visits to the pediatrician, the cost of which starts from €40 (in the case of private medicine). In addition, at a young age, vaccination is indicated - from €80 per jab. Although, you can save money if you use the GESY scheme of municipal medicine.
To enter the municipal kindergarten, a child must be at least 3 years old, one more condition is that the child must be able to use the toilet.
The older the child, the higher the expenses. This is an indisputable fact.
Do you think, is €2,000 for 3 people a lot or not?
- The sea and beaches of Cyprus: the best locations for relaxation and life (link)
- Buying property in Cyprus to live with children (link)
- Paphos vs. Limassol. All the pros and cons (link)
- Paphos Real Estate Market Overview (link)