Living abroad
June 13, 2024
Reading Time: 8 min

Cost of living in Cyprus: a detailed guide for expats

The cost of living in Cyprus is lower compared to West and North European countries or the UK and the USA.

The average sum a single person would need to live in Cyprus for a month is €1,800—2,000 including rent. A family of four would require at least €4,500 per month including rent.

Read on to learn how much housing, food, transportation, and healthcare services cost in Cyprus.

Igor Buglo
Igor Buglo

Provided an overview of costs in Cyprus

Cost of living in Cyprus

Cost of living in Cyprus: a detailed guide for expats

Property and utilities prices in Cyprus

Prices on real estate in Cyprus are constantly rising. However, they remain lower than in many other European countries, such as Germany, Sweden or France. The cost of renting or buying real estate in Cyprus highly depends on the location.

Purchasing property. A square meter in the city centre costs €2,300—2,500, outside the city centre it’s cheaper — around €1,700.

Cyprus Permanent Residency by Investment in !year: a Golden Visa with a Purchase of Real Estate, Securities and Bonds

Permanent Residence in Cyprus

Buying a property in Cyprus can be beneficial because of both rising prices and rising demand. More and more foreigners are moving to Cyprus despite the housing shortage. So it is a good idea to purchase a property and rent it out.

Wealthy individuals often buy real estate in Cyprus to secure permanent residence. Villas, apartments and penthouses are among the most popular choices. The minimum sum of purchase for participating in the program is €300,000.

Renting property. If you decide to rent housing, expect to pay €700—800 for a one-bedroom apartment outside the city centre. The same size place in the city centre will be around €900—1,000.

A three-bedroom apartment is the best option for a family of four. It will cost €1,300—1,500 per month outside the city centre and €1,700+ in the city centre.

Basic utilities that include electricity, heating, cooling, water, and taking out garbage cost around €200 per month. Additionally, you would need to pay €35 a month for the Internet and €20 for a cellphone’s monthly plan.

Food prices

Groceries. The basic food basket includes a litre of milk, a loaf of bread, 12 eggs, rice, local cheese, cricket filet, beef, potatoes, tomatoes, onions, and fruit like apples, bananas, and oranges. On average, it costs around €50 if you buy groceries in an ordinary supermarket. In smaller shops prices can be higher.

Cyprus manufactures wine: one mid-range bottle costs €7 there.

Eating out. The cost of a dinner in an inexpensive restaurant is €15, in a mid-range one is around €60. The cheapest option is a fast-food restaurant of any chain: one meal there will cost you €5—7.

Cost of transportation

The only public transport option in Cyprus is buses; they connect all the parts of the country. In big cities the transportation system is well-developed, in other areas transport might function much worse.

There are four types of transport tickets:

  • one-way paper ticket costs around €2 and is issued by the driver, night tariff is a bit higher — €3.50;

  • paper smart cart is given for 4 trips, 2 or 7 days and costs €6.5, €13 or €20 respectively. With it, an individual is allowed to transfer within 60 minutes of the first cancellation without additional charge;

  • rechargeable anonymous pass is issued for 7 or 30 days and then can be recharged. The ordinary cost is €20 and €60, respectively;

  • rechargeable personal pass is issued for a week, a month or a year. The charge is €20, €40 and €400 respectively.

There are discounts for some categories of people:

  • university students;

  • school students;

  • pensioners;

  • beneficiaries of social welfare.

People with disabilities and their escorts, military personnel, and children under 6 are not required to have transport tickets.

Buying a car might be more convenient for those living outside well-developed areas. Toyota Corolla or a similar car will cost €25,000, a litre of gasoline costs €1.5.

It is also possible to use taxis. The tariff is €1.5 per 1 km. If you decided to go from Limassol to Paphos located 70 km away, you would pay around €105.

Prices on education

School and university education in public institutions is free for Cyprus and EU residents and citizens. The average fee for a university is €3,000 but the government pays it. Non-European citizens entering higher education institutions can expect to pay €5,000—6,000 annually.

Prices for studying in private schools depend on the institution’s location and quality. Expect to pay €400 a month for a kindergarten and €6,000 per year for a school.

Costs in private universities also depend on the field and level of study. On average, you should expect to pay around €9,000—10,000 per year. Medical school studies are usually more expensive and can reach $25,000 per year.

There are few universities in Cyprus. Public ones include:

Among the best private institutions are University of Nicosia, European University Cyprus in Nicosia, Yakin Dogu Üniversitesi in Lefkosía, The Cyprus Institute in Nicosia.

Cost of healthcare and health insurance

Cyprus has both public and private healthcare services, which offer high quality and comfort.

Public healthcare is free of charge for Cyprus citizens and residents. Private healthcare is provided for everyone on a paid basis. Average prices on popular procedures are:

  • for an appointment with a general practitioner — €40—50;

  • for a dental treatment — €100—200;

  • for stay in a hospital for one day — €200—250;

  • for giving birth in a hospital — €4,000—5,000.

The cost of medical procedures in private clinics can be covered by health insurance. It depends on the health insurance plan chosen.

The cost of insurance depends on the chosen provider, the number of services offered, the age of the person insured and other factors. You may expect to pay from €200 to €900 per year for a single person. There are also plans for the whole family.

Cyprus insurance companies also offer international health insurance plans that cover their holders all over the world. They cost more than local insurance: from €300 to €3,000 per year.

The main advantage of private clinics and hospitals is quicker service. Usually, a person seeking treatment in a private healthcare facility gets help immediately. In the case of public services, you would need to wait. For example, you have to make an appointment with a doctor in advance.

Other expenses

Entertainments. Despite its small size, Cyprus can offer many activities. For example, the average cost of a ticket to museums or tourist attractions is €10—12. A cinema or theatre visit will cost you around €9.

You can expect to pay €60 for a fitness club per person and €25—30 for renting a tennis court. Water sports like standup paddle boarding (SUP) cost around €70 per hour, and a wakeboard, water ski or jet ski — €30—40 per 15 minutes.

Renting a boat will cost you €100+ per hour.

If you engage in some entertainment activities every weekend, you can expect to spend €200—300 per month for a couple.

Clothes. The cost of clothes highly depends on the brand. For example, a T-shirt in a mid-range shop can cost up to €80; in a mass-market shop, it costs around €30—40.

You can expect to pay as low as €10 and as high as €200 or more. A summer dress from a low-priced shop costs around €30—50, and good training shoes from a sports brand cost €80—100.

You can buy a suit for €300 in a mid-range store and for €600 in a luxury brand shop. Men’s leather shoes will cost around €100.

Comparison of expenses on living in different cities of Cyprus

Limassol is the most expensive city in Cyprus. For example, renting an apartment there costs two times more than in Paphos and 2.5 times more than in Nicosia.

The average sum required to live in Limassol as a family of four is €3,000 without rent; in Paphos and Nicosia you would need €2,600 and €2,700, respectively.

Limassol is also more expensive than Nicosia and Paphos in terms of consumer, restaurant and grocery prices.

Expenses on living in Nicosia and Paphos are similar, with renting prices being higher in Paphos and utilities fees being higher in Nicosia. Education in private institutions can be higher in Paphos, groceries cost more in Nicosia.

Average prices of living in Cyprus cities

Limassol

Nicosia

Paphos

Renting (per month)

€1,000—2,500

€500—1,200

€500—1,500

Cost of a square meter

€2,500—3,500

€1,500—2,500

€1,800—2,000

Transportation (monthly pass)

€40

€40

€40

Groceries (basic food basket)

€52

€47

€44

Cost of living in Cyprus comparing to the US and the UK

Living in Cyprus is generally more affordable than living in the USA or the UK.

The UK is more expensive than Cyprus. You would need 1.7 more monthly money than in Cyprus’s Nicosia to maintain the same quality of life in London. Limassol is costlier than Nicosia but is still more affordable than London by around 30%.

However, some smaller cities like Kingston-upon-Hull might be more budget-friendly than Limassol. For example, you would need 65% less money to rent in the UK than in the most expensive Cyprus city. Living in Nicosia is just slightly more expensive than in Kingston-upon-Hull.

The USA is less affordable than Cyprus. Living in the USA is expensive, especially in big cities like New York, San Francisco or Miami. You would need almost twice as much monthly money in New York than Limassol for the same living standard.

Renting prices in the USA are one of the highest in the world. For example, they are 420% higher in New York and 289% higher in Boston than in Nicosia.

Where to move to in Cyprus

The largest and most developed cities in Cyprus are Nicosia, Limassol and Paphos, so most expats often choose to settle there. Moving is possible with citizenship or a permanent residence permit.

Nicosia is the capital of Cyprus and the most populous city. Unlike most famous Cypriot cities, it is in the country’s centre, far from the coast. It doesn’t have a lot of historical sites, yet, it remains one of the most appealing places in Cyprus because of its quality of life.

Due to the city’s location, it is easy to travel to Europe, Asia and Africa from there.

Paphos is located in the southwest of Cyprus and on the coast of the Mediterranean Sea. It is historically and culturally rich but at the same time modernized and up-to-date. It is a perfect place for families with children as the city is peaceful and calm.

Limassol is considered the business and financial capital of Cyprus. Therefore, it is the best place for business people or those seeking a well-paid job. Limassol is fast-moving and energetic. Besides business facilities, it also offers a great number of entertainment sites.

Cost of living in Cyprus

Limassol is located in the south of Cyprus, on the board of the Mediterranean Sea

Pros and cons of living in Cyprus

Prospects of obtaining citizenship. Permanent residency is issued for life, and it can lead to Cypriot citizenship. The requirement is to live in the country for 5 years.

Upon obtaining a Cyprus passport you become an EU citizen and get a right to travel to 170+ countries visa-free.

Climate in Cyprus is pleasant. It has mild winters with an air temperature seldomly going below 15°C. Springs and falls are warm, with an average temperature of 20—25°C. Summers can be hot, air temperature in July and August can reach 40°C. At the same time, the water is warm — up to 28°C. Sun shines 326 days a year.

Low tax for business. Corporate tax in Cyprus is the lowest in Europe — 12,5%.

English-speaking community. English is an official language in Cyprus — no need to learn any other language to live there. All the services are provided in English and Greek, and most staff can speak English fluently everywhere.

Safety. Cyprus is a small island with a low crime rate and welcoming locals. Safety rate there is 67.4, which is compatible with Norway’s 67.5 and Portugal’s 69.3. Peaceful and safe countries like Luxembourg, Montenegro or Lithuania have lower safety rates.

Before moving to Cyprus, it is also important to know about some disadvantages of living there:

  • inconvenient transport network;

  • lack of properties for renting;

  • earthquakes;

  • lack of tourist attractions.

How to move to Cyprus

Moving to Cyprus is possible with permanent residence. Wealthy individuals can obtain it by investment in real estate, Cypriot companies or securities. The minimum sum under all options is €300,000.

Purchase of a property. Applicants can buy both residential and commercial real estate. They also pay VAT of 19%. If the applicant purchases one residential property where they intend to live permanently, VAT decreases to 5%. It is not allowed to invest in a resale residential real estate.

If the applicant decides to purchase a commercial property, it can be both new and for resale. One can buy offices, shops, hotels or a combination of all.

Shares of Cypriot companies. A company must conduct business and employ at least 5 people in Cyprus.

Purchase of securities. Units of investment funds must be in the form of AIF, AIFLNP, and RAIF.

To be eligible, the investor must meet certain criteria:

  • be over 18;

  • have no criminal record or prosecution, restrictions or bans on entry to the EU countries and the UK;

  • not be under sanctions;

  • have impeccable personal and business reputation;

  • have a legal income of €50,000 per year for the main applicant;

  • own or rent property in Cyprus;

  • have a medical report and insurance.

The investor can add their family members to the application. That includes:

  • a spouse;

  • children under 18;

  • unmarried children under 25 if they are students and financially dependent on the investor;

  • children of any age if they have physical or mental disabilities.

In brief: Cyprus cost of living

  1. The most popular Cypriot cities among expats are Limmasol, Nicosia and Paphos. They are the three most populous cities in Cyprus.

  2. Limassol is the most expensive city in Cyprus. The cost of living in Nicosia and Paphos is 10—15% lower.

  3. In general, you would need €3,000 without rent a month in Limassol, €2,700 in Nicosia and €2,600 in Paphos.

  4. Cyprus’s cities are more affordable than British and USA cities.

  5. Living in Cyprus can be beneficial for many reasons. For example, due to the opportunity to obtain Cyprus citizenship, optimize taxes, enjoy a good climate and general safety of living.

  6. Moving to Cyprus is possible with Cyprus permanent residence. Wealthy individuals can obtain it if they invest €300,000+ in real estate, Cypriot companies or securities.

Immigrant Invest is a licensed agent for citizenship and residence by investment programs in the EU, the Caribbean, Asia, and the Middle East. Take advantage of our global 15-year expertise — schedule a meeting with our investment programs experts.

Frequently Asked Questions

  • Is it expensive to live in Cyprus?

    Cyprus is a costly place to live in. However, on average, you would need less money than in West or North European countries like Germany, Sweden, or France. Living in Cyprus is also less expensive than in big UK and USA cities.

    Moving to Cyprus is possible with Cyprus permanent residence.

  • What is the average monthly cost of living in Cyprus?

    To live in Cyprus alone, you would need around €1,800—2,000 per month with rent included. For a family of four, it is at least €4,000—4,500 a month including rent.

  • Is it cheaper to live in Cyprus or the UK?

    It depends on the city. For example, living in a small British city can be less expensive than in a big Cypriot one. However, if we compare big cities only, it is more affordable to live in Cyprus than in the UK. For example, in London you would need around €7,000 to maintain the same living standard as in Nicosia, the capital of Cyprus, with €3,500.

  • Is life in Cyprus cheaper than in the USA?

    Yes, living in Cyprus is cheaper than in the USA. For example, living in New York is almost two times more expensive than in Limassol and 2.5 times more expensive than in Nicosia.

    Washington DC is less expensive than New York but still more expensive than Cyprus cities. For example, to maintain the same living standard as in Limassol with €4,700, you would need €7,000 in Washington DC.

  • How much does a meal cost in Cyprus?

    Cost of the meal depends on the type of cafe or restaurant you choose. You can spend as little as €5—7 in a fast-food cafe. A mid-range restaurant would cost you around €60 for two persons.

  • Where is the cheapest place to live in Cyprus?

    Among big cities, Paphos is the cheapest one. A person would need around €2,600 without rent per month to live there.