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Cost of Living
In general, the cost of living in Cyprus is around 25% less than most European cities. The excellent climate means minimum costs for heating and/or air-conditioning and the small distances between towns translate into reduced fuel expenses.
According to the results of the Cypriot government’s Household Budget Survey, average monthly outgoings for a single person are €1105.46 (cy£647), for a couple €1657.34 (cy£970) and for a couple with two children, €2320.28 (cy£1,358). A couple owning their home can live fairly comfortably on a net income of between €10,251.60 (cy£6,000) and €11,960.21 (cy£7,000) per year (many pensioners live on less).
It’s obviously difficult to calculate an average cost of living, as your expenditure depends on your circumstances and lifestyle. Shopping for expensive consumer goods such as hi-fi equipment, electronic goods, computers and photographic equipment, for example, is generally better value than in many other European countries and North America, with many well known brands available in shops in the main towns. The difference in your food bill, on the other hand, will depend on what you eat and where you lived before coming to Cyprus.
Food is cheaper than in most northern European countries and around €427.15 (cy£250) will feed two adults for a month, including (inexpensive) wine, but excluding luxuries like fillet steak, caviar and imported delicacies. Local wines and spirits are good value and eating out is affordable, a meal for two averaging €42.71 (cy£25). It’s a good idea to avoid the tourist areas, where prices are higher than average. The Consumers’ Association publishes The Cyprus Good Food Guide, which is updated annually and includes information on eating out and restaurants which offer good value.
British expatriates will find Cyprus’ prices on clothes and accessories cheap. Although the style may not be as trendy compared to the UK, there are various shops ranging from flea markets to department hubs to private labels. Footwear is considerably cheap in Cyprus but jewelry is more or less the same as in the UK.