A Look at the Cost of Living in Cyprus

If you are preparing for a move abroad to Cyprus you may be wondering what the cost of living is like on the Mediterranean island. It is a good idea to familiarize your self with the cost of living in Cyprus either before you make your plans to move overseas or at least before you arrive on the island if you have already set your plan to relocate to Cyprus in motion.

How far your money will go in Cyprus may actually depend on when you plan on going to Cyprus. While Cyprus is a member of the European Union they are a fairly new member and have not actually adopted the Euro as their form of currency as of yet. Right now the form of currency being used in Cyprus is the Cyprus pound. Sometime in late 2007 or early 2008 Cyprus will transition their currency over to the Euro. You can look at a currency exchange site to see what the exchange rate is for the Cyprus pound. In looking at XE.com it looks like today US $1 is equal to CYP 0.43, in the United Kingdom GBP 1 is equal to CYP 0.86 and for the Euro EUR 1 is equal to CYP 0.58.

The cost of living you will have in Cyprus is considerably lower than most of the northern European countries. In fact, prices in Cyprus average about 25 percent lower that the majority of other northern European countries. And the Cypriot city of Limassol is consistently ranked as one of the least expensive cities in Europe.

Of course it is impossible to pin point a definitive cost of living as expenditures are unique to each person, but there are some overall assumptions that can be made to get an idea of the cost of living in Cyprus. If you will be buying expensive electronics they are typically at a lower cost in Cyprus than in Western Europe and the United States. Typically food is at a lowest cost in Cyprus that in other northern European countries, depending on what you usually eat. It is not uncommon for CPY 250 to be enough to feed two adults in Cyprus. This cost covers inexpensive wine and normal food but not luxury items such as steak or imported items. If you dine out you can expect to spend around CYP 25 on a meal for two with local wine. Of course, if you venture into the more tourist areas of Cyprus prices are a bit higher. The Cyprus Good Food Guide is a great resource to see which restaurants provide a good value.

According to a household survey in 2004, the average money spent by a single person is Cyprus is CYP 647. And the average monthly money spent by a couple is CYP 970 and for a couple with two children it is CYP 1358.