My Views on Cyprus Before and After the Recession

Southern Cyprus is known as the Greek Cypriot side of Cyprus, as the island is now split into two. Northern Cyprus is now owned by Turkey. Years ago, many expats living in Cyprus had a great lifestyle living near a beautiful beach with hot sunny weather for most of the year. I was one of them. Of course, things drastically changed when the Cypriot pound changed to the Euro. From there everything became a battle for many residents living in Cyprus. Living costs and expenses grew higher and earnings were still horribly low.

Cyprus Before the Recession

A village named Peyia in Cyprus is a twenty minute drive into the city of Paphos. Most English expats live in this area and it has become more of an expat community. Cyprus has now quickly become an English holiday zone for many Britains.

In Peyia village, there are many 3 bedroom villas with private swimming pools, which were priced from four hundred and fifty Cypriot pounds per month for long term rental in February 2006. Villas are large with a garden and a private swimming pool and inside they are usually all open plan downstairs. Living expenses in the days of the Cypriot pound were very cheap. There were no gas bills just very cheap electric, water and refuse bills to tend with, which made it very easy to live a perfect lifestyle. Most houses are, also, equipped with solar panels on the roof, which are made to give constant hot water. This made it even cheaper on electric costs.

I lived in Peyia for four years. Peyia is a beautiful place to live or visit on holiday and is a short 5 minute drive to the next village of Coral Bay with its superb beach and selection of shops, bars, restaurants, cafes and one nightclub along with a good selection of 4 and 5 star hotels. Coral Bay beach is the best beach in the Paphos region where many water sports can be done. Many expat residents living in the area regularly visit this beach on the weekends with friends, bringing their own picnics. Living in Paphos can bring a lifestyle that is fun packed with many barbecue days, pool parties and mostly relaxing in the sun either on a beach or by the swimming pool. During the week most people work, but there is always time for sitting in the sun at lunch times.

Peyia village is a small area with a supermarket, a few bars and restaurants. Most residents visit Coral Bay for more lively entertainment.

The Effects of the Recession in Cyprus

In 2007, when the Cypriot pound turned to the Euro in Southern Cyprus, everything nearly doubled in price and things started to slowly go wrong. For instance, electric costs more than doubled in price for residents in villas with private swimming pools, as electric prices increased. Things didn't change much until the recession hit Cyprus. Many English expats lost their jobs and found it very hard to get another one earning a decent wage. Work became an impossible thing to find and many residents' lifestyles were ruined. Living in Cyprus became increasingly difficult. English expats lived off their entire savings, spending it on bills and food to be able to meet their needs.

More and more people were increasingly coming to Cyprus to live and this meant less work for everybody. Quickly, everyone's beautiful lifestyle living in Cyprus was deteriorating and many families were finally forced to go back to England leaving their owned properties empty.

Most people who want to visit and live in Cyprus do not realize how expensive it has become. Anyone wanting to move to the island of Cyprus, should think seriously first before doing so, as you will need a large amount of savings to set you up. Anyone wanting to live in Cyprus should definitely put savings in an investment account that they can leave in a bank and not touch. Savings will create an interest on the account and give an extra form of income every month. This is great advice, as I know many retired couples did this. These savings will be a bonus. It is best to buy property outright and live in it too, but do not get a mortgage in Cyprus. This is better than paying rent or a mortgage and will form a better lifestyle and easier living expenses.

Basically, Southern Cyprus has become popular for people with money behind them. Many people feel that they now need large amounts of money to be able to live and survive in Southern Cyprus, because it is so expensive. Many English people are buying properties in Southern Cyprus for holiday purposes, which is a better idea.

Visitors to the island find that they now need plenty of spending money with them, as it is expensive to eat and drink. There are cheaper restaurants and bars that can be found in small villages surrounding the Paphos area, but unless you know these places you will not find them.

Southern Cyprus is still worth visiting today for the hot climate and the sun, sea and sand to relax in and it is a great place for family vacations.