What expenses can expats expect in Cyprus in 2023?

Cyprus has recently attracted a large number of expatriates and digital nomads, which is linked to its low tax rates and a cost of living that is more affordable compared to Western Europe. Although the inflation rate has once again aligned with the figures from 2021, prices for essential goods, rental properties, and various monthly expenses have remained quite stable after a sharp increase in 2022. Limassol, being the least affordable city on the island, ranked 165th in Mercer’s list of the best places for remote work. According to data presented on the Numbeo platform, the average resident of Cyprus spends approximately 987 euros per month, excluding rental costs. In this article, we will analyze the financial aspects in detail, set realistic expectations regarding everyday expenses, and explore the standard of living in Cyprus in 2023.

High housing costs

Financial questions related to Cyprus are quite relevant for those planning to move. One of the most significant financial commitments for expatriates is housing costs. Rental expenses account for nearly 40% of the budget for residents of Limassol, 28% in Paphos, and 25% in Larnaca. On average, the cost of renting a one-bedroom apartment in the city center is about 1,000 euros per month, while the rent for a three-bedroom apartment is estimated at 1,800 euros.

The second quarter of 2023 is marked by a rise in real estate prices.

• The cost of apartments has increased by 12.11%.
• The cost of houses has increased by 9.03%.
• The rental prices for one-bedroom apartments have increased by 19%.
• The rental prices for villas and houses have increased by 14.5%.

This sharply increased the overall cost of living on the island.

Real estate investments

Numerous foreigners are showing interest in Cyprus as an opportunity for real estate investment. Purchasing properties on this island, with prices starting from 300,000 euros, allows for the arrangement of permanent residency in the country and opens up prospects for obtaining European Union citizenship. The process of acquiring real estate significantly facilitates the legalization of expatriate status, obtaining a residence permit, and opening a bank account in Cyprus.

Daily expenses

When discussing everyday expenses, it is important to pay more attention to utility costs. Expenses for electricity, water supply, and internet access make up a significant portion of the total expenses. Food prices also vary depending on where you shop—supermarkets have one price range, while local markets may offer something more affordable.

For example, in restaurants, the cost of lunches varies:

• In a café, a meal usually costs around 15-20 euros.
• In more expensive restaurants, the price of dinner can reach 40 euros and above.

Medical care and transportation

Another important aspect ismedical careCyprus offers a fairly acceptable medical infrastructure; however, expatriates should take care to have health insurance in advance. The public transport on the island is quite developed, but many choose to rent or buy a car for convenience.

Clothing and leisure

The expenses on clothing and cosmetics largely depend on personal habits and the lifestyle of each individual. In Cyprus, there are many affordable leisure activities available, ranging from sports events to cultural activities. Many aspects of daily life on the island are influenced by the amount of free time and financial resources of each person.

Conclusion

In conclusion, Cyprus offers a variety of opportunities for living and working, making it attractive for migrants. Smart budgeting and realistic expectations regarding expenses will help make life on this sunny island more comfortable and enjoyable. This experience can be an important step for those looking to discover new horizons in the context of cultural diversity and a mild climate.

Risk assessment in modern society

In recent years, an increasing number of people have become actively interested in risk assessment issues in the context of health and safety. There are many methods and approaches used across various industries and areas of life. These methods may seem complex at first glance, but their main goal is to enhance our safety.

Identification of potential threats

One of the important components of risk assessment is identifying potential hazards. This can include various factors such as:

• the impact of toxic substances,
• the probability of accidents,
• social threats.

After their identification, the next step is to analyze the impact of these factors on the health and safety of an individual or society as a whole. Statistical data and various analytical models can be of significant help here.

Environmental risks in urban areas

When it comes to life in a metropolis, citizens face numerous environmental threats. Air pollution, constant noise, and social instability can all negatively impact human health. However, another important aspect should not be overlooked – mental health. Risk assessment should also include an analysis of the stresses that people encounter on a daily basis.

Preventive measures

Health experts emphasize the importance of preventive measures. Implementing educational programs and informing the public will help people understand what steps they can take to protect their health. For example,proper use of personal protective equipmentIn production, it can significantly reduce the number of injuries and accidents.

Minimization of risks

It is also important to note that a key aspect of risk assessment is not only identifying hazards but also creating systems to minimize them. This applies to both actions taken by government bodies and private initiatives. Many companies establish internal safety committees responsible for assessing and preventing potential risks.

The role of technology in risk assessment

In today's reality, technology plays a central role in the field of risk assessment. By using big data and analytical tools, companies can more accurately identify risks and respond appropriately to potential threats. Such data is crucial for making informed management decisions and adapting strategies to changing conditions.

Collaboration between sectors

Numerous studies have shown that collaboration between different sectors can significantly improve the risk assessment process. Joint efforts of government agencies, the private sector, and non-profit organizations allow for the development of more effective solutions. For example, when jointly developing safety standards, it is possible to take into account the opinions of all stakeholders and achieve better outcomes.

The role of social networks

Social networks and information platforms have also become important tools in the field of risk assessment and management. They make information about potential threats and ways to minimize them more accessible to a wider audience. People can share their experiences, which also helps raise awareness about risks and methods to overcome them.

Personal precautions

It is important to remember that the ability to reduce individual risks often depends on our own actions. By being aware of potential threats and taking conscious precautions, we can significantly improve our health and enhance our level of safety. Thus, a thoughtful approach to assessing and managing risks ultimately leads to the creation ofa safer and healthier society.

Conclusion

Finally, it is worth noting that risk assessment plays an important role in the life of modern society, and understanding this process can help each of us make more informed decisions. It is important to continue developing this knowledge and sharing it to enhance the overall safety and health of the population.

In Cyprus, there is a wide range of real estate offerings that may interest potential buyers and renters. Currently, there are 7,883 properties available on the market, with price categories starting from €170,000. A striking example is a new gated residential complex near a golf course in Limassol, which is scheduled for completion in 2026. This project includes 83 apartments, with prices starting from €232,000.

Modern residential complexes in Limassol

Limassol also offers a modern residence with a pool, with construction expected to be completed in the second half of 2025. There are 43 apartments for sale, with prices starting from €395,000. Paphos, one of the most popular resorts, offers luxurious villas with private pools and gardens, located in close proximity to the coast. In this property category, there are 64 listings available, with prices starting at €660,000.

Real estate on the first line by the sea

A new residential complex with separate villas is being built on the first line by the sea in Paphos, featuring 67 properties with prices starting from 247,000 euros. In the Kissonerga area, a new residential establishment with swimming pools has emerged, located just 200 meters from the beach, offering 36 apartments starting at 350,000 euros.

Interesting offers in Paphos

There is also an interesting new residence with a limited number of apartments, equipped with two swimming pools and a spa area, located 500 meters from the sea in Paphos. This complex offers 88 apartments, with prices starting from 748,000 euros. Limassol boasts a high-rise residential complex on the seafront, which includes a spa center and swimming pools, with 330 apartments for sale starting at 295,000 euros.

Real estate rental in Cyprus

For those looking for rental housing in Cyprus, local information platforms are available. Currently, these services feature over 2,600 rental listings across the country. According to data from the platform Numbeo, the highest rental prices are observed in Limassol. For example, the rent for a one-bedroom apartment in the city center exceeds the average across the island by 60%.

The popularity of Limassol

Despite this, Limassol remains the most sought-after place to live and relocate to in Cyprus. In September 2023, there were 427 real estate transactions registered here, which is 21% more than in Larnaca, which ranks second among coastal cities in popularity.

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Average rental prices for housing in Cyprus

The average rental prices for housing in Cyprus are a hot topic of discussion among those wishing to live on this beautiful island. In particular, let's analyze the cost of renting one-bedroom apartments in several regions. If we consider the central areas of Limassol, the average amount that tenants will have to pay is around1,570 €On the outskirts of the city, prices are significantly lower — approximately1,161 €Larnaca attracts renters with its affordability, where the average rent for such an apartment is estimated at823 €In Paphos, rental prices are approaching the level771 €In the capital, Nicosia, the cost of a similar apartment is even just a fraction.633 €.

Long-term rental of real estate in Cyprus

According to data provided by the resource Numbeo, long-term rental of property in Cyprus requires a contract for a period of 12 to 24 months. In this case, apartment owners pay commissions to realtors, while tenants are required to provide a deposit that serves as a guarantee for the preservation of the property. Each contract must include the conditions for the return of deposits, as well as important aspects such as:

• residence permit with pets;
• notification periods for the intention to vacate the premises;
• responsibility in case of breakdowns of household appliances.

The real estate sales market in Cyprus

Now let's discuss the real estate market in Cyprus, where you can find both new properties and secondary housing. Potential buyers can explore more than4,580offers for apartments, with prices starting from170,000 €For example, the new housing will be ready in2026.and is located near a golf course in Limassol, with prices starting from232,000 €for apartments.

A modern residential complex with a swimming pool is also planned, where the price of apartments starts from247,000 €...and the completion of construction is expected in...in the year 2025If you are interested in housing in200 metersfrom the sea, you can find a new residence in Kisonerg with prices starting from350,000 €A new low-rise residential area is planned in Paphos, located just a500 metersfrom the ocean, with apartment prices starting from748,000 €.

Interest in new buildings in 2023

There is a growing interest in new buildings in Cyprus.in the year 2023especially from foreign investors. In August of this year, there were conducted188 transactionswith real estate, the most significant number (58 transactions) was recorded in Larnaca, followed by Paphos with55 transactionsNotably, the entire process of purchasing real estate can be completed remotely, as local companies in Cyprus offer services that simplify the transaction process for foreign clients.

Average prices per square meter in Cyprus

For your information, the average price per square meter in the centers of various Cypriot cities is as follows:

• in Limassol —3,462 €;
• in Nicosia —2,466 €;
• in Larnaca —2,128 €;
• in Paphos —1,891 €.

In September 2023, the average price for apartments in Limassol was447,000 €Thus, Cyprus offers a variety of options for both renting and buying, making it very attractive for both investors and those looking for long-term housing.

The exchange rate of the euro in Cyprus

The euro exchange rate in Cyprus fluctuates: in Larnaca, it is fixed at 361 thousand euros, while in Paphos it is 273 thousand. The process of purchasing real estate can take up to two months. This timeframe includes the time needed to select suitable housing and to complete the legal documentation.

Real estate market offers

Our catalog features 2,911 listings for residential properties for sale, starting at prices from 395,000 euros. In Paphos, you can find a complex of luxurious villas with open pools and well-maintained gardens, comprising 64 properties with price tags starting from 660,000 euros.

Elite offers

Among the more elite offerings is a new residential complex located on the first line of the sea, featuring stunning landscapes and consisting of 67 villas priced from 1,315,000 euros.

The average cost of living in Cyprus

The average cost of annual property insurance ranges from 250 to 320 euros. Access to high-speed internet exceeding 60 Mbps costs about 33 euros per month.

Utilities and expenses

Cleaning or gardening services cost between 10 to 15 euros per hour. As for utility expenses, in Cyprus, they typically range from 120 to 300 euros per month. For example, the cost of basic services such as electricity, water supply, gas, and garbage collection for an apartment of about 85 square meters is approximately 180 euros. In the summer, electricity bills can significantly increase due to the heavy use of air conditioning.

Energy expenses

In Cyprus, the most common fuel for heating and cooking is gas, which is supplied in cylinders. A refill costs about 10-20 euros, and a new cylinder costs around 10 euros. The water bill comes every three months; monthly water supply expenses usually range from 22 to 40 euros. The average electricity bill that residents of Cyprus pay is about 80 euros each month; this amount can vary depending on the size of the house or apartment, the amount of electrical equipment, and the time of year. In older houses with poor insulation, utility bills during the summer and winter months will be significantly higher.

Additional expenses

In addition, local authorities charge annual fees for services such as garbage collection, street lighting, and sewage systems, which range from 85 to 256 euros, depending on the size of the property.

Nutrition and food expenses

Regarding food expenses, it should be noted that the price difference between supermarkets and local markets in Cyprus is minimal. On average, two people need about 500 euros per month for food. Below are typical prices for some products in Cypriot stores.

• Milk (1 liter)– 1.55 €
• A loaf of white bread– 1.79 €
• Rice (white) (1 kg)– 2.18 €
• Chicken eggs (12 pieces)– 3.31 €
• Cheese (1 kg)– 10.75 €
• Chicken fillet (1 kg)– 7.81 €
• Beef (1 kg)– 10.93 €
• Apples (1 kg)– 2.45 €
• Bananas (1 kg)– 1.66 €
• Oranges (1 kg)– 1.67 €
• Tomatoes (1 kg)– 2.63 €
• Potatoes (1 kg)– 1.16 €
• Onion (1 kg)– 1.03 €
• Leafy lettuce (1 head)– 0.64 €
• Water (1.5 liters)– 0.85 €
• A bottle of wine– 7.00 €
• Local beer (0.5 L bottle)– 1.49 €

Farmers' markets

The data comes from the website numbeo. A distinctive feature of farmers' markets in Cyprus is that they open very early: some start operating at 5:30 AM. The best time to visit these markets is in the first half of the day, especially around 11 AM, when the selection of fresh products is still very wide. Don't forget to bring cash, as credit cards are usually not accepted at the markets.

What can be found at the markets?

At these markets, you can find fresh seasonal fruits and vegetables, as well as dairy products, nuts, and meat at prices significantly lower than in supermarkets. The most popular are the Hadjipieris Farmers' Market, the central municipal market, and the Linopetra market in Limassol.

Local markets

In Larnaca, residents prefer to shop at the local municipal market as well as at the farmers' market, which operates on Saturdays. Meanwhile, in Paphos, shoppers can visit the Sunday market in Timi, in addition to the municipal market, to buy fresh produce and other locally made goods.

Prices in cafes and restaurants

The financial aspects of dining in cafes and restaurants in Cyprus vary:

• A light lunch can cost from10 to 15 euros,
• Dinner with a full menu can cost up to30 eurosfor one person.

In small cafes, the cost of a cup of coffee, such as cappuccino or espresso, is about3-4 eurosFreshly squeezed juice costs approximately3-5 euroswhile tea will cost1.5-2.5 eurosThe prices for baked goods, including croissants and cupcakes, range within2-4 euros.

Mid-range price segment

In mid-range restaurants where you can try Greek and Mediterranean cuisine, dishes such as:

• Hummus - from3 to 8 euros,
• Fried halloumi cheese - from3 to 8 euros,
• Dolmades - from3 to 8 euros.

Fresh large portion salads can cost5-10 eurosPizza, depending on the toppings and size, will cost from8 to 15 eurosand the pasta varies in range10-18 euros.

Healthcare system

The healthcare system in Cyprus consists of two main sectors: public and private medicine. The Republic of Cyprus has developed a modern social insurance system that covers a wide range of medical risks, labor, and pension issues.

All citizens and residents are required to contribute to social funds that finance various types of benefits and social security. In Cyprus, there is a system in place.national health system (GESY)offering a variety of medical services, many of which are free or offered at a reduced price. Access to GESY is available to:

• All citizens of Cyprus,
• Holders of residence permits and their families,
• Permanent residents and refugees.

Tax on health insurance

With the introduction of GESY, a new tax was created:6.5% of the salaryis withheld for funding health insurance. The state-level ambulance service only responds in critical situations, and in most cases, patients will have to make their own way to a medical facility. For those insured under GESY, calling an ambulance does not incur additional costs, while uninsured patients will have to pay for such a service.75 eurosfor each hour of waiting.

Private health insurance in Cyprus can vary from150 to 400 eurosper month, and the cost depends on the specific type of plan, the number of insured individuals, and their age.

Transport infrastructure

As for Cyprus's transport infrastructure, it requires significant improvements. Public transport, particularly buses in Limassol, do not provide a high frequency of service, and the last bus leaves early in the evening. As a result, people who work or study at night have to look for alternatives in the form of personal transport or taxis.

This significantly affects the quality of life on the island. A similar situation is observed in other cities, which also requires attention and changes.

Public transport in Cyprus

Public transport in Cyprus is convenient and accessible. The price of a one-way bus ticket ranges from 1.5 to 2.5 euros.

If you plan to use it frequently, it's worth considering purchasing it:

• weekly travel pass for 20 euros;
• a monthly subscription that will cost 40 euros.

Intercity buses connect key cities such as Limassol, Paphos and Larnaca. For example, a trip from Limassol to Paphos costs €4 one way and €7 round trip. There is a 50% discount for students, which makes the trips especially favorable.

Cabs in Cyprus

Cabs are another option for getting around, but their fares start at €5 per boarding, to which is added €1.77 per kilometer. At night, fares increase by 15%.

Locals advise using trusted cab apps or looking for available cars on the street. At the same time, be careful with aggregators like Bolt, as they may have reputational problems in the region.

Rent a car

Renting a car in Cyprus becomes a necessity for many residents, as the lack of personal transportation can cause certain difficulties. Most foreigners prefer to rent a car for a long period of time.

Rental prices vary depending on the season:

• In winter, from November to March, costs can start from €15 per day;
• In summer, prices can range from 30 to 50 euros per day.

Usually, basic insurance is already included in the rental price. Also note that a liter of gasoline on the island costs about 1.66 euros.

Buying a used car

If you are planning to buy a used car, keep in mind that the minimum value of such a car is approximately 4 thousand euros. You will need the following documents to complete the transaction:

• passports of the new and previous owners;
• technical passport of the car;
• documents on the buyer's legal status in Cyprus;
• insurance policy;
• the amount for registration, which is approximately 15 euros.

Registration of the new owner can be done within one day of the transaction.

Shopping centers in Cyprus

In addition, Cyprus is home to many large shopping centers featuring international brands of clothing, electronics, jewelry, and cosmetics. One of the largest shopping centers,Nicosia Mallincludes over 140 stores where you can find products for any budget.

The second largest establishment,My Mall Limassoloffers a variety of clothing and footwear in the mid-price range, as well as stores for sports products, perfumes, and jewelry.

Prices for basic items, such as branded jeans, range from 40 to 80 euros. T-shirts can be purchased for 10 euros, swimsuits for 20, and summer dresses will cost between 25 and 45 euros. Sports shoes from well-known brands can be found for prices ranging from 45 to 100 euros.

Local cosmetic brands

The island features several local cosmetic brands that offer quality products at reasonable prices. Among them, we can highlight:

• Aphrodite,
• Apivita,
• Korres,
• Bottega Verde.

These brands may be of interest to those who care about themselves and their appearance. Thus, there are many opportunities for comfortable transportation and shopping in Cyprus, making life here more convenient and diverse.

Prices for cosmetic products in Cyprus

In Cyprus, you can find a quite diverse price range for cosmetic products, which allows everyone to choose a suitable item for themselves. For example, the price of face creams can vary from 10 to 50 euros.

While toners can be found for prices ranging from 5 to 20 euros, face masks cost between 10 and 30 euros, and eye creams will set you back around 10 to 25 euros.

• Mascara:from 5 to 20 euros
• Eyebrow pencils:from 5 to 15 euros
• Lipstick:from 5 to 20 euros
• Eyeshadows:from 5 to 20 euros

Entertainment in Cyprus

Cyprus is not only a beautiful place for a beach holiday but also a region that offers a variety of active entertainment. Public beaches provide the opportunity to swim and sunbathe completely free of charge. For those who appreciate comfort, sun loungers and umbrellas are available for rent at a cost of 10-20 euros per day.

Water attraction enthusiasts can purchase a day ticket to the water park, with prices ranging from 25 to 40 euros for adults and from 15 to 25 euros for children. Entrance tickets to museums and archaeological sites typically cost around 3-6 euros per person.

• The price of tickets for movies or theaters:10-15 euros
• Visiting a nightclub:10-20 euros
• Cocktails and alcoholic beverages:from 6 to 15 euros
• Concert tickets:from 40 to 150 euros

The educational system in Cyprus

As for the education system, Cyprus follows the familiar Bologna model, which includes several levels of education. There are many public, community (organized by parent associations), and private kindergartens available for the youngest children.

Children are accepted into state kindergartens from the age of 3. It is necessary to provide a translated birth certificate or a foreign passport. The monthly fee for education in a state kindergarten for children under 5 years old is 42 euros.

If there are no spots available in the public kindergarten, you can consider reaching out to private institutions, a list of which is available on the Cyprus Ministry of Education's website. A year before starting first grade, children are offered special preparatory courses.

Primary and secondary education

In Cyprus, there are both public and private primary schools. Enrollment for the first grade begins in January. Foreign children attending primary school are offered an additional Greek language learning program, which takes place in the morning hours.

In middle and high school, foreign students continue their studies according to the general curriculum. Education in public primary and secondary institutions is free, but classes are conducted in Greek.

To enroll a child in an international private school, a registration fee of approximately 300 euros is required, and the tuition for the first year can range from 3000 to 7000 euros.

Higher education institutions in Cyprus have the right to set their own tuition fees, which should also be taken into account when planning your child's educational future.

Conclusion

In concluding our review of the cost of living in Cyprus in 2023, we can draw some important conclusions. Although Cyprus continues to attract expats and digital nomads due to its mild climate, picturesque landscapes, and relatively low taxes compared to other EU countries, the reality of everyday expenses can differ significantly from what one might expect.

Despite the fact that the inflation rate has returned to relatively stable levels, the price dynamics for housing and food remain high. Rising rental rates, especially in the largest cities, leave many expats with no choice but to reassess their budgets and expectations. This highlights the need for careful financial planning before moving to Cyprus — from calculating housing rental costs to expenses for maintenance, food, and transportation.

Key points

• Living expenses:Rising rental rates and food expenses remain at a high level.
• Budget planning:It's important to assess all possible expenses in advance for a comfortable life.
• Investment opportunities:Cyprus is an attractive market for real estate investments.

Moreover, the relevance of Cyprus as a place for real estate investment is only increasing. Many view Cyprus not only as a place to live but also as an opportunity to obtain a second citizenship, which makes it attractive from a financial perspective as well. For those ready to embrace these challenges, Cyprus can still offer a unique lifestyle and outstanding opportunities for personal and professional growth.

Result

In conclusion, I want to emphasize that life in Cyprus is not just about "sun and sea," but also involves quite serious financial expenses. Anyone planning to move should be prepared for this and base their expectations on reality. A mindful approach to budgeting and spending will help successfully adapt to life on this picturesque island.