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Currency and Cost of Living

Cyprus - Currency and Cost of Living

Cyprus changed to the Euro on 1st Jan 2008 at a rate of 1 euro to 0.585274 CYP. As a result the actual number shown on price tickets increased e.g. something priced at (CYP)10 is now priced at (EUR)17.08. Dual pricing will continue until September. The government is monitoring for unfair price hikes.

There are major differences in the cost of living between the Republic of Cyprus (south) and the Turkish Republic of Northern Cyprus (north). The Republic of Cyprus is a relatively expensive expatriate location, with some expats complaining that virtually everything is very expensive, even compared with the US and the UK. However, local fruit, vegetables and other foodstuffs can be bought cheaply in season and if you have a modest lifestyle it is possible to live at low cost in Cyprus. For a meal in a restaurant or taverna with local wine you can expect to pay around EUR17 per person.

The cost of living in Northern Cyprus is very low, although gradually rising due to the influx of tourists and expatriate residents. Most things here are still very cheap to buy, with the exception of some imported foods and alcohol, cars and electrical goods. Foodstuffs are around half or less of their average prices in the UK. Property offers particularly good value for money in Northern Cyprus, with apartments starting at the equivalent of around GBP35,000 and 2 to 3 bedrooms villas with shared pools for around GBP100,000.

A 10% service charge is included on restaurant and hotel bills throughout the island. Tipping is not necessary, but it is customary to give taxi-drivers, porters etc. a small tip.

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