Cost of Living in North Cyprus: Is North Cyprus Expensive?
Not necessarily. Northern Cyprus offers a variety of living standards that depends on your preferences.
The Turkish Republic of Northern Cyprus is a de facto formed state in north Cyprus. The hot real estate market, wonderful climate, natural beauties, and rich cultural background make North Cyprus an important investment center.
Each year, thousands of holidaymakers dream of living in North Cyprus. This well-developed state offers a luxe lifestyle within easy reach of social and daily amenities. This dream of a luxe life might result in second thoughts about possible financial hardships. Buying real estate for sale is only the beginning when we consider the cost of living in North Cyprus.
All and all, moving to an unknown place brings fear. If settling in North Cyprus confuses you, keep reading. We are here to enlighten the dark tunnel of the unknown.
Is Living in North Cyprus Expensive?
Luckily, there is no single answer to this question. Living in North Cyprus comes in various shapes. We can safely suggest that the cost of living in North Cyprus for international students, large families, and citizens varies.
If you have no financial concerns, you can have a top-class luxe living environment. There are various options for people with middle income as well.
The cost of living in North Cyprus depends on many factors. The location of the property, your expense management, student fees, and children's expenses are only a few of these factors.
What Factors Determine the Cost of Living in North Cyprus?
- The neighborhood of your property
- Level of luxury and additional amenities of a residential complex
- Your habits of eating out
- Your frequency of traveling, going to the movies, or socializing
- Your shopping habits
- Your hobbies
- The population of the household
- School and health services individuals in your household benefit from
Where does the Money Go in Nothern Cyprus?
Let’s discuss where your money would go and the cost of living in North Cyprus in detail:
Housing & Bills
The determinant of the rent amount is the property type and location. For example, rent for a 3-bedroom apartment is around 1,020$ in Agia Napa and 1,960$ in Limassol. If you want a seafront villa or an apartment in a central location, you are likely to pay more rent.
You can also invest in real estate and rent it for the short and long term. This way, you can enjoy a shorter redemption period even with a mortgage.
For a tenement, you should keep in mind that apartments with central locations, higher floors, and good views always cost more. If there is an important amenity at a close distance from a property, the rental price generally goes higher.
If you want a detached or semi-detached villa, you will most likely need to pay a higher amount of rent.
A 1-bedroom apartment in a central location costs around 509.96$ while it costs 345.52$ outside of the city centers.
You should certainly add these basic expenses to your budget planning. Electricity, water, heating, and cooling are your daily essentials.
|Utility||Monthly Average Amount|
|Electricity (up to 250 kW)||0,096$|
|Electricity (up to 1000 kW)||0,15$|
|1 m³ of water||0,30$|
Taxes in North Cyprus
After your first 183 days in North Cyprus, you can start paying taxes. Don’t forget to check if your hometown has a double-taxation agreement with North Cyprus. If you own a property, the tax amount you will pay for:
- 1.85₺ per m² (up to 120 m²)
- 2₺ per m² (over 120 m²).
For further information on tax system for property owners in North Cyprus, you can check our website.
- The income tax depends on your income amount. You might need to pay 10% to 37%. Call us today for details.
- The annual car tax is 33,39$.
Cost of Grocery and Food in North Cyprus
|Milk (1 liter)||0,82$|
|Egg (30 pcs)||3$|
|Dish in restaurant||7.50$|
Cost of Education in North Cyprus
Education in North Cyprus is compulsory and free for everyone up till 12th grade, the end of high school period. There are public universities in North Cyprus as well. However, public universities require a fee from international students. For clearer information, you can check out the website of the university you wish to attend.
You can choose private schools in North Cyprus for various reasons. There are international school options as well. The average fees of private educational institutions are:
- The annual fee for a private kindergarten is 300$.
- The annual fee for a private school is 5.000$.
Healthcare in North Cyprus
North Cyprus offers public and private hospital and clinic options. If you have private or government health insurance, you can benefit from various health services. Keep in mind that private health insurance offers a larger scale of amenities.
Average Income in North Cyprus
The average annual salary in North Cyprus is 654,363₺ / 24,292$. However, your income will be unique. If you have a graduate degree, MA degree, or doctoral degree, you will probably earn more. If you invest in a property, you can add a rental income to your salary and have a more comfortable life.
Bonus: Money-Saving Tips for Expats
When you take a life-altering step, it is best to avoid unnecessary expenses. You know what they say: A penny saved is a penny earned. This saying originates from Benjamin Franklin’s Poor Richard’s Almanack (1737): “A penny saved is two pence clear.”
Let’s say you bought your dream home in North Cyprus. Now it’s high time for a little organizing and planning. If you have a hard time arranging your budget, here are some tips to keep this transition period smooth:
- Get a pen and paper!
You need to see the flow of your money. At this point, you can categorize and write down all your routine expenses.
Compare the amount you usually spend with the ones in this blog writing. If the numbers add up, you're good! If they don’t, you might need to move on to the second item.
- Try and avoid unnecessary spending.
Don’t just roll your eyes! You will be surprised how much money you can save without sacrificing your life standards. Finding more reasonable options is the best way to sustain this habit. All you need is to do a little market research on some goods. A more affordable good or service could offer a higher quality!
You can also limit the frequency you eat out and re-consider continuing that gym membership you never show up to.
- Plan for the long term.
If you only have plans for the short-term, you might spend much more in the long run. Buying a property for sale in North Cyprus might scare you off. However, you will have paid much less than you will pay for rent in the upcoming years. Also, why not have a profitable and trustable investment when you can?
The same goes for daily life as well. Usually, the products with bigger packing cost less if you consider their basis weight.
- Find cheaper transportation and entertainment options.
You might start going by foot to the market on the next block or get a bicycle instead of driving. Dont forget! A small change of habits makes a big difference. Also, spending a weekend camping instead of in a luxury hotel might save a lot of money and allow a chance of atmosphere.
|Other Expenses||Average Cost|
|1 lt gasoline||0,82$|
|Annual car tax||33,39$|
|Taxi entrance fee||5,56$|