Have you ever found yourself daydreaming about living a life of luxury in the sun-soaked paradise of Northern Cyprus? Well, you’re not alone. But to truly comprehend this dream, one must delve deep into the economic realities of this Mediterranean gem. Welcome to ‘Living the Dream: An Inside Look at the Cost of Living in Northern Cyprus’. This extensive guide will serve as your compass, directing you through the twists and turns of the local economy, property market, and day-to-day expenses, all within the idyllic setting of Northern Cyprus. Note: We have left these prices in GBP for this article as property (rent and purchase) is listed in GBP in the TRNC, and the rather volatile state of the Turkish Lira means that prices change very regularly in the local supermarkets, shops and restaurants. Prices correct as at 30 June 2023.
Living the Dream: An Inside Look at the Cost of Living in Northern Cyprus
Let’s cut to the chase: how much does it cost to live the dream in Northern Cyprus? Well, let me tell you – it might be more affordable than you think. Northern Cyprus offers a low cost of living compared to many other European destinations, but with the added bonus of a sun-kissed Mediterranean lifestyle. We’re going to explore all aspects of the cost of living here, from housing and groceries to transportation and entertainment.
Cost of Housing
One of the largest expenses, no matter where you live, is housing. So, let’s get stuck into the nitty-gritty details of property in Northern Cyprus.
Renting a Property
If you’re considering dipping your toes into Northern Cyprus without fully committing, renting might be the way to go. A one-bedroom city centre apartment will set you back between £200 and £400 per month. If you fancy spreading out a bit more, a three-bedroom apartment costs between £400 and £800. This variation in price depends on the location and the property’s quality, of course.
Purchasing a Property
Now, if you’re thinking of planting roots and buying a property, the prospects are enticing. The cost of property in Northern Cyprus is considerably less than in other Mediterranean destinations. A one-bedroom apartment starts from around £80,000-125,000, while you could own a three-bedroom villa with a private pool for around £195,000.
Cost of Groceries
The next point on our agenda is the cost of groceries. From sizzling kebabs to fresh, sun-ripened fruit, the local markets are a gastronomic delight.
Local Markets
Strolling through the local markets, you’ll discover a wealth of fresh produce at affordable prices. A kilo of local cheese is around £4, while fresh fruit and vegetables vary between £1-£2 per kilo.
Supermarkets
On the other hand, supermarkets offer a wider variety of goods, but at a slightly higher cost. Your weekly shopping could cost around £30-£40 for a single person and around £80-£100 for a family of four.
Cost of Transportation
As the saying goes, life is a journey, not a destination. So, let’s talk about transportation costs in Northern Cyprus.
Public Transport
In Northern Cyprus, you can hop on a public bus for as little as £1. For those longer journeys, intercity buses cost around £4-£5.
Private Vehicles
If you prefer the freedom of your own vehicle, purchasing a car can be a significant expense, with prices starting at £10,000 for a new, compact car. Petrol prices hover around £1 per litre.
Cost of Entertainment
All work and no play makes Jack a dull boy. Luckily, Northern Cyprus is not short on entertainment options.
Eating Out
From traditional meyhane to contemporary restaurants, eating out is a cultural experience in Northern Cyprus. A meal at an inexpensive restaurant will cost around £10, while a three-course meal for two at a mid-range restaurant can be enjoyed for around £30.
Nightlife
Northern Cyprus offers a vibrant nightlife with an array of bars and clubs. A pint of local beer will cost around £2, while a mid-range bottle of wine can be purchased for around £6-12.
Outdoor Activities
With its stunning beaches and beautiful nature trails, Northern Cyprus is an outdoor enthusiast’s paradise. Many activities are free or low cost, like hiking or swimming, while more specialised activities, such as scuba diving, may cost around £30 per session.
FAQs
Not at all! Northern Cyprus offers a surprisingly affordable cost of living compared to many other European destinations.
The cost of property in Northern Cyprus varies widely, with one-bedroom apartments starting from around £80,000 – 125,000 and three-bedroom villas from around £140,000 and upwards.
For a single person, the average monthly cost of living, excluding rent, would be around £500-£600.
Food is generally affordable in Northern Cyprus, whether you’re shopping at the local markets or eating out at restaurants.
Public healthcare for emergencies is free for residents in Northern Cyprus, indeed it is a requirement to pay for this as part of the temporary residence permit application process. However, many expatriates opt for private health insurance, which costs around £600-800 per year. Alternatively, some “pay as you go” for any healthcare issues using one of the many private health care providers on the island.
Absolutely! With the affordable property prices and the potential for property value appreciation, investing in Northern Cyprus is an excellent opportunity.
Conclusion
It’s plain as day that Northern Cyprus is a place where dreams meet reality. The affordability of this Mediterranean haven makes it a favourite among expats and property investors. You too can experience ‘Living the Dream: An Inside Look at the Cost of Living in Northern Cyprus’. So, pack your bags, and embark on a journey that you’ll never forget.
Ready to start you property investment journey in Northern Cyprus? Book an online consultation with one of our friendly property investment consultants at The Savvy Investor Limited! Check out our Calendly page for available slots and find one at a convenient time for you. You can also call us or send us an email or WhatsApp message – you can find the details here.
2 responses to “Living the Dream: An Inside Look at the Cost of Living in Northern Cyprus”
I have seen that car insurance providers know the automobiles which are prone to accidents and various risks. Additionally they know what kind of cars are susceptible to higher risk plus the higher risk they have got the higher the particular premium price. Understanding the basic basics of car insurance can help you choose the right type of insurance policy that should take care of your needs in case you become involved in any accident. Thanks for sharing the ideas with your blog.
Thank you for your insight into car insurance providers and their knowledge of automobiles that are prone to accidents and higher risks. It is true that insurance premiums are often influenced by the perceived risk associated with the type of car being insured. Understanding the fundamentals of car insurance is indeed essential in order to select the right policy that adequately meets your needs in case of an accident.
In the context of our discussion about the cost of living in Northern Cyprus, this information about car insurance is certainly relevant, as it contributes to the overall understanding of the expenses one might encounter while living in this Mediterranean paradise. Car insurance is an important consideration for individuals who own a vehicle, and being aware of the factors that can affect premium prices can help individuals make informed decisions.
Thank you for sharing your thoughts and ideas on this topic, and we appreciate your contribution to the conversation.