Yes, prices in Cyprus are generally considered to be higher than in other European countries.
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Yes, prices in Cyprus are generally considered to be higher than in other European countries. According to Numbeo, a website that compares the cost of living between countries, the Consumer Price Index in Cyprus is 25.05% higher than in Spain and 14.11% higher than in Italy. Rent prices are also relatively high, with a one-bedroom apartment in the city center costing around €700 per month.
One reason for the high cost of living in Cyprus is its reliance on imports. As the Cyprus Mail notes, “due to the island’s small size and limited natural resources, the majority of goods are imported, which drives up prices.” Additionally, Cyprus has a 19% Value Added Tax (VAT) on most goods and services, which also contributes to higher prices.
However, it’s worth noting that there are also some affordable options in Cyprus. Street food and local markets can provide relatively cheap meals and produce, and there are often deals on drinks at bars during happy hour. As the Lonely Planet Cyprus guidebook notes, “although many eat and drink like kings, it’s possible to do both on a budget.”
In terms of shopping, there are both luxury malls and small boutiques in Cyprus. Designer brands like Gucci and Louis Vuitton can be found at the Mall of Cyprus in Nicosia, while the old town neighborhoods of Limassol and Larnaca offer more unique shopping experiences.
Overall, while prices in Cyprus may be higher than in other European countries, there are still affordable options to be found. As the Cyprus Mail notes, “Prices can be high, but so are the stakes. Gorgeous beaches, delicious cuisine, and a fascinating cultural heritage are some of what Cypriot people and visitors alike pay for.”
Table: Comparison of Prices in Cyprus and Other European Countries
| Item | Cyprus | Spain | Italy |
|——|——–|———|——–|
| Meal for 2 at mid-range restaurant | €50 | €35 | €50 |
| One-way ticket on local transportation | €1.50 | €1.50 | €1.50 |
| Imported beer (0.33 liter bottle) | €3.50 | €2.50 | €3.50 |
| Monthly rent for 1-bedroom apartment in city center | €700 | €600 | €600 |
Quote: “Gorgeous beaches, delicious cuisine, and a fascinating cultural heritage are some of what Cypriot people and visitors alike pay for.” – Cyprus Mail.
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A single person estimated monthly costs are 891.0$ (814.6€) without rent. Cost of living in Cyprus is, on average, 20.8% lower than in United States. Rent in Cyprus is, on average, 39.1% lower than in United States.
Cyprus is more or less on par with other mid-range European destinations. The cost of living in Cyprus is comparable to European countries such as Hungary and Bulgaria. Limassol is the most expensive city on the island, ranking 165th out of 227 cities worldwide assessed for the 2023 Mercer Cost of Living Survey. The cost of living in Cyprus is $1410, which is 1.44 times more expensive than the world average. However, it is still more affordable than many other cities in Europe.
So is Cyprus expensive to visit? Well, it doesn’t have to be. Prices in Cyprus are more or less on par with other mid-range European destinations — like Croatia or Spain — which means it can be incredibly affordable and that it is entirely possible to visit the country on a budget.
Overall, the cost of living in Cyprus is comparable to European countries such as Hungary and Bulgaria. Limassol is the most expensive city on the island, ranking 165th out of 227 cities worldwide assessed for the 2023 Mercer Cost of Living Survey. That said, it is still more affordable than many other cities in Europe.
The cost of living in Cyprus is $1410, which is 1.44 times more expensive than the world average. Cyprus ranked 32nd out of 197 countries by cost of living and the 35th best country to live in. The average salary after taxes in Cyprus is $1437, which is enough to cover living expenses for 1 months.
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