Yes, compared to many other European countries, it is generally cheaper to live in Northern Cyprus due to its lower cost of living.
Detailed response question
Compared to many other European countries, it is generally cheaper to live in Northern Cyprus due to its lower cost of living. According to Numbeo, a website that provides cost of living indexes, the cost of living in Northern Cyprus is 54.37% lower than in the United States, and 69.55% lower than in the United Kingdom. The website also reports that the cost of groceries, transportation, and restaurants is significantly lower in Northern Cyprus than in many other European countries.
One of the reasons for the lower cost of living in Northern Cyprus is its tax system. The government’s policy is to provide a favorable investment and business environment through a low and simple tax system. There are no taxes on dividends, royalties, or interest, and property taxes are significantly lower compared to many European countries.
Another reason for the affordability of Northern Cyprus is its currency. Northern Cyprus uses the Turkish Lira, which is significantly weaker than the Euro or Pound Sterling. This means that goods and services in Northern Cyprus are cheaper for visitors from countries with stronger currencies.
In a quote by Forbes, it says “Northern Cyprus is well-known as a budget destination thanks to its low cost of living and low tax environment.”
Here is a table comparing the cost of living in Northern Cyprus with other European countries:
| Country | Cost of Living Index | Rent Index | Groceries Index | Restaurant Price Index |
|---|---|---|---|---|
| Northern Cyprus | 36.19 | 5.37 | 32.35 | 26.28 |
| United States | 78.81 | 40.88 | 64.51 | 70.11 |
| United Kingdom | 67.29 | 30.60 | 51.55 | 72.52 |
| Germany | 66.84 | 26.03 | 48.60 | 72.26 |
| France | 68.64 | 24.74 | 50.49 | 76.11 |
Overall, Northern Cyprus offers a relatively low cost of living compared to many other European countries, making it an attractive destination for those looking to relocate or retire. Its favorable tax system and weaker currency contribute to lower living costs, while still providing a high quality of life.
Response via video
The video discusses the cost of living in Northern Cyprus in the Escala area, including the cost of rental housing, kindergarten and school fees, electricity, water, home internet, mobile communication, and food. It also includes the prices of gasoline, car maintenance, and beauty services in the country. While prices may appear high, the video suggests they are comparable to those in neighboring countries and cheaper compared to the European Union. Viewers are invited to suggest future topics for discussion.
Here are some more answers to your question
In conclusion, Northern Cyprus is a relatively affordable destination, particularly when compared to many European countries. Despite housing costs being significant, there are opportunities to save money by sharing accommodation or living outside the city center.