North Cyprus is a country that is located along the Mediterranean Coast, just south of Turkey. The population of North Cyprus is about 300,000 and that number continues to grow. North Cyprus uses the Turkish Lira for currency but the Euro and US Dollar are widely used. Read more to find out why the North Cyprus cost of living is enticing for many who live in the UK and Western Europe.
The basic utilities like gas, water and electricity will cost an average of £133 per month in North Cyprus. One liter of gas costs about £1.25 so having your own car will not be a financial burden. Alcohol and cigarettes are cheap in the northern part of Cyprus, as well. You can buy a good bottle of red wine for £2.60. Eating out is inexpensive with most restaurants charging around £10 to £20 per person for a three course meal. Since North Cyprus is so sunny many places uses solar energy to keep energy costs down. Produce that is locally grown or comes from neighboring countries, such as Turkey, help keep food expenses low, as well. If you live on just the basics you can get by paying only £800 per month. This includes rent, food, utilities, entertainment and car upkeep. Drinking water from the tap is not recommended in North Cyprus. Instead, the inhabitants boil their water or drink bottled water. While buying lots of water bottles seem expensive, a 1.5 liter bottle of water is £0.99 or you can buy a water cooler to store larger amounts of water.
Rent or Own?
North Cyprus cost of living is affordable for many people. Numerous properties on the northern side of the island sell for a low price. There is no mortgage system in Northern Cyprus which is why buying property there is less expensive. Despite this fact there is at 0.5% tax on the property value that you must pay before you officially own it. In addition to this property tax there is an annual property tax which ranges from £100 to £150. There are several types of places to live in North Cyprus: apartment, villa, bungalow or buying your own land. If building your own house is the best option, look for land that has build permissions. For example, a 520 square mile piece of land has a 35% build permission for £25,000. Budget-conscious buyers will want to scout out apartments. A 2 bedroom penthouse with a private roof terrace is priced at £240 per month. You can also buy the apartment or penthouse you currently rent. Be careful when buying property as some may require costly renovations.
The North Cyprus cost of living is quite cheaper than most European countries. As the country continues to grow in population, so will the cost of living. For now, living in North Cyprus is a penny pincher’s dream.