Cost of Living in Nicosia, Cyprus: A Comprehensive Insight 2023

Cost of Living in Nicosia, Cyprus: A Comprehensive Insight 2023

Nicosia, the capital city of Cyprus, offers a unique blend of historic charm and modern living. Being a key financial hub and the administrative center of Cyprus, it attracts people from all walks of life. But, how much does it cost to live in this Mediterranean gem? Let's delve into the specifics.

Overview

For a family of four, the estimated monthly costs in Nicosia stand at around 2,789.8€, excluding rent. Conversely, a single person would require approximately 798.9€ per month, without including the rent.

Dining Out

Whether you're grabbing a quick bite or planning a date night, Nicosia offers a range of options:

A simple meal at an inexpensive restaurant: 7.00-20.00€, average 12.00€
A three-course meal for two at a mid-range restaurant: 45.00-70.00€, with an average cost of 57.50€
McDonald's combo meal or equivalent: 6.00-8.00€
Domestic draught beer (0.5 liter): 2.00-6.00€
Imported beer (0.33 liter bottle): 4.00-6.00€
Regular cappuccino: 2.50-4.00€

Groceries

Market prices can vary, but here are some staples:

Milk (1 liter): 1.15-2.40€
Fresh white bread (500g): 1.25-2.20€
Local cheese (1kg): 8.00-16.00€
Chicken fillets (1kg): 6.00-9.62€
Apples (1kg): 2.00-3.00€
Potatoes (1kg): 0.49-2.00€

Transportation

Public transport and car-related expenses are as follows:

One-way local transport ticket: 1.50-2.00€
Monthly transport pass: 37.00-60.00€
Taxi start tariff: 3.00-4.50€, with 1.00€-1.50€ per km charge
Gasoline (1 liter): 1.40-1.80€
Volkswagen Golf or equivalent new car: 23,000.00-25,000.00€
Toyota Corolla Sedan or equivalent new car: 24,150.00-29,900.00€

Housing and Utilities

Rent and utilities are significant factors in the cost of living:

1-bedroom apartment in the city center: 500.00-1,000.00€, average 633.57€
1-bedroom apartment outside the city center: 400.00-800.00€
Utilities for an 85m2 apartment: 127.50-300.00€, averaging 175.95€ per month
Internet (60 Mbps or more): 25.00-36.00€
Leisure, Childcare, and Clothing
Fitness club monthly fee for an adult: 50.00-70.00€
Cinema ticket: 8.00-12.00€
Preschool monthly fee for one child: 250.00-500.00€
International primary school yearly fee for one child: 6,000.00-7,200.00€
Pair of mid-range Nike running shoes: 60.00-120.00€

Real Estate

For those considering buying property:

Price per square meter in the city center: 2,000.00-3,500.00€
Price per square meter outside the city center: 1,500.00-2,500.00€

Salaries

The average monthly net salary after tax in Nicosia is about 1,472.27€. If considering a mortgage, the interest rate for a 20-year fixed-rate loan stands between 2.40% and 4.00%, averaging 3.21%.

Global Ranking

As of October 2023, based on the data and numerous other factors, Nicosia finds its position in the middle tier of global cities in terms of cost of living. Its Mediterranean climate, rich history, and strategic location make it an attractive destination, but it's essential to be aware of the associated living costs.

Conclusion

While Nicosia offers a vibrant mix of culture, history, and modern amenities, the cost of living remains moderate. Whether you're considering moving for work, retirement, or just a change of scenery, understanding these costs is vital to making an informed decision.

Note: The above costs are subject to change and may vary depending on personal consumption habits and choices.