Expatriates living in the TRNC confirm that the cost of living in Northern Cyprus has been increasing as the country’s overall popularity as a tourist destination grows and as the status of TRNC intensifies on the world stage; but overall it remains an incredibly low cost place to live.
The fact that the country remains so fundamentally cheap is highlighted when you consider just how far prices have to go to come in line with the cost of living people encounter living in the Republic of Cyprus for example, which has been revealed as the most expensive of the countries popular with the British in which to retire!
Beginning with the most expensive item on anyone’s shopping list when considering moving abroad, namely a home, property prices in Northern Cyprus are among the cheapest and best value in the world.
As the country moves ever closer to worldwide recognition and the pace at which new properties are being constructed makes any claim that the Greek Cypriots attempt to enforce on former Greek owned land ridiculous, worldwide investor confidence in Northern Cyprus is intensifying and has actually never been so strong.
This week in the TRNC English language weekly newspaper ‘Cyprus Today’ it was reported that property investors from Dubai, Israel, Ireland and Belgium are currently in talks with advisers in TRNC and have submitted plans to build golf courses, marinas, health spas and water parks. Already planning permission has been granted and construction is underway of a golf course, a marina and various luxury holiday complexes; all this points to the fact that the world is finally awakening to the potential of Northern Cyprus and the idea that it is an illegal country is being ridiculed and ignored.
If you’re considering making a move into the Northern Cypriot property market experts advise that you should make it soon because property prices are increasing every year with absolutely no sign of a slow down. Currently you can purchase cheap holiday apartments from as little as GBP 35,000 or well constructed three bed family homes from GBP 110,000 and for more information about property in North Cyprus visit http://www.AboutNorthCyprus.com/
If you want to live in North Cyprus and are wondering about importing your household goods you can bring in all used items tax free. However, as your relocation company will ship your goods by sea in a container you need to consider what you bring with you. For example electrical goods can literally fry in the intense heat inside a container and your removal company won’t insure you against this so it can actually be cheaper to sell your TV, washing machine and hi-fi before you come and buy new when you arrive.
That said the price of electrical goods in Northern Cyprus is slightly higher than you would expect to pay in the UK and you should shop around and compare prices. The good news is though that a seeming lessening of import restrictions has led to more and more electrical shops opening in the last year alone and these are offering big brand names at more competitive prices than they were one year ago. More positive news is that where before you could only buy Turkish made Arcelik and Grundig, you can now buy the likes of Bosch, Phillips, Siemens etc.
When it comes to buying anything in Northern Cyprus you should shop around and consider visiting shops in Famagusta, Nicosia and Guzelyurt as well because these centres are often cheaper for most things than Kyrenia which is the main expatriate and tourist centre.
Cars are an expensive item in Northern Cyprus - there’s no denying it! There is a very high import tax on vehicles so you will pay up to 40% more for a car in the TRNC than you would in the UK or Europe. But because everything else is cheaper in Northern Cyprus including car insurance, tax and petrol this is a small burden to have to bear.
A weekly shop will vary in cost depending on where you shop and what you buy. If you shop in the main supermarkets of Lemar and Tempo you will be paying over the odds for bread, meat, fruit and vegetables for example compared to what you will pay at the local weekly market or in your local baker, butcher and greengrocers. But you will also have far more choice and convenience if you shop in the central supermarkets. And wherever you shop you’ll be amazed at how far your income goes compared to what you’ve been used to in the UK, US or Germany for example.
If you drink alcohol you can buy local brand wines and spirits for a couple of pounds or Euros a bottle or you can drink imported brand names for highly inflated prices (again as a result of import taxes). A night out can vary from costing a few pounds a head for a fantastic traditional meal with beer or local wine in the likes of Erol’s in Ozankoy or Ezic in Kyrenia to costing British prices in some of the more touristy eateries on the harbour in Kyrenia for example.
If you come to live in Northern Cyprus and intend to work here you should get a feel for the likely realistic income you can earn before you make a commitment to the country. You need to ensure that you can afford to earn enough from the local economy to live in the local economy and it is in this area that many people fall down. Yes the cost of living in Northern Cyprus is cheap, but the average daily wage is also very low and if you are coming into the economy to work you have to be certain that the amount of money you can earn will sustain you. At the moment the tourist season in North Cyprus is short because awareness of the destination has yet to grow, this will of course change but in the meantime if you’re coming to open a bar or restaurant or other tourist facing business can you realistically earn enough during the short tourist period to live for the rest of the year?
If you come to live on investment income, retirement income or you have a business elsewhere that supports you, you will find the cost of living in Northern Cyprus to be just one of the many attractive features of life in the TRNC.
