Cyprus costs

What additional costs you have to expect in Cyprus

Cyprus becomes more and more expensive since 2022

We have witnessed this since we emigrated to Cyprus in 2019. Not only food costs in Cyprus, but also real estate prices (rental and purchase prices) continue to rise steadily. Therefore, for many smaller entrepreneurs and digital nomads, emigration only makes limited sense.

CORONA and the Ukraine war have increased costs worldwide - even in Germany or Austria. But what we are currently experiencing here in Cyprus is simply enormous. Three-room houses were still available in 2019 and 2020 at a rental price of 700 to 900 euros, with the latter already set in the more expensive segment.
Today, it's different. Today you pay for a house with three rooms and pool up to 3,500 euros monthly rent. Due to a high demand after the Ukraine war by well-heeled Ukrainians and Russians who "flee" to the island and benefit from the good relations, and thus want to work remotely, the rental and purchase market has become enormously expensive. 

Anyone renting in Cyprus has to renegotiate every year. This is because there are only rental contracts that are limited to 12 months. This has tax reasons. If you rent a property longer than 12 months, the owner, especially foreigners, have to pay taxes. The law stipulates a maximum annual increase of 7%. However, as is so often the case, no one in Cyprus adheres to this. If you are not satisfied with partial 50% or 75% price increase, you have to leave, because the property is then officially simply used by yourself.

The prices are no longer in any relation. For a one-room apartment in Paphos today you can already pay 1,500 €. My friend Joschka paid 650 € for a penthouse with three rooms. My friend Tim pays 750 € for a house with three rooms, garden and pool. And we paid 785 € for our house with three rooms, 1000 sqm garden, pool, sauna and breathtaking view in exclusive location until 2023. In 2020, German questionable brokers already said that such a house would not be available for less than 1,500 €, but we stayed strong and found our dream villa in Cyprus with our own initiative. Today, after hard negotiations, we pay 1,350 € - according to the market, this property would now be offered for 2,000 €.

So if you want to emigrate to Cyprus, you will face enormous rent increases and overpriced real estate

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Banks and payment providers also more expensive

In Germany, I had negotiated a fee of 1.9% due to good sales at PayPal. Before that I paid 2.9% in Germany. Since we are in Cyprus, PayPal charges me 3.5% for each incoming payment, but retains just about every third payment, and pays them out only with enormous delay, after I have deposited proof of shipment for each payment. Lots of work, high fees. For an incoming order of €5,000, it would be €95 PayPal fees in Germany. In Cyprus I pay 175 € - that's a difference.

The support of PayPal Cyprus is also enormously bad. There is no working hotline - no email address. Only a ticket chat function, where you wait forever for answers. Nobody really helps there.

Also bank accounts for a Limited are difficult(in our members area we have listed all known and working ones) - we recommend our list, because a bank account in Cyprus for a Limited is also enormously expensive. Not only the monthly costs, but also the quarterly fees and transaction fees are enormous and like PayPal at least double the amount. 

Electrical appliances, cars - everything is more expensive

Generally, electrical appliances are significantly more expensive. As an example. For an Enders gas grill I would pay on Amazon 600 €, including delivery and Amazon fees, which the seller has to bear. In Cyprus, I had to pay 1100 € for it due to the lack of time and high shipping costs. Cars are up to 50% more expensive depending on the model and year of manufacture, due to illegal import and customs fees, and the problem after Brexit, as many cars were imported from England, as there the steering wheel is also on the right side. In many stores, once you take the time to compare prices, you often feel you are simply paying double.

This is cheeky and unnecessary - of course there is the import, and shipping costs, which are higher when goods are shipped from Germany to Cyprus. But wholesalers in Cyprus also have different prices, and should have the margin to resell products with only about 10% or 15% price increase. Anyone who has been to a baby store will be shocked - here buggies, children's clothes and toys cost double or triple.

Sofas and furniture are also extremely expensive. Ikea is only about 5-10% more expensive on average, but furniture from other retailers is up to 70% more expensive. For our corner sofa we paid 2,600 €. In Germany, the model would have cost about €1,000.

→ We have listed in our members area which stores deliver to Cyprus at favorable prices, often even at the net price, and also show you how you can receive Amazon orders in 3-4 business days at almost similar conditions as in Germany.

Food prices in Cyprus

Let's get to the reason I sat down to write this article in the first place. Food in Cyprus. BIO? You have to search hard for that (in our members area we have listed all sources of supply and markets) - and is on average twice as expensive as in Germany.

But also normal food is much more expensive. I once did the work to list some standard products that you need so weekly, and compared the prices with a Rewe market.