Is living in North Cyprus expensive?
North Cyprus has the lowest cost of living of any Mediterranean or European country. We’ll look at food and property pricing in North Cyprus, which uses the Turkish Lira as its local currency.
North Cyprus’s gross minimum wage was 3,820 TL in 2020. The net minimum wage was 3,323 TL after-tax and stoppage payments, which is equivalent to $460 or €385 as of 2020. ”Is living in North Cyprus expensive?”we can say no to her question.
Since the cost of living is low, a person receiving minimum wage can live comfortably. Furthermore, a family with a single child living in the same house, where both parents work for minimum wage, has a household income of 6,646 TL, which allows them to live a life that is above average.
Is living in North Cyprus expensive? – Tax Deduction
North Cyprus, which enjoys sunshine for most of the year due to its Mediterranean climate, is one of the leading agricultural producers. Because production satisfies domestic demand, fresh fruit and vegetables in North Cyprus are less expensive than in many other European countries. Those who live in North Cyprus can enjoy the freshest produce at the most inexpensive prices.
Food and drink prices are much lower than in many other countries due to a combination of low alcoholic beverage taxes and the high value of foreign currencies such as the British Pound, Euro, and US Dollar against the Turkish Lira. Although prices fluctuate depending on the number of tourists in a certain region, dining out and having a good time will not break the bank as it would in many other European nations for the reasons stated above.
If that isn’t attractive enough to grab your attention, consider that real estate prices in North Cyprus are quite low when compared to those in other European countries. While a luxury home near the sea may be purchased for £80,000 in North Cyprus, a villa with similar qualities in other European nations can cost anything from £150,000 to £400,000.
One of the countless reasons why many people choose to relocate to North Cyprus is the low cost of living in North Cyprus and the benefits that come with it. ”Is living in North Cyprus expensive?” we tried to give you the answer to this question in this article.
You can also get information about the life of Cyprus by clicking here.