Cyprus is a small island in the Eastern Mediterranean and is the third largest and third most populated island in the Mediterranean. Despite being an island, the cost of living in Cyprus is relatively low. The prices are about 25 percent lower than those in other Northern European countries.
There are many inexpensive commodities in Cyprus, such as the local seasonal fruit. Rent and utility bills are also relatively cheap on the island, especially water bills and electricity. Basic utilities are usually around 128 euros a month. The more expensive commodities in Cyprus are internet access, milk and clothing. Most of the milk is imported to the island, which raises the price. There are very limited options for clothing, and most are very expensive. Online shopping is an option, but internet costs upwards of 42 euros per month, making it a luxury.
A comfortable net income in Cyprus is between 10,251.61 euros and 11,960.21 euros annually. After the euro was introduced to the island, the prices there rose overall. The euro is still fairly new, so not everything has been affected yet, but the prices are predicted to rise further, including those of produce, utilities and clothing.
The island has a slow pace of life, which refers to the rate at which commodities are fixed when they break. People go days or weeks without electricity when there is an outage because the relaxed pace of life means that the electricity is not a top priority. This lifestyle can be nice but also has its downsides, especially with the unemployment problem in Cyprus.
This lifestyle and high unemployment rate both affect the cost of living in Cyprus. Cyprus has a lack of available jobs, which affects the country’s economy and its citizens’ decision-making. With the decreased income and increasing cost of living in Cyprus, limitations are placed upon decision-making. Less becomes affordable for families and, in turn, can increase poverty rates. The unemployment rate has shrunk the economy, impacting the cost of living in Cyprus.
A somewhat positive impact on the country’s cost of living in Cyprus is the low transportation costs. Buses are cheaply available, but there are no active train systems, and these buses are unreliable. Most people rely on private taxis, instead of the bus systems, but these are more expensive. The citizens have been informed that a train system will be installed within a 15-year time frame.
Luckily, housing is quite affordable in Cyprus. The ultimate problems for the country are the unemployment and price increases due to the introduction of the euro. These problems should be the focus for improving the cost of living in Cyprus.
– Katelynn Kenworthy
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