A Look at the Cost of Living in Cyprus

If you are preparing for a move abroad to Cyprus you may be wondering what the cost of living is like on the Mediterranean island. It is a good idea to familiarize your self with the cost of living in Cyprus either before you make your plans to move overseas or at least before you arrive on the island if you have already set your plan to relocate to Cyprus in motion.

How far your money will go in Cyprus may actually depend on when you plan on going to Cyprus. While Cyprus is a member of the European Union they are a fairly new member and have not actually adopted the Euro as their form of currency as of yet. Right now the form of currency being used in Cyprus is the Cyprus pound. Sometime in late 2007 or early 2008 Cyprus will transition their currency over to the Euro. You can look at a currency exchange site to see what the exchange rate is for the Cyprus pound. In looking at XE.com it looks like today US $1 is equal to CYP 0.43, in the United Kingdom GBP 1 is equal to CYP 0.86 and for the Euro EUR 1 is equal to CYP 0.58.

The cost of living you will have in Cyprus is considerably lower than most of the northern European countries. In fact, prices in Cyprus average about 25 percent lower that the majority of other northern European countries. And the Cypriot city of Limassol is consistently ranked as one of the least expensive cities in Europe.