In raw numbers, North Cyprus compares favorably with most areas around the world. High on the list is Real Estate prices and we talk about that right on this website’s Cheap Property Overseas Page. But there are other items to consider and we will explore those below.
Many people from around the world come to retire in North Cyprus because of the cost of living. In particular the cost of Sea view real estate is low. For example: for $60,000 there are many choices of one bedroom new builds (called off-plan locally). This is not a low a low-ball number, most complexes will have nice, sea view apartments below this figure.
In general, you will discover that this area is equal to or below what you may pay for a given item in almost all categories, with one exception: transportation. We will deal with that in a moment.
For our first set of comparisons we wanted to find inexpensive, sea view real estate in the US. We choose Savannah, GA & Pensacola, FL because these were two smaller towns in lower profile areas. The assumption being these places would be cheaper than ocean front spots in places like California or Maine.
This is from a website called Expatistan and you can see these numbers for yourself using the button above.
Next, we wanted to compare two towns that have a lot in common: Saint Augustine, Florida and Kyrenia, North Cyprus.
It turns out this was a surprisingly good choice for a comparison. The assumption that the Cypriots would simply walk-away in every cost of living category is not true. However, most categories seem to run about one-half price. Review the comparison using the button.
After clicking the button, you will be taken to their website and presented with a dialogue to sign-up. This may be handy but is not required, you can close that box if you want. Then you will see price comparisons in about fifty categories.
The information below is also from Numbeo. This is a good site loaded with useable information; for example:
The cost of a new car is simply unreasonable and the taxes levied on cars is why - Car tax can run as high as a third of the total cost of the automobile. Most Ex-Pats simply buy small, used cars and pay cash. I have a little three cylinder Nissan March and it cost six-thousand Pounds. It was three years old when we got it and we have driven it another five without problems. As the Brits would say: Problem sorted.
Ex Pats tend to buy small and baby ‘em til the wheels fall off, where locals tend to buy big, German sedans and drive like they mean it. This may be a reflection of the availability of financing.
When speaking of North Cyprus, Live & Invest Overseas says “But more important for us: it offers serious profit potential at bargain values.” Cool. They rave about this area in several articles and Newsletters.
The area is underpriced and that is currently driving a construction boom. Most of the new developments are complexes featuring apartment blocks with pools and shops. Sea views are standard and the truth is, even if you are not an apartment person, these resort complexes are attractive.
You would expect to live for far less when moving from the US but what about other retirement or investment destinations? North Cyprus has a lower cost of living than an attractive location like Panama City. The cheapest place we have seen is Costa Rica. Yep, if all you want is cheap, that’s your new home.
Before you book your tickets, may we show you one last thing? Question: where do you plan to go if you want to get away? What will you see if you live there? Unless you want to visit Honduras or Guatemala there isn't much nearby. That's not an insult, these are beautiful places... but: North Cyprus will compare favorably with most nations across Central & South America due to it’s location. The Pyramids, Rome, and The Alps are just a short flight away. If you live here, even exotic names like Istanbul and Moscow will soon appear as stamps in your Passport. As an aside, the major Cruise Lines depart from Lamasol.
Cyprus to London: $96
Cyprus to Paris: £27 (full disclosure: most were around 80)
Clearly, there is more to this than cost of living, there’s also quality of life. When considering an investment or retirement, ask how easy is a unit to rent or how you plan to enjoy your golden years.