by Northern Cyprus Property 
Living Costs, Retirement, and Property Prices in North Cyprus: What You Need to Know
Today, we’re diving into a comprehensive analysis of living costs, retirement options, and property prices in North Cyprus. Many of you might be expecting updates on new laws, but we are still waiting for the Bar Association and the Estate Agents Union to address this matter in the Supreme Court. This should happen by the end of this week. I want to ensure that I provide you with accurate and clear information, unlike the many unreliable sources out there.
However, I will discuss this subject at the end of our discussion. For now, if you are a buyer, I will tell you what you need to know about the new law and more.
By the way, I send a weekly buyer’s guide and my story about my real estate journey to our email subscribers. So if you haven’t subscribed yet, please do. I can’t share everything here because it takes a lot of time to compile, and I have limited time, like everyone else.
The Real Cost of Living in North Cyprus
Let’s talk about the cost of living in North Cyprus, whether it’s cheap to live here, if it’s a good place to retire or invest in, residency permits, and property prices. What I’m going to tell you is not easy to find on the internet.
The cost of living is often hyped up by people trying to create interesting, positive content to attract clients and make sales, making everything seem perfect and glorious like Alice in Wonderland. Well, reality is not like that. You can find good info on the net, but it’s also full of scams and misleading content.
Living in North Cyprus is not cheap anymore. It’s even more expensive than most of the EU and the UK. Let’s start with basic costs. A simple meal in a proper restaurant (not fancy dining, just daytime) starts from 20 euros per person for a basic meal like chicken salad, pasta, or grilled chicken, without drinks or water. For sure, you can get cheaper meals if you go to lower-class restaurants for 15 euros, but you may not like the environment or amenities.
All the vegetables are almost the same price as in EU countries, and meat and chicken are more expensive. But the good news is that alcohol and cigarettes are still half the price compared to other places. If you think that’s good news, anyway, because I am against alcohol and tobacco. I think they should be banned in all countries. Saying that I was a passive consumer 7 years ago. I explain that all in my emails. Electricity is expensive, but gas is still cheaper compared to other countries.
If you are looking to retire, you will need a minimum of 1500 euros per couple to live normally. However, if you are buying a private house with a private pool and need a gardener and pool maintenance, you have to add 400 euros on top of your expenses, so you will need 2000 euros. If you need to break that down: 100 euros go to the gardener, 80 euros to the pool maintenance, and 200 euros for extra electricity and water because you have a garden and private pool that need energy to run. Saying that, I know a lot of expats living well below this amount per month with their pensions because they have good money management and fewer expenses. But it’s still hard to believe how.
If you have a flat here, then you can live comfortably with 750 euros per person. So, living in North Cyprus is not cheap anymore.
Is North Cyprus the Right Place to Retire?
Is North Cyprus the right place to retire? Absolutely, yes, if you can afford it because it still has low crime, beautiful weather, and is close to everywhere. I mean, literally, we are in the middle of the world when you look at a map. Health care in government hospitals is still close to nothing and has no waiting queues. Private hospitals are much better than any developed western country and fairly priced. Health insurance starts from 600 euros to 1200 euros depending on your age. Every day, more and more expat communities are growing here from all nationalities. So, I think these are positive aspects of retiring here.
Current Property Prices and Investment Opportunities
How about property prices? Now I can talk for hours, but I have limited time. If you subscribe to my emails, you can get my newsletter about properties, investment, life, and health if you are over 45—you may like it.
Property prices, unfortunately, are not cheap anymore. Fair prices are starting from 2000-2500 GBP per square meter for close area net. However, there are many projects where they sell at London prices. And some folks are buying. I have nothing to say; it’s their money, it’s their hard-earned money spent. They can spend and burn it however they like. But if you are not one of those because you worked so hard all your life to make that saving, you have been so smart and sacrificed so much in your life, you sacrificed from your family because you had to work hard and you were always under pressure. You sacrificed from your dream car, from the bike you always wanted to buy, from that nice Breitling or Rolex watch, from those VIP-class football tickets, fancy holidays, and so much more. Now you can go and give 10/20/30/50/100 more to that famous developer who claims they are the best because that nice agent recommended it and said it’s the best buy, and that nice agent recommended by someone you know. Then you fell in love with the sea view and landscape garden. And you bought it after a few drinks watching the sunset invited by the agent. Go and burn it. The developer deserves to drive that fancy car and have those fancy watches that you never bought. He’s not guilty because you just gave it to him. I mean those. Not you. That’s enough now, but believe me, I see it every day.
If you want to learn from an expert, I say confidently that I am an expert investor and agent. Some people, especially other agents, mostly hate me because I present myself as an expert. But I am, and I am sure you are also skilled and an expert in your business. So what, everyone can be experts if they had enough experience and knowledge. All doctors are experts in their subjects, teachers are experts in their field, well not all, mechanics are experts at fixing cars. So on and so forth. If you subscribe to my email list, you can get my experience and buyer’s guide step by step every week.
What Buyers Need to Know
So what do buyers need to know? Basically, you can buy property if the title deeds are full or if the project has building permission. You can buy in complexes where nationalities are not exceedingly more than 80% or 50% of one nation. You can buy from 1 km away from strategic and army camps. For more, see you in my emails.
Navigating Residency Permits
Now before I forget, about residency. You can get residency if you rent a house, but you must pay 3 months in advance and have 35,000 euros in your savings account or 3000 euros in passive income like a pension or salary from abroad. If you own a house or have a sale contract, you must have 15,000 euros in your savings. By the way, retirees aged 60 and older can obtain a 5-year residence permit by purchasing property or proving a high monthly income.
More on Living Costs
Let’s go back a bit to the cost of living. Utilities like electricity and water can add up, especially if you have additional amenities like a private pool or garden. Electricity rates are quite high, which can be a significant expense if you are running air conditioning frequently during the hot summer months. Water is also metered and can become costly if you have a large garden or pool that requires regular maintenance.
Transportation costs should also be considered. While the cost of fuel might be lower than in some European countries, it is still an expense to be mindful of. Public transportation is limited, so owning a car is almost a necessity. This adds to the overall cost of living, considering maintenance, insurance, and fuel.
Food and Groceries
When it comes to groceries, local products like fruits, vegetables, and dairy are reasonably priced, but imported goods can be quite expensive. This is important to keep in mind if you have particular tastes or dietary needs that rely on imported foods. Eating out, as mentioned earlier, can be pricey. The quality of restaurants varies greatly, and finding affordable yet enjoyable dining options can be a challenge.
Healthcare Costs
Healthcare is another significant consideration. While government hospitals offer low-cost services, they may not meet everyone’s expectations in terms of quality and wait times. Private healthcare is an option, but it comes at a higher price. Health insurance is strongly recommended and can range from 600 to 1200 euros annually, depending on your age and coverage requirements.
Retiring in North Cyprus
Now, let’s delve deeper into the retirement aspect. North Cyprus offers a peaceful and serene environment that many retirees find appealing. The slower pace of life, combined with the beautiful natural surroundings, can be very attractive. The expat community is growing, and many people find comfort in the camaraderie and social opportunities that come with living in such a community.
The low crime rate is another significant advantage. Safety is a major concern for many retirees, and North Cyprus is known for being a safe place to live. The climate is another draw, with mild winters and hot summers, making it ideal for those looking to escape colder climates.
However, the financial aspect cannot be overlooked. With the rising cost of living, it’s essential to have a well-planned budget and sufficient income to cover your expenses. Pensions and savings need to be managed carefully to ensure a comfortable lifestyle.
Investing in Property
For those interested in investing in property, it’s crucial to do thorough research
and understand the market dynamics. North Cyprus has seen a surge in property prices, making it more challenging to find affordable options. It’s important to consider factors such as location, property type, and potential for future appreciation.
The real estate market can be quite complex, and working with a knowledgeable agent can help navigate this landscape. There are opportunities for investment, but it requires careful planning and a clear understanding of the risks involved.
In conclusion, living in North Cyprus offers many advantages, but it’s essential to be aware of the costs and challenges. Whether you’re looking to retire, invest, or simply enjoy a different lifestyle, thorough research and careful financial planning are key to making the most of what North Cyprus has to offer. If you want to stay updated and receive more detailed information, subscribing to my email list can provide you with regular insights and guidance on living and investing in North Cyprus.
