When relocating to Cyprus for business purposes, which can refer to opening of a company in this country or investing in an investment fund, the foreign businessmen should also take into consideration the average cost of living in one of the Cypriot main cities. This aspect should take into consideration the price of renting an apartment, the utilities costs, transportation costs (with a personal car or by using the public transportation system) and many others. Our team of lawyers in Cyprus can offer advice to those who want to open a business here, as well as to those who want to become Cypriot citizens.
Housing costs in Cyprus
Foreigners moving to Cyprus are allowed to purchase a property in this country. However, most of the foreign persons living in Cyprus prefer to rent for a determined period of time an apartment or other type of residence unit.
As a general rule, the average price for renting an apartment in Cyprus is estimated at EUR 500 (calculated for a unit with a surface of 85 square meters). The rent price for a studio (with a surface of 45 square meters) is situated at EUR 355. However, in a more expensive region of the city, the value of the rent is evaluated at EUR 654, in the case of a furnished and rather large apartment (85 square meters).
Persons who are interested in renting an apartment here will need to sign a contract and it is recommended to receive legal advice on the provisions of the document. In this sense, our team of attorneys in Cyprus can assist foreigners with legal recommendations.
Utilities costs in Cyprus
The overall value of the utilities costs can vary depending on the number of persons living in the apartment, but also on its size. The average price for utilities in a studio (housing only one person) is estimated at EUR 61, while in the case of an apartment it can increase up to EUR 113 (calculated for two persons).
It is also important to know that Cyprus provides quality internet services, which are sold at the average price/month of EUR 33.
Persons interested in finding out more information on any legal aspect associated with the living costs available here are invited to contact our law firm in Cyprus.