The economy of Northern Cyprus is dominated by the services sector (69% of GDP in 2007), which includes the public sector, trade, tourism and education. … As of 2014, the GDP per capita of Northern Cyprus was $15,109, and the GDP was $4.039 billion.
Which part of Cyprus is rich?
Through the years Nicosia has established itself as the island’s financial capital and its main international business centre. The city is ranked as the 5th richest city in the world in per capita income terms.
Is North Cyprus a good place to live?
North Cyprus must be one of the least expensive places to live in the Mediterranean. It is exceptionally good value when compared to living costs in the UK. Electric, water and council tax are relatively inexpensive making your Pound go further.
Is Northern Cyprus cheap?
Generally Northern Cyprus is cheaper than Southern Cyprus. … The Turkish Lira currency benefits tourists and people living in Northern Cyprus as it makes it cheaper than Southern Cyprus. Due to the currency benefits, it is not only cheaper while you are spending on restaurants, beach clubs, car hire etc.
Is Northern Cyprus A Good Investment?
In North Cyprus, investors and lifestyle property buyers have “the best of both worlds” – getting their property value fixed to a stable currency whilst also gaining a low cost of living (due to favourable exchange rates against the Turkish Lira), which makes eating out, shopping or furnishing a new North Cyprus …
What is the average salary in Cyprus?
How much does a person working in Cyprus earn? They earn an average salary of 3,430 EUR every month or 41,200 EUR per year. This is the gross salary before deductions, meaning it’s inclusive of housing and transport benefits. For hourly-paid employees in Cyprus, the average salary rate is 20 EUR/hour.
Can I live in North Cyprus?
Both the northern and southern areas welcome expats and have quite large expat communities. The cost of living in the North is significantly lower. If you want a great value-for-money retirement destination in a beautiful Mediterranean setting, then North Cyprus can be a perfect choice.
Is it safe to buy property in Northern Cyprus?
True: New properties built on Pre-74 and Exchange Title Deed Land in North Cyprus are very safe. There are two types of land deed in North Cyprus on which most new properties are built and which are considered very safe to purchase. … These deeds are underwritten by the North Cyprus government.
Is it cheap to live in Cyprus?
A single person estimated monthly costs are 812$ (687€) without rent. Cost of living in Cyprus is, on average, 14.11% lower than in United States. Rent in Cyprus is, on average, 46.12% lower than in United States.
By City in Cyprus.
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Do I need visa for Northern Cyprus?
It’s very easy to visit Northern Cyprus: easy and free to get a visa and easy to get a flight! … The only exception to this general rule is that citizens of Armenia, Syria and Nigeria do need an advance visa and should consult either the TRNC Representative or the Turkish Embassy prior to departure.
Can I use euros in Northern Cyprus?
All shops and restaurants in North Cyprus accept pounds sterling and euros (notes, not coins). They will give you change in Lira., so you will soon gather some local currency! … You will get a much better exchange rate for your British Pound or Euro when you arrive in North Cyprus than in the UK.
Is tap water safe to drink in Cyprus?
Tap Water. Tap water is perfectly safe to drink in the South, although most locals drink bottled water, as it is very hard. However, the glass of water you automatically receive with your Cypriot coffee will undoubtedly be tap water. It is advisable to drink bottled water in the North.