Is Cyprus Still a Desirable Destination in 2024? Pros and Cons of Living and Investing
I aim to explore the reasons that still make Cyprus a desirable destination for visiting, living, investing and retiring in 2024. Let’s start with the advantages that, in my opinion still in 2024, distinctly outweigh the associated disadvantages by a significant margin.
Pros/Advantages
1. Undervalued Property Market
Since the conclusion of the isolation period in 2004—almost two decades ago—the Cyprus property market has yet to catch up with its Mediterranean counterparts such as Portugal, Spain, Greece and even with our neighbors across the border in the South of Cyprus. In the post-2004 era, Cyprus has witnessed a resurgence in real estate, making it a hotspot for savvy investors due to its continued offering of undervalued deals that are destined to eventually catch up with its neighboring nations. From seaside villas to mountain retreats, the property market here is rich with opportunities. The best undervalued market in Cyprus in 2024 will be the West Coast, emerging on the beautiful shores of Gaziveren.
2. Living on a Budget
Thanks to a favorable exchange rate of TL with major currencies like USD, GBP, and Euros, Cyprus offers an affordable cost of living without compromising on lifestyle. It’s a haven for those who want more bang for their buck. In 2024’s ‘cost of living crisis’, this will play an important role in easing a lot of peoples struggles with day to day expenses.
3. Safety First
With low crime rates, absence of wildlife dangers, and a lack of natural disasters, Cyprus provides a safe haven for residents. The strong community and the small population plays a big part in this, people still care about one another in this small island. The road accidents are the only main concern but, vigilance on the roads mitigates this risk.
4. Sunny Weather and Beautiful Natures
Cyprus famously has 335 days of sunshine a year. Longer days, and exposure to sun helps with maintaining ones mental health. With nice weather comes the opportunity to enjoy the outdoors and to socialize. The beautiful nature of Cyprus offers a blend of blue waters, green valleys and mountains covered with cypress and pine trees.
5. The Mediterranean Diet – Invest in Your Health
The local cuisine of Cyprus reflects the Mediterranean diet, infused with a barbecue culture. Easily accessible and affordable, it offers a variety of fresh vegetables, fruits, and herbs, all rich in nutrients and vitamins, with strong, delightful flavors. This culinary style is not only delicious but also healthy. Research from Harvard Medical School consistently demonstrates the effectiveness of the Mediterranean diet in reducing the risk of cardiovascular diseases and overall mortality.
6. Healthcare and Education
Advanced healthcare and quality education are regarded as basic needs in Cyprus and are easily accessible and affordable. Most healthcare and education needs are indeed completely free for residents. How to qualify for the permanent residency scheme with a property purchase?
Personally, I have witnessed public schools producing Ivy League and Russell Group students, of which I am one. You can also read about my experience with Cyprus public healthcare, which was drastically different from the NHS during my years of living in the UK. How Advanced Public Health Care in Cyprus Saved My Father’s Life?
7. Warm English-Speaking Community
Locals are known to be welcoming, and the majority speak good English. Hospitality is praised, and the small population makes way for a tight-knit community that cares about one another. There is also a strong retirement community and a growing digital nomad community of native English speakers on the island.
8. Entertainment
Cyprus offers a lifestyle that caters to varied interests, including music in many forms, golf, dining, casinos, clubs, shopping etc. It has one of the most diverse histories in the world, with plenty of sites and landmarks to explore. Additionally, it is considered one of the best wedding and honeymoon destinations boasting gothic churches, ballrooms, vineyards, and marina venues.
Explore:
- Marinas in Cyprus
- Golfing in Cyprus
- Casinos in Cyprus
- Music and Dining in Cyprus
- Weddings and Honeymoons in Cyprus
- Cyprus Vineyards
- History and Landmarks
The Flip Side: Cons/Disadvantages
1. Limited Job Market
The limited job market due to a small population (less than a million) can pose challenges. Most of Cyprus’s economy is made up of service industries with highly skilled and educated individuals. The main industry is tourism with over 5 million tourists in the past year. However, the rise of remote work provides alternative avenues for employment.
2. Online-shopping Around the World
Major online shopping platforms, including Amazon, may not deliver directly to Cyprus home addresses. Navigating different local shopping apps and sometimes utilizing PO boxes in the Southern Republic side is a workaround for overseas packages. Also getting used to the local food and taxi apps can take a bit of adjusting.
3. Island Time
The laid-back island lifestyle is embraced, but be prepared for a leisurely approach to bureaucracy. A polite follow-up can work wonders in expediting processes.
4. Transportation: Getting Accustomed
Transportation in Cyprus primarily relies on private vehicles, presenting a unique challenge due to the left-lane driving orientation inherited from British, diverging from the global norm. Individuals relocating to Cyprus frequently opt to purchase compact cars, while those spending a few months annually typically choose rental options. In urban areas, walking and utilizing dolmus (shared taxis) provide cost-effective alternatives for intracity commuting. Private intracity buses operate from 5 AM to 21:00 PM and from 21:00 PM to 4 AM, offering extended service hours. Inter-city buses facilitate travel between different cities, although it’s noteworthy that the last inter-city bus usually departs at 6 PM.
In conclusion, I believe that the pros still outweigh the cons in Cyprus, despite the rest of the world going through a wealth of challenges such as disease, security issues, and cost-of-living crises that pose financial struggles. Although it may not be suitable for everyone, the peace that comes with quiet island living is one of my top personal reasons. While challenges exist, the rewards of diverse experiences and promising investment opportunities make Cyprus a compelling choice for those looking to relocate or invest, especially as the stock and crypto markets heavily fluctuate, causing currencies to lose their value to inflation with shrinking buying power. The property market in Cyprus offers a more stable opportunity to park your cash.
Sincerely,
Director of Mediterranean Condos | Investment, and Residency Expert Broker in Cyprus Real Estate
Voted Forbes Best Buy | Formerly associated with Live and Invest Overseas, Forbes Global Properties, & Expat Exchange
Email: 📧 cyprus@mediterranean.condos
Phone: ☎️ +90 533 864 1652
Hi Soylem,
It’s been a few weeks since our last communication. Although the penthouse I was interested in went under agreement, and I presume heading towards a P&S agreement, as you indicated, I’m still seeking a penthouse purchase opportunity.
Can you provide any penthouse listings in either of the North Cyprus areas, of which Crystal was the other, with photos and price range?
Best regards,
Bob Dusa