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High rents, low purchasing power hurting families

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Cypriot families are digging deeper into their pockets to make ends meet at the end of the month than others in major European countries.

According to Numbeo data, compiled by Phileleftheros daily, a four-member family in Nicosia needs an average of €2,637 without rent.

A single person living on their own will need €753 without rent.

Renting a flat for a family of four in Nicosia adds another €700 to €1,000 to the outlay.

In Limassol, the monthly cost for a family, without rent, is estimated at €2,869.

However, rents are much higher in the second city, with a family needing another €1,300 per month.

The cost of living for families in Cyprus is much higher than in Italy and Estonia while coming close to that of Germany and France.

In all countries mentioned above, people’s purchasing power is higher than that of an average Cypriot family.

The estimated monthly cost for a family of four in Italy is €2,757, without rent, according to Numbeo.

For one person, the estimated monthly cost is €785 without rent.

On average, the cost of living in Italy is 9.3% higher than in Cyprus.

However, on average, rents in Italy are 27.4% lower than in Cyprus, while the purchasing power of Italians is 21% higher.

The estimated monthly cost for a family of four in Estonia is €2,562 without rent; for a single person, it is estimated at €760 without rent.

On average, the cost of living in Estonia is 2.4% lower than in Cyprus.

Rent in Estonia is, on average, 41.8% lower than in Cyprus, while purchasing power in Estonia is 13.8% higher.

Meanwhile, the estimated monthly cost for a family of four in Germany is €2,901 without rent and for a single person €846.

The cost of living in Germany is, on average, 12.8% higher than in Cyprus, and the rent is, on average, 7.4% lower.

A German’s purchasing power is 96.8% higher than that of Cypriots.

A family of four in France is estimated to have monthly expenses of €3,127 without rent. For one person, the estimated monthly cost is €872.6 without rent.

The cost of living in France is, on average, 22.4% higher than in Cyprus; however, renting in France is, on average, 14.4% cheaper.

Local purchasing power in France is 57.2% higher than in Cyprus.

In Athens, a family of four needs about €3,376 with rent included.

Consumer prices in Athens are 8.8% higher than in Nicosia. In addition, consumer prices, including rent in Athens, are 2.3% higher than in Nicosia.

Rent prices in Athens are 17.7% lower than in Nicosia, and restaurant prices are 0.3% lower than in Nicosia.

The purchasing power of locals in Athens is 36.2% lower than in Nicosia.