Overall, the cost of living on Cyprus is comparable to Central Europe.
The low cost of living in Cyprus has long been a draw for British and other European expats and retirees. The local banking crisis of 2013 left both locals and long-term expats with reduced spending power. As a result, almost everything became cheaper still.
The average monthly income for a Cypriot is around 2,160 euros, which is remarkably high for this part of Europe, but shows that you could live very comfortably on that amount here. While consumables like groceries might be comparable in price with what you might pay at home, things like accommodation, communications, education, and health care are both high quality and low cost.