Economist: TRNC has become one of the most expensive territories in Europe

Accountant-auditor Aydın Soyer stated that despite the formally high level of the minimum wage, residents of the TRNC continue to lose purchasing power due to the skyrocketing cost of living. According to him, today many goods and services in the Republic of Cyprus are cheaper than in the north of the island.

Speaking on tv2020, Soyer noted that while the economy shows growth, the population does not feel an improvement in well-being. He named deepening income inequality and high prices as the main reasons.

“We rank third in the EU in terms of minimum wage, but at the same time, we are the most expensive country. A high salary means nothing if people cannot afford basic goods and services,” the expert said.

According to Soyer, many products, services, and everyday expenses in the Republic of Cyprus today are significantly lower than in the north. He emphasized that the problem of the high cost of living has already become a social one.

The economist also criticized the impact of the election period on the economy, noting that during elections, the functioning of the state apparatus slows down, and the implementation of important projects is postponed. In his opinion, the authorities should focus on completing infrastructure and investment programs capable of raising the population's standard of living.

Soyer acknowledged that inflation in 2026 has begun to decline, and the unemployment rate is showing positive dynamics. However, he believes that the state needs to tighten financial control and austerity measures, especially in the areas of cryptocurrencies and gambling, where, according to him, regulation remains insufficient.

The expert stressed that economic growth should not be assessed by statistics alone. “The main question is whether people feel an improvement in their lives. So far, this is not happening,” he stated.