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The average monthly salary in Cyprus climbed to €2,483 in 2024, up from €2,363 in 2023, marking a 5.1% increase over the previous year, according to fresh figures from the Statistical Service.
While paychecks are getting fatter, the pace of growth has cooled; last year’s rise stood at a stronger 7.3%. The median salary, which better reflects what most workers actually take home, was €1,881.
Despite the steady rise in wages, the cost of living in Cyprus continues to put pressure on household budgets. Inflation, high rents, and soaring grocery prices have eaten into much of the pay gains
Most employees earned between €1,000 and €1,249 a month, representing about 14% of the workforce. Close behind were those earning €1,250–€1,499 (11.6%) and €1,500–€1,749 (11.2%).
The gap between sectors remains wide. Those working in finance and insurance topped the pay chart with average monthly earnings of €4,710, while employees in agriculture, forestry, and fishing took home the least, averaging €941.
Only two sectors saw dips in earnings: real estate management fell by 2%, and mining and quarrying slipped 0.8%. Both industries employ relatively few people, making their figures more volatile.
The biggest jumps came from information and communication (up 8.1%), health and social work (7.6%), and water supply and waste management (6.9%).
Breaking it down by nationality, Cypriot workers earned an average of €2,506 per month, while non-Cypriots earned €2,434. The year-on-year increase was 5.4% for Cypriots and 4.3% for non-Cypriots.
However, the data also show a split at the extremes: foreign workers make up a higher share of those earning below €1,500 and those earning €6,000 or more, suggesting that non-Cypriots are overrepresented both at the lower and upper ends of the pay scale.
Despite the steady rise in wages, the cost of living in Cyprus continues to put pressure on household budgets. Inflation, high rents, and soaring grocery prices have eaten into much of the pay gains, leaving many workers feeling that their extra euros don’t stretch as far as they used to. Economists say that while wage growth is healthy, sustaining it without fueling further inflation will be the real challenge for 2025.
