Greek Cypriots are increasingly opting to spend their money in North Cyprus. Spending is mostly concentrated on hotels, casinos, fuel, fruits and vegetables, according to Greek Cypriot daily ‘Phileleftheros’.
Based on credit card company data published by JCC, recorded transactions show a big increase in fuel purchasing in the north because of the far higher fuel costs in the south. In June, only 99,000 euros were spent on fuel, while in the first six months of this year fuel purchases from petrol stations in the TRNC rose to 339 thousand euros, compared to 310 thousand euros in 2017.
Rising prices in the cost of fruit and vegetables in particular, in the south have driven the Greek Cypriots to make their food purchases in the north.
There is also an upward trend in the purchases of clothing and footwear, which from a few thousand euros last year reached 100 thousand a month.
However, the markets for air travel from North Cyprus, which began last year, are declining.
On the other hand, the preferences of the Greek Cypriots in the north, namely hotel stays and casino betting, continue at the same pace as before. In both these activities, most of the money is spent using credit cards.
According to JCC data, last year credit card holders paid 5 million euros for holidays in hotels in North Cyprus and 1.6 million euros in the casinos.