Property maintenance costs

Property maintenance costs

Favorable investment climate makes Northern Cyprus popular for real estate purchases. The main indicators that affect the cost of property are area, category, availability of pool and other infrastructure. Bills payment can be made from any country of the world.

Annual expenses indicators

1. Annual property tax.

The amount of the tax depends on the area of the acquired property and is calculated based on the rate of 3TL per each sq. m. of the covered area of the property annually (area of the open terraces is not included).

You have to pay this fee twice a year in the municipality at the place of residence.

2. Annual tax on cleanliness.

The tax on maintaining cleanliness includes cleaning roads, garbage disposal, processing plants from insects. The fee is around 450TL per month (depending on the area and residential complex).

3. Other expenses

• Electricity – is considered the most costly part, because there is no gas pipeline on the island, so housing is heated with electric heaters. Everyone uses boilers and air conditioners. Average consumption per month – 200 kW.  The cost is calculated per kilowatt-hour per month.
  • 0–250 kilowatts per month- 3.7414 TL
  • 251–500 kW/h – 7.7185 TL
  • 501–750 kW/h – 8.2993 TL
  • 751–1000 kW/h – 8.9959 TL
  • Over 1000 kW/h – 10.7376 TL.
• Water supply – water tariff is 35,36 TL per ton
• Gas consumption – There is no centralized gas supply on the island, for cooking and heating they buy cylinders worth 550 TL (*refill), which is enough for 3-12 months.
• Maintenance fee – depends on a category of a project and its infrastructure. A small apartment in a complex where there is no swimming pool and gym will cost about 10-15 Great British Pounds per month. You pay for garbage collection, lighting and cleaning. Buying apartments in Northern Cyprus in luxury complexes, you need to pay about 75-100 Great British Pounds for pool cleaning, landscaping and other additional services. Villas will cost more – about 130 Great British Pounds per month.

Living expenses

Public transport in Northern Cyprus exists between cities, taxi services and private cars are very popular. The gasoline cost is 37.5 TL per lt. Food costs in Northern Cyprus are relatively low compared to other European countries. A meal at a local restaurant will cost you around 10 Great British Pounds, while groceries for a week can cost between 25 to 50 Great British Pounds per person. Shopping at local markets is usually more affordable than supermarkets, and local specialties are budget-friendly, however, it all depends on family member’s number and individual preferences. There are often discounts on household appliances and clothing.

Thus,  housing cost in Northern Cyprus depends on its size and location. The tax rates and prices for electricity and water are reasonable.