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Property maintenance costs

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Property maintenance costs

Low taxes, favorable investment climate make Northern Cyprus popular for real estate purchases. The main indicators that affect the costs of – are the property area, category, a pool and other object’s presence. Bills payment is made from any country through the current account.

Annual expenses indicators

After taking the property ownership, the owner pays every year a tax, which depends on the object value:

  • Up to 170 thousand euros – no tax will be charged.
  • The cost does not exceed 427 thousand euros – 0.2%.
  • Up to 827 thousand euros – 3%.
  • Over 855 thousand – 35%.
  • To the local municipality, it is to pay a fee in the 50-170 amount of euros per year.

An expenses’ separate line is to highlight utility bills:

  • 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, which are paid at the discounted price of 11 cents. It is higher – at 22 cents. The average monthly bill for a one-room apartment is about 80 euros per month.
  • Water supply – water tariffs also depend on the consumption volume: up to 30 cubic meters tariff € 0.085, 30-60 – € 0.43, 61-75 – 3 euros, 76-90 – 1 , 8 euros, over 90 – 2.1 euros. It is customary on the island to pour and store water in tanks.
  • Gas consumption – There is no centralized gas supply on the island, for cooking and heating they buy cylinders worth 12 euros, which is enough for 3-12 months.
  • Maintaining the local area cleanliness – depends on the object category and the complex additional infrastructure. A small apartment in a complex where there is no swimming pool and gym will cost about 18 euros per month. You pay for garbage collection, lighting and cleaning. Buying apartments in Northern Cyprus in luxury complexes, you need to pay about 75 euros for pool cleaning, landscaping and other additional services. Villas will cost more – about 130 euros per month.

Living expenses

Public transport in Cyprus exists between cities, taxi services and private cars are popular. The gasoline cost is 1.3 euros. Meals will cost about 300 euros – it all depends on the family member’s number and individual preferences of each. There are often discounts on household appliances and clothing.

Thus, the housing cost in Northern Cyprus depends on its size and location. The tax rate is low, and the base prices for electricity and water are also reasonable.