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Property maintenance costs in Cyprus
Let's have a look at the most important everyday issues that every new resident of Northern Cyprus faces.
The purchase of property in the TRNC will certainly entail payment of utility costs: electricity, water, gas, and site maintenance
The purchase of property in the TRNC will certainly entail payment of utility costs: electricity, water, gas, and site maintenance
MAINTENANCE OF THE COMPLEX
If your apartment is located in a complex with a developed infrastructure, you will have to pay a monthly fee for the services of the management company (cleaning the swimming pools, cleaning the surrounding area, garden maintenance, etc.). The cost of this service varies depending on the complex and can be from £30 to £120 per month. If your apartment is located in a detached building without infrastructure, the monthly fee will be around £10 and will include garbage collection, street lighting, and cleaning of the entrance.
ELECTRICITY
Electricity tariffs:
From 23: 00 to 9: 00 - 0.65 TL (£0.07);
From 18: 00 to 23: 00-0.98 TL (£0.1);
From 9: 00 to 18: 00 - 1.29 TL (£0.13).
You can sign up for a free mailing of electricity bills by e-mail, and pay your bill at Kibtek offices, in one of Starling supermarkets, or in any bank.
WATER SUPPLY
There are two payment options - postpaid and prepaid (you pay for the amount of water that you may need). A ton of water costs 8-10 TL (£0.82- £1.03).
DRINKING WATER
Drinking water in Cyprus must be ordered or purchased in the store. The cost of 19 liters is 9 TL (£1.95)
GAS
The cost of one gas bottle is about 80 TL (£8.25). If you use gas for cooking only, one bottle will last for about 2-3 months.
Property Taxes
Unlike in Europe, the annual property tax in the TRNC is very small and is calculated based on the area of the apartment-1.5-2 Turkish lira per 1 sq. m. Accordingly, if your apartment has an area of 50 square meters, the property tax will be 75 Turkish liras ($8) per year.
Just for comparison: in Spain, for example, this tax is calculated based on the cadastral value of real estate – 0.4 - 1.1% of the price of the property. Therefore, even if you buy the cheapest house in Spain for £60,000, the tax amount will be at least £240!
Investing in TRNC real estate you get good value for your money!
If your apartment is located in a complex with a developed infrastructure, you will have to pay a monthly fee for the services of the management company (cleaning the swimming pools, cleaning the surrounding area, garden maintenance, etc.). The cost of this service varies depending on the complex and can be from £30 to £120 per month. If your apartment is located in a detached building without infrastructure, the monthly fee will be around £10 and will include garbage collection, street lighting, and cleaning of the entrance.
ELECTRICITY
Electricity tariffs:
From 23: 00 to 9: 00 - 0.65 TL (£0.07);
From 18: 00 to 23: 00-0.98 TL (£0.1);
From 9: 00 to 18: 00 - 1.29 TL (£0.13).
You can sign up for a free mailing of electricity bills by e-mail, and pay your bill at Kibtek offices, in one of Starling supermarkets, or in any bank.
WATER SUPPLY
There are two payment options - postpaid and prepaid (you pay for the amount of water that you may need). A ton of water costs 8-10 TL (£0.82- £1.03).
DRINKING WATER
Drinking water in Cyprus must be ordered or purchased in the store. The cost of 19 liters is 9 TL (£1.95)
GAS
The cost of one gas bottle is about 80 TL (£8.25). If you use gas for cooking only, one bottle will last for about 2-3 months.
Property Taxes
Unlike in Europe, the annual property tax in the TRNC is very small and is calculated based on the area of the apartment-1.5-2 Turkish lira per 1 sq. m. Accordingly, if your apartment has an area of 50 square meters, the property tax will be 75 Turkish liras ($8) per year.
Just for comparison: in Spain, for example, this tax is calculated based on the cadastral value of real estate – 0.4 - 1.1% of the price of the property. Therefore, even if you buy the cheapest house in Spain for £60,000, the tax amount will be at least £240!
Investing in TRNC real estate you get good value for your money!
Our offices
E-mail
Phone
Kyrenia: Namik Kemal Caddesi, Yetkili Merkezi, 3-B, Girne, Kyrenia, Northern Cyprus.
Famagusta: Gazimagusa-Karpaz Anayolu, Peri Reis. Sok. No. 1, Iskele, Northern Cyprus.
England: 20-22 Wenlock Road London N1 7GU.
Famagusta: Gazimagusa-Karpaz Anayolu, Peri Reis. Sok. No. 1, Iskele, Northern Cyprus.
England: 20-22 Wenlock Road London N1 7GU.
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