Is it expensive to maintain property in Northern Cyprus?

Investors in property in Northern Cyprus need to know what costs are coming after buying a home. So, utility bills and taxes here are the lowest among all Mediterranean countries. Monthly rates depend on the size of your facilities, infrastructure, and additional property maintenance services. For example, if the house has a swimming pool, fitness, spa, and security, then such a range of services implies more significant costs.

Regarding base payments:

Tax. After receiving a document confirming the ownership of the property, the owner must pay an annual tax, which directly depends on the value of the property. If you have purchased a property for up to 170,000 euros, then tax won’t be charged. If the value doesn’t exceed 427,000 euros, the annual tax will be 0.2% of the amount. Up to 827,000 euros - 0.3% tax. Above 855,000 euros - tax 0.35%. Also, for real estate of any type and value, a municipal fee is paid annually - 50-170 euros.

Communal payments. Electricity is the main item of expenditure when it comes to utility bills. There isn't a central heating system on the island, and flow ventilation in apartments or offices is the exception rather than the rule. Therefore, heating and cooling of premises occur due to air conditioners, various heaters, boilers, and underfloor heating. The average electricity consumption per month of 200kW is paid at the rate of 11 cents. Electricity consumption over 200 kW is paid at the rate of 22 cents. For example: the average price tag for electricity for a one-room apartment, taking into account the operation of a boiler and an air conditioner, is 100 € per month.

Gas. There isn't a central gas supply system on the island, so residents here use imported gas in cylinders worth 12 euros. A bottle lasts an average of 3 months.

Water. In Northern Cyprus and many other Mediterranean countries, water is stored in roof tanks. Water tariffs also depend on consumption. The minimum tariff is set for a volume of 30 cubic meters - the cost is 0.085 euros. The maximum tariff for over 90 cubic meters is 2.1 euros.

The cost of maintaining a residential complex or house depends on the level of the object. The simplest is the cleaning of public places and garbage disposal. Such services in the most unpretentious house will cost 18-25 euros per month. If your apartment or office is located in a comfortable or business-class residential complex, then cleaning the territory, and maintaining the SPA center, swimming pool, and security will cost about 75-120 euros per month.