How Much Does It Cost to Maintain Property in Northern Cyprus?

For investors interested in the Northern Cyprus real estate market, it’s essential to be aware of the ongoing costs after purchasing a property. In this region, utility bills and taxes are among the most affordable in the Mediterranean. The cost of services depends on the size of your property, its infrastructure, and any additional amenities. For instance, a house with a pool, spa, and security will require higher expenses.

Main Expenses:

1. Taxes: After registering property ownership, you will be required to pay an annual tax based on the property’s value. For properties up to €170,000, no tax is charged. For properties up to €427,000, the tax rate is 0.2%, up to €827,000 – 0.3%, and over €855,000 – 0.35%. Additionally, all properties are subject to an annual municipal tax ranging from €50 to €170.
2. Electricity: This is a key component of utility payments. Heating and ventilation are provided through air conditioners and other devices. The rate is 11 cents for up to 200 kWh, and 22 cents for anything above. On average, a one-bedroom apartment consumes electricity costing around €100 per month.
3. Gas: There is no centralized gas supply, so gas cylinders, which cost €12 each, are used. One cylinder typically lasts for three months.
4. Water: Water in Northern Cyprus and other countries in the region is stored in rooftop tanks. The cost of water depends on consumption, starting from €0.085 per 30 cubic meters, and up to €2.10 for over 90 cubic meters.
5. Property Maintenance: The costs depend on the type and level of the property. In a simple house, cleaning and waste removal will cost between €18-25 per month. In high-end residential complexes, maintenance costs can range from €75 to €120 per month.