Property maintenance costs in Cyprus
Maintenance costs in Cyprus are rather low in comparison to average European charges. Owners pay some €1,700 per year for apartments and about €2,900 for villas with private pools.
Property tax, according to the law issued on 1 January 1980, is calculated based on the estimated property value. New rate intervals were introduced in May 2013.
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Homeowners in Cyprus also pay annual municipal tax from €55 to €185 depending on the property surface area. Rental income is subject to the income tax at a rate of
Utilities such as waste removal, electricity, heating and water cost about €150/month for an 85 sq. m. apartment. Buyers can expect to pay €100 for electricity every two months and commonly used gas cylinders in Cyprus cost €22 and €8 for a refill. Water charges for two months range from €70 to €120. Sewage, street lights and waste removal cost about €200 a year.
It is advisable to have real estate in Cyprus insured as the country is exposed to earthquakes, heavy rains in winter and fires in summer. A house can be also insured against burglary, vandalism and falling trees among others. Insurance is charged at a rate €2.5 per each €1,000 of the property value.