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. Apartment13–17House10–20Prime property 20–30 Taxes 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. Property value, € Tax rate, % up to 12,5000.0 (min. €75) 12,501–40,0000.6 40,001–120,0000.8120,001–170,0000.9170,001–300,0001.1300,001–500,0001.3500,001–800,0001.5800,001–3,000,0001.7over 3,000,0011.9 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 0–35% and 20% capital gains tax is charged upon selling a property. Utility bills 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. Ypsonas130.77Larnaca227.99Limassol134.74Nicosia201.58Paralimni293.45Paphos140.00Famagusta68.16 Insurance 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.

Property maintenance costs in Cyprus

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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.

Apartment 13–17
House 10–20
Prime
property
20–30

Taxes

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.

Property
value,
Tax
rate,
%
up to 12,500 0.0
(min.
€75)
12,501–40,000 0.6
40,001–120,000 0.8
120,001–170,000 0.9
170,001–300,000 1.1
300,001–500,000 1.3
500,001–800,000 1.5
800,001–3,000,000 1.7
over 3,000,001 1.9

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 0–35% and 20% capital gains tax is charged upon selling a property.

Utility bills

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.

Ypsonas 130.77
Larnaca 227.99
Limassol 134.74
Nicosia 201.58
Paralimni 293.45
Paphos 140.00
Famagusta 68.16

Insurance

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.

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