Property maintenance costs in Cyprus in 2024

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.

Taxes

The immovable property ownership tax has been abolished from the 1st of January 2017.

Since 2017, homeowners in Cyprus also pay annual municipal tax. It is calculated on the market value of the property and the rates vary from 0.1%-0.2%. 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 electricity, heating and water cost about €150/month for one-bedroom apartment. Buyers can expect to pay €80 for electricity a month and commonly used gas cylinders in Cyprus cost €10-20 and €10 for a refill. Water charges for a month range from €22 to €40. Depending on the size of the property, local authorities charge between €85 – €500 per annum for regular refuse collection, street lighting, sewerage and similar community services. Communal services fees are payable to the local municipal authority, where the property is situated.

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 €1.5-2 per each €1,000 of the property value.