Annual Running Costs Cyprus
The annual immovable property tax imposed by the government is approx CY£60 – CY£120 per year. the municipal authorities also levy an annual tax of CY£20 to CY£40 sewerage tax. This is paid directly to the government annually.
Common expenses are usually paid monthly or quarterly in advance. They vary from development to development and depend on the area and type of property. They cover an owner’s share of the cost of maintaining the common areas and gardens, swimming pool expenses, electricity in common areas, management fees, rubbish collection and repairs.
The estimated total is approx CY£150 – CY£300
Charges for utilities are payable to the respective authorities at regular intervals throughout the year. They are based strictly on consumption of each unit. While the cost will vary, CY£180 per year can be considered a rough guide. It is also necessary to take out buildings and contents insurance on your property.
