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| Cyprus - Buying Property - What are the Running Costs? |
| by: John R F Mason |
Before anyone purchases a property abroad they clearly wish to know what the cost of ownership is. In Cyprus the costs are very reasonable and this article sets out for prospective purchasers what the typical or guideline costs are. The local equivalent of UK Council Tax is small. Guideline CYP 110.00 ony a year as opposed to around GBP 1000. There is an annual standing charge for water and sewerage (assuming water is supplied by the municipality and not from a private well). Guideline CYP 13.00 (+ VAT) Water is on a meter where the guideline is CYP 50 per quarter. If you have a telephone, the monthly line rental is CYP 6.95 (+ VAT). The standing electricity bi-monthly charge is CYP 2.31 (+ VAT). Metered costs are the same as in the UK. Buildings and contents insurance is another cost. Guideline Annual premium works out at around 0.095% of the total sum insured. Cooling costs guideline June/July electricity bill around CYP 60.00. There is just a guideline few hundred pounds per and for maintenance, repairs, etc. If you buy an apartment, or any other property in a communal development, you will be liable to pay an annual fee to a management committee that regulates and manages its relevant affairs. (These committees are usually set up by the developer or an associated company to which property buyers pay a proportionate annual fee to cover the costs of insurance, maintenance and repairs of the commonly owned parts of the building). Maintenance charges on these types of properties can run into Guideline 200/300 CYP/annum. Gardens can consume a lot of water if you do not use drought tolerant plants. If you choose you plants carefully, they will not need water once they have established and you will also avoid the costs of installing an irrigation system. Avoid planting grass - it will cost you a fortune to water. The other aspect of gardening is maintenance. A couple of ‘weed clearances’ and tidying up once a year should suffice. Or you could go for a low-cost maintenance option – patterned concrete/tiles/natural stone patio. Similarly swimming pools can be expensive to operate and maintain. If the property is left empty for long periods, you may wish to consider installing an alarm system with a phone link to an alerting centre. Guideline running costs are CYP 9.00/month. If you want rent it out your property for either long or holiday lets, then you will have the costs associated with maintenance charges, property management fees, repairs, redecoration, cleaning, breakages etc. You may also find that your building and contents insurance premium is higher due to the increased risk. John Mason is the owner and author of http://downtoearthcyprus.net. Down to Earth,Cyprus provides all you need to know about property purchase and finance in Cyprus.Your Definitive Guide to Buying Real Estate in the Republic of Cyprus. You may freely distribute this article on condition that you keep this Author bio intact with an active link. |
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