Cost of ownership in Cyprus

General taxes

You no longer need to pay a principal council tax in Cyprus, known as Immovable Property Tax (IPT), as it has been abolished. There are however municipality/ community taxes to pay. These cover local services and are based on a property’s 1980 value, meaning a budget of €250-€350 a year should cover them, depending on your property's location.

Communal fees

Properties within resorts or complexes will incur communal fees. For a two-bedroom apartment in Paphos, budget €400-€600 a year, depending on facilities - more if you have a lift and gated entry. At luxury resorts, with more facilities (like golf courses, spas and tennis courts) you can expect to pay more. Make sure you find out what the communal fees will be on your property before you buy!

Utilities

You'll also need to factor in how much your utilities will cost you each year. Generally, it's less expensive to run a property in Cyprus than the UK - but don't forget that you may have an air conditioning bill to consider! Find out more about utilities and other living costs here.