In a new series of features, we take a look at the costs involved in buying and owning a typical sort of property in our most favoured locations.
The property
This three-bedroom, three-bath detached villa is the dream for many looking to buy in Cyprus. On a large plot, including a private pool, it’s on the outskirts of the popular red-soil village of Avgorou, with tavernas and amenities nearby, close to the beaches of Ayia Napa, and 25 minutes from Larnaca airport in the southeast.
How much are buying costs in Cyprus?
| Cost | Amount |
|---|---|
| Asking price | €375,000 |
| Legal fees (maximum 1% plus VAT at 19%) | €4,463 |
| Title deed transfer fees (assuming purchase in two names) | €8,235 |
| Total fees | €12,698 |
| Total acquisition cost | €387,698 (£334k) |
Title deed transfer fees calculated as: €85,460 x 1.5%, €85,460 x 2.5%, and the remainder at 4%.
And how much will this property cost to run?
Costs are estimates, per year:
| Running cost | Annual cost |
|---|---|
| Council tax including rubbish collection | €275 |
| Sewage tax | €300 |
| Water (€20 per month – pool filled from own well) | €240 |
| Electricity (no photovoltaic) (€120 per month including pool/air conditioning) | €1,440 |
| Gardening (€50 per month – large plot) | €600 |
| Pool cleaning (€100 per month) | €1,200 |
| Internet | €600 |
| Total per year | €4,655 (£4,019) |
Information provided by Island Homes Cyprus.
Thinking about buying in Cyprus?
From modern villas near the coast to village homes with pools, Cyprus continues to offer strong value compared to many Mediterranean destinations.
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