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Additional Costs for North Cyprus Property There are many additional costs to consider when buying property in North Cyprus: The Solicitor fee is around £1000. The appointed solicitor
will apply for the purchase permit from the council of ministers.
This can take 4-5 months and maybe longer if they have a back log. 15% VAT: VAT is paid when you get the title of your property in North Cyprus into your name. 6% tax which is due to be paid to the Registry Office (stamp duty).Tax is also paid when you get the title of your TRNC property into your name. Water & electricity connection fee is around £500. ElectricityIn Northern Cyprus, electricity supply is 220-240 volts with a frequency of 50 Hertz. With both new and resale properties you will need to go to the local TRNC electricity board office and complete a contract and pay for connection and supply. Electricity costs in North Cyprus are similar to other European countries and you pay monthly or arrange to pay in advance. There are frequent power cuts and some people choose to buy diesel or petrol generators to cope with the problem. The electricity costs 0.106 New Turkish Lira per KW which is the equivalent of 4 pence per KW. (approx. £ 15 monthly per house). GasOnly bottle LPG gas is available in Northern Cyprus. However, you can have a larger tank installed in the garden of your villa.LPG works out a little more expensive than mains gas, but it is still quite economic and it avoids the need for contractual obligations with a supply company. WaterWater remains a precious resource and water supplied by the water authority is metered. Drinking tap water is not recommended in North Cyprus, even if you boil it, it may still contain harmful toxic contaminants. Most people drink bottled water. Water costs 20 New Turkish Lira + %13 VAT for 0-20 Tons of water per month which is the equivalent of £8 for 0-20 tons of water per month.Air conditioningThe mid summer heat gets very hot and many people cannot bear it without some cooling mechanism. All air conditioning systems are now duel role, offering cooling as well as heating. A typical installation of 5 units will cost around 1600 -2000 £. Many new houses in North Cyprus come with air-conditioning as standard.Central HeatingCentral heating can be stand alone gas or and oil fueled boiler. The cost of a full installation of an average 3 bed villa in Northern Cyprus is likely to be between 3000 and 5000 pounds. A disadvantage of having a system installed is hiding the pipe work. It is best to install during property construction where all the pipes can be hidden under floor boards. This costs much less and will add value to your property when it comes to the property resale.Open Fires and Multi Fuel StovesSome people are happy with an open fire as it is an effective way of house heating using natural fuels. Other are put off by the smoke, dust and the amount of logs that have to be used. Multi fuel burners tend to be more cost efficient and a little less work. However, they are more expensive to buy in North Cyprus.Portable HeatersMany people, especially those trying to save money, rely on portable gas heaters for their villa or apartment during the winter. They are cheap to buy and run. An advantage of portable gas heaters is that they still work during the power cuts.Shutters and Fly-screensShutters can keep the house cooler in the hot Cyprus summer and also a little
warmer during the winter. A shutter can allow a breeze through whilst
keeping out direct sunshine. |
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