Hello kibkom forum
Just wondering if anyone who owns a villa in north Cyprus would be able to give me a rough idea of annual costs.
I'm hoping to spend a couple of months a year in Cyprus and am hoping to let my villa out during the summer months to recoupe some of the yearly costs.
Any information much appreciated.
Keep safe
Dan.
Before anyone says now's not the time. I'm positively planning for a few years in the future when covid is just a bad dream that we can use to scare young people!
Annual costs of ownership
Moderators: Soner, Dragon, PoshinDevon
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Asia111
Re: Annual costs of ownership
Probably best to ask the question again before you buy as a lot can happen in a few years. Inflation has always been high in Cyprus. Whilst the favourable exchange rate helps to combat high inflation there is no guarantee for the future.
Your annual costs are likely to be fairly high if you have a pool £70 pm and garden £50-£80 pm for a small easy to care for garden .
Electric another high cost. Aircon an essential in the summer months. Heating in the winter months.
Your water bill and Belydere bills will be higher if you have a pool also.
Some villas have numerous solar panels fitted to keep elec costs down. Installation for new system £5k-£6k upwards. Will take a few years to ‘break even’.
Allowing for a ‘sinking fund’ for maintenance of property and above an annual budget of £5k min, ideally more, is my ‘ball park’ recommendation to you
Your annual costs are likely to be fairly high if you have a pool £70 pm and garden £50-£80 pm for a small easy to care for garden .
Electric another high cost. Aircon an essential in the summer months. Heating in the winter months.
Your water bill and Belydere bills will be higher if you have a pool also.
Some villas have numerous solar panels fitted to keep elec costs down. Installation for new system £5k-£6k upwards. Will take a few years to ‘break even’.
Allowing for a ‘sinking fund’ for maintenance of property and above an annual budget of £5k min, ideally more, is my ‘ball park’ recommendation to you
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Dang
- Kibkommer
- Posts: 35
- Joined: Mon 14 May 2012 9:59 am
Re: Annual costs of ownership
Thank you for your advice
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solic200
- Kibkommer
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- Joined: Wed 04 Apr 2012 2:15 pm
Re: Annual costs of ownership
Also don’t forget rental tax if it’s still in place. The government used to visit your villa if they saw a hired car or if someone reported you.
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benjaminbutton
- Kibkommer
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- Joined: Fri 29 Jan 2021 3:58 pm
Re: Annual costs of ownership
To be honest I really don't believe anyone can give you what the realistic cost of what living here will be in a few years time. We moved here 17 years ago. Interest rates on our money were 22% and above, electricity, water, house rates, food was extremely cheap, so was booze and the list goes on and on. We really felt we were in the land of plenty. Granted some prices are still much lower than the UK, but others have climbed up and up. with interest rates on our money going down and down. Infrastructure i.e. electricity has not kept up with excess building with some areas of the island becoming a concrete jungle. People will come on here quoting figures but in all honesty, the TRNC is in such a state of flux re the Lira and politics that no one has a clue what the situation will be in the future.
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wrymouth
- Kibkommer
- Posts: 92
- Joined: Fri 30 Jan 2015 11:22 am
Re: Annual costs of ownership
Hi Dang
I have had property here since 1981 and during that time I have never come for more than 3 weeks at a time, usually 3 times a year. Coming for a relatively short time each year I chose not to have a pool and have never regretted it. As far as letting is concerned, I have never let my present villa which I have had for 31 years although I have let friends and family use it at cost (electricity and water). I personally hate the idea of people I do not know staying in my home ! If recouping through letting is financially critical for you maybe purchasing is not the best option; there is no shortage of rental property here at very good rates.
However, if you are set on buying, you really do need someone (probably paid) to keep an eye on your villa; a trustworthy gardener is also essential.
Having said all that, I have never regretted having a place here despite the frustrating bureaucracy which you may have heard about or encountered. There is no other place on earth quite like North Cyprus.
I wish you all the best with your proposed venture seasoned perhaps with a pinch of patience !
Gordon Campbell
I have had property here since 1981 and during that time I have never come for more than 3 weeks at a time, usually 3 times a year. Coming for a relatively short time each year I chose not to have a pool and have never regretted it. As far as letting is concerned, I have never let my present villa which I have had for 31 years although I have let friends and family use it at cost (electricity and water). I personally hate the idea of people I do not know staying in my home ! If recouping through letting is financially critical for you maybe purchasing is not the best option; there is no shortage of rental property here at very good rates.
However, if you are set on buying, you really do need someone (probably paid) to keep an eye on your villa; a trustworthy gardener is also essential.
Having said all that, I have never regretted having a place here despite the frustrating bureaucracy which you may have heard about or encountered. There is no other place on earth quite like North Cyprus.
I wish you all the best with your proposed venture seasoned perhaps with a pinch of patience !
Gordon Campbell
