The real cost of owning a new apartment in Limassol
VAT, legal fees, loan costs, communal fees, insurance, management and municipal charges – a complete checklist of what a new Limassol apartment really costs, upfront and every year.
Limassol Old Port. Photo: Denis Vdovin / Unsplash
The price in the brochure is only the start. To compare projects fairly – and to know your real yield – you need the full cost of buying and owning. Here is a checklist for a new apartment in Limassol in 2026.
One-off costs when you buy
Upfront costs
- VAT: 19% on new homes. A reduced 5% rate applies only to a qualifying primary residence, within size and price limits – investors usually pay 19%.
- Stamp duty: none for contracts signed from 1 January 2026 – it was abolished.
- Legal fees: typically around 1–2% of the price, plus VAT.
- If you borrow: a bank arrangement fee (often around 1% of the loan), a property valuation and mortgage registration fees.
- Furniture and appliances, if the apartment is not delivered furnished.
Running costs every year
- Communal (service) fees for shared areas, lifts, gardens, pools and security. They vary widely – towers with gyms, pools and concierge services cost much more than low-rise buildings. Ask for the budget per unit before you buy.
- Insurance: check what the building policy covers and insure your contents.
- Maintenance and repairs: budget a small annual amount even for a new apartment; appliances and air conditioning need servicing.
- Management: if an agency finds tenants and manages the property, it charges a share of the rent. Get a written quote.
- Municipal charges: there is no annual immovable property tax in Cyprus – it was abolished in 2017 – but municipal tax, refuse collection and sewerage charges apply. They are usually modest.
- Utilities when the apartment is empty or you use it yourself.
- Tax on rental income – see our separate guide.
How much to budget overall
Market guides for Limassol commonly put running costs at around 15–25% of gross rent, depending on the building and whether you use a management company. Use the higher end for towers with extensive amenities.
Illustration: €300,000 apartment (net of VAT), investor, cash purchase
- VAT 19%: €57,000
- Legal fees ≈1.5% + VAT: ≈€5,350
- Total upfront (unfurnished): ≈€362,350
- Rent €1,700 a month = €20,400 a year
- Running costs at 20% of rent: ≈€4,080 a year
With a developer’s rental guarantee, some of these costs – vacancy, management and sometimes maintenance – may be covered during the guarantee period. Check exactly which ones in the contract.
Compare like with like
Two apartments at the same price can have very different costs of ownership. Because we are not tied to any developer, we put communal fees, guarantee terms and total costs side by side across projects, so you compare real numbers.
Figures are illustrations, not financial or tax advice. Fees and rates change; confirm the costs for your purchase with the developer, your lawyer and your bank.