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Cyprus Rental Costs & TRNC Rental Homes

If you have browsed through TRNC rental houses or rental villas in Cyprus before reading this article, you have probably encountered different rental fees. In this article, we will discuss the details of rental costs in Cyprus for those looking to rent (or invest for rental income) depending on the city.

Although North Cyprus has a low population, there is high demand for rentals due to students and tourists, attracting the attention of foreign as well as domestic real estate investors. The main reason for this is the real estate return period, or the real estate depreciation period, which is much shorter when compared to other European and Mediterranean countries. While this period is between 20-25 years in densely-populated countries, the real estate turnaround period in North Cyprus varies between 8-10 years.

For more information on Cyprus property turnaround time, check out: Cyprus Property Turnaround Time

Cyprus Rental Costs (according to the average cost in each city for 2020)

Rental house prices in the TRNC vary depending on city and housing characteristics. You can find the average rental prices for 2020 for Cyprus rental home prices and TRNC rental villa prices in the following cities

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Kyrenia Rental Costs

In Kyrenia, the tourism center of North Cyprus, rental demands are high all year round. Kyrenia rental flat costs range from £300 to £1,000 per month. With a high concentration of universities and private schools, Kyrenia rental villa prices start from £600 per month and go up to £1,500 per month depending on the characteristics of the rental villa or the value of the property.

Famagusta Rental Costs

Famagusta is home to the Eastern Mediterranean University campus where 18,000 students are enrolled, meaning that rental demands are always high. Rental house prices in Famagusta vary between £200-300 per month.

İskele Rental Costs

İskele is a developing region in terms of the housing market due to the investment of construction companies in development projects. Especially in recent years, it has been high in demand by foreign investors, especially from Russia and Scandinavian countries. İskele rental flat prices range from £1,800 to £3,000 per year.

Nicosia Rental Costs

Nicosia is a popular region generally preferred by local investors. Nicosia rental flat prices range from £250 to £450 per month. Rental villa prices in Nicosia fall between £650-£850 per month.

Morphou Rental Costs

In Morphou, where real estate transactions were limited for a long time due to the Annan Plan in 2004, the real estate market has recently reactivated due to the investment plans of new universities in the region. Morphou rental prices are around £200 per month.

Is rent paid in advance and annually in Cyprus?

Generally, rent is paid monthly in the TRNC, but some real estate owners may request payments in cash, 6 months or 1 year in advance. The most important reason underlying this is the high circulation in the rental market and homeowners wanting to guarantee their rental income.

How is the rent increase rate determined in Cyprus?

TRNC rent increase rate is based on data released by the Statistics Institute of Turkey. This practice, which has been in effect for several years, determines the rental rates according to the consumer price index (CPI) rather than the producer price index (D-PPI).

According to the latest inflation figures for July 2020, July rent increase rate in Cyprus was 11.88%.

Cyprus Rental Income Tax – What is the TRNC Rental Stoppage Rate?

North Cyprus rental taxes are paid by the property owner. The Cyprus withholding rate for rental properties is 10% for leases drawn up in local or foreign currency.

However, there are some exceptions that apply to rental income tax. If the total monthly rental income of the property owner is below the minimum wage in Cyprus, no income tax is applied. In addition, people who can prove that they have no other income other than rental income do not pay income tax. However, this exemption does not apply to pensioners.

For more information about taxation, visit: http://www.vergi.gov.ct.tr/

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upCyprus is your top guide to the TRNC providing valuable and current information on living, working, and investing in Northern Cyprus including real estate investments such as houses, apartments, villas for sale, and holiday homes. If you require assistance with any of the subjects we have mentioned, contact us by clicking the button at the bottom of the page.

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