7. Property operating expenses
Property operating expenses can be specified as follows:
2023 | 2022 | |
Property (and related) taxes | 15 | 14 |
Landlord levy | - | 2 |
Property management costs | 9 | 9 |
Maintenance costs | 45 | 45 |
Fitting out costs | 5 | 6 |
Letting and marketing fees | 4 | 4 |
Miscellaneous operational costs | 11 | 9 |
Total | 89 | 89 |
Operating expenses, including non-recoverable service charges, amounted to 25.2% of gross rental income in 2023 (2022: 26.1%).
Taxes consist primarily of property taxes. The property management costs, letting and marketing fees are management expenses allocated to the property operating expenses.