Hotels recorded the highest construction costs per square metre in Cyprus, followed by clinics and medical centres and tourist apartments, according to Statistical Service data on buildings completed in the private sector.
The Statistical Service report on construction costs per square metre for buildings completed in 2023 reveals significant variations across building types, though the agency cautions that data is not absolute or sufficiently representative for all building types due to differences in materials, luxury levels and functional purposes.
Construction cost data derives from the annual Building Permits and Housing Survey conducted on a sampling basis, with average cost per square metre calculated by dividing total cost by total area for each building type.
Highest costs by building type
Hotels: €2,202 per square metre Clinics and medical centres: €1,988 per square metre
Tourist apartments: €1,775 per square metre Restaurants: €1,651 per square metre Educational institutions: €1,306 per square metre Houses: €1,214 per square metre Apartments: €1,075 per square metre
Industrial buildings, warehouses and agricultural buildings averaged €727, €781 and €213 per square metre respectively.
Data limitations
The Statistical Service emphasises that for some building types, few projects are completed each year, making data insufficiently representative.
Building characteristics, including size, location, construction materials, luxury level and functional purpose vary both within the same year and between years.
Construction costs include architectural plans and engineering studies, planning and building permit fees, labour and material costs, main contractor services, and VAT where applicable. Land value is excluded.
Industry estimates higher
Construction industry professionals told Phileleftheros that actual costs per square metre for residential buildings average between €1,700 and €2,500 for 2025, excluding land costs.
Industry sources indicated that realistic costs for building a house on owned land start around €1,700 per square metre, rising according to preferences and materials. This figure includes construction of external areas and other structures considered essential for a house.
Prices below €1,700 typically do not reflect all necessary work, according to industry professionals.