The average cost per square metre of a new home in Cyprus rose to over €1,000 per square metre in 2021, Philenews reported on Monday.
And housing experts predict that limited supply and strong demand mean that house prices are unlikely to fall significantly in the near future.
The figures – released last week by the Mediterranean island’s Statistical Service – also show that the rise is noticeable in several areas of construction activity. And it does not take into account last year.
2022 was a year when construction costs increased significantly and translated into an additional charge per square metre. Therefore, getting a home became even more expensive.
Specifically, the average cost per square metre for houses in 2021 was €1,118, compared to €1,043 for apartments and €835, for room additions.
In practice, the latest figures show that for a 200 sqm house the construction cost in 2021 was €223,600 and €125,160 for a 120 sqm apartment.
However, today, these prices are not valid and it should be estimated that they have increased by about 15% to 20%.
The average construction cost per square metre for hotels is €1,140, for tourist apartments €1,061 and for restaurants it rose to €2,062 per square metre.
As for the average construction cost per square metre for educational institutions this is €947 and for clinics and medical practices it is €646.
