The highest construction costs in Cyprus’ private sector last year were recorded in hotels, followed by clinics and medical offices, with tourist apartments in third place, according to the Cyprus Statistical Service (Cystat).

Its report on the cost per square metre of buildings completed in 2023, as well as in previous years, mentions that the figures are not fully representative for all categories, since materials, degree of luxury and functional purpose vary from project to project.

The data are drawn from the annual building permit survey, conducted on a sample basis, with average costs calculated by dividing the total project cost by total area.

For some categories, only a small number of projects were completed in the reference year, meaning the figures cannot be considered sufficiently representative.

In addition, each category may include projects with very different characteristics, making average costs difficult to compare. 

The costs, as calculated by Cystat, include fees for architectural, civil, electrical, mechanical and energy efficiency studies, town planning and building permits, labour and materials, main contractor services, and, where applicable, VAT. Land value is not included. 

The average cost per square metre in 2023 was €2,202 for hotels, €1,988 for clinics and medical practices, and €1,775 for tourist apartments.

Restaurants followed at €1,651, educational institutions at €1,306, houses at €1,214 and apartments at €1,075.

Industrial buildings averaged €727 per square metre, warehouses €781 and agricultural buildings €213. 

However, professionals told Philenews that the real cost of building a house or apartment in 2025 is considerably higher.

On privately owned land, they said, a realistic figure is around €1,700 per square metre, rising to €2,500 depending on materials and specifications.

This includes exterior spaces and other necessary structures, but not the cost of the land.

Prices below €1,700, they added, usually do not reflect the full scope of work required.