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Cyprus property construction costs

A REPORT of construction costs of Cyprus property completed in the private sector between 2000 and 2017 has recently been published by the Cyprus Statistical Service.

In addition to construction costs of houses, apartments and holiday apartments, the full report contains the construction costs of other types of Cyprus property such as shops and offices, hotels, restaurants, clinics, and churches.

The construction cost includes:

  • expenses for architectural designs, civil, electrical, mechanical engineering and energy efficiency studies,
  • fees for the issuing of planning and building permits,
  • labour expenses and costs for building materials,
  • the cost of services of the main building contractor and
  • value added tax (VAT), where applicable.

(The construction cost does not include the value of the land.)

The table below is an extract of the CyStat report listing the construction costs of residential property.

Cost/m2 of Dwellings Completed in the Private Sector, 2000-2017 (Euros)

Year of
Completion
Area
(000’s m2)
Dwellings
(Average Cost)
Houses Apartments Holiday
Apartments
Room
Additions
2000 932 571 578 531 572
2001 1,223 574 584 554 567
2002 1,163 598 603 574 569
2003 1,472 624 632 588 598
2004 1,754,054 654 665 617 654
2005 2,471,809 692 711 653 690
2006 2,458,231 736 763 689 745
2007 2,497,739 771 803 726 747 699
2008 2,755,297 808 844 763 827 812
2009 2,551,565 842 896 782 788 829
2010 2,114,695 869 920 807 953 768
2011 1,607,525 899 943 827 1,044 892
2012 1,163,876 929 988 834 738 824
2013 752,502 949 976 900 891 824
2014 462,540 960 989 895 750 833
2015 441,894 976 1,009 840 0 892
2016 542,955 993 1,019 910 700 973
2017 609,311 1,035 1,086 869 972 714

Further reading

Cost per square metre of buildings completed in the private sector, 2000-2017 (annual figures)

1 COMMENT

  1. Bloomin’eck, that’s one, big bubble in the middle…..before it started leaking air.

    But, to add, the cost to buyers – surprise surprise, don’t follow the same pattern……..

    Ed: Prices (cost to buyers) are determined by what they are prepared to pay.

Comments are closed.

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