According to the Statistical Service of Cyprus ( Cystat ), in 2024 the most expensive construction in the private sector was hotels , followed by clinics and medical offices , and tourist apartments in third place .
Construction Cost by Category
The average price per square meter in 2024 was:
- hotels — €2,202 ,
- clinics and medical offices – €1,988 ,
- tourist apartments – €1,775 ,
- restaurants — €1,651 ,
- educational institutions — €1,306 ,
- houses – €1,214 ,
- apartments — €1,075 ,
- industrial buildings – €727 ,
- warehouses – €781 ,
- agricultural buildings – €213 .
The final figures include architectural, construction, electrical, mechanical and energy efficiency studies, urban planning and obtaining building permits, labor and materials, contractor services and VAT (where applicable). The cost of land was not included in the calculations.
Experts note that Cystat data does not always fully reflect reality. Firstly, the number of completed projects in each category may be small, which makes the average cost less representative. Secondly, each property has its own characteristics: materials, level of finishing and functional purpose significantly affect the final price.
Real cost of construction in 2025
Construction market professionals point out that the actual cost of building houses and apartments in 2025 is significantly higher than official statistics.
On private plots of land the real price is between €1,700 and €2,500 per square metre, depending on the materials used and the level of specification. This figure also includes external areas and necessary additional structures, but still does not include the cost of the land.
According to experts, prices below €1,700 per square metre most often do not reflect the full scope of work and do not take into account quality that meets modern standards.
The difference between official data and actual practice shows that the construction market in Cyprus remains dynamic. The high cost of building hotels and tourist apartments confirms the strategic importance of tourism for the country’s economy. At the same time, the rise in residential property prices reflects the general rise in the cost of construction materials and services.
