Building the future: Why Cyprus is attracting premium projects

In Cyprus, hotels had the highest construction costs in 2023, averaging €2,202 per square metre, followed by clinics (€1,988) and tourist apartments (€1,775). Houses averaged €1,214 per square metre, while apartments came in at €1,075. Industrial and agricultural buildings were significantly cheaper.

The Statistical Service cautioned that these figures vary depending on factors like location, materials, and project size, and may not fully represent all building types due to limited annual data.

Industry experts note that real-world residential construction costs in 2025 are higher — typically €1,700–€2,500 per square metre, excluding land — with €1,700 being the baseline for building a fully functional home on owned land.