Housing: Building Costs Starting at €1,800 per Square Meter
Housing Construction and Purchase Prices Are Expected to Remain at the Same Levels as Last Year, Barring Any Unforeseen Instabilities
The year 2024 is expected to see no significant deviations in housing prices compared to 2023 and 2022, according to construction industry professionals who spoke to Brief.
As noted, housing construction and purchase prices are expected to remain at the same levels as last year, barring any unforeseen instabilities.
It's worth noting that pre-pandemic construction prices were around €1,300 to €1,400.
Industry professionals told Brief that the average cost of constructing a house on the owner's land is around €1,800 per square meter. Naturally, this price varies depending on the materials chosen.
In cases where someone decides to buy a house along with the land, the costs are higher, starting at approximately €2,100 per square meter. However, these prices also depend on the location of the property.
Specifically, a 165-square-meter house built on a 250-square-meter plot in Lakatamia would cost around €350,000, roughly €2,100 per square meter. Meanwhile, the same house in the Strovolos area would cost about €450,000, or €2,700 per square meter. Prices in rural areas are lower.
Recently, more young couples prefer buying apartments over houses due to their more affordable prices.
However, a closer analysis reveals that the price per square meter for apartments exceeds that of house construction. Prices start at approximately €2,300 per square meter and vary by region.
For instance, a 75-square-meter two-bedroom apartment in Lakatamia sells for €175,000, or €2,300 per square meter. Meanwhile, a similar apartment in Strovolos is priced at €250,000, or €2,800 per square meter.
Simultaneously, according to industry professionals, the belief among citizens that metal construction is more economical than concrete is not accurate.
They explained that there is no substantial cost difference between the two, noting that both metal and concrete constructions are the two most economical options for building a house.
The difference between these two materials, as they pointed out, lies only in construction time and aesthetic considerations.
