Build costs

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T_erry
Posts: 10
Joined: 17 Jan 2012 19:18

Build costs

Post by T_erry » 18 Jan 2012 01:22

Hello everyone,

I'm a new contributor to this forum but have been reading posts for some time.

Typically, what do you think are the m2 costs of building in Cyprus today and what are they forecast to be over the next 12/24 months? Let's assume a 'standard' type of detached villa on a level plot in the Paphos area.This is not meant to be a trick question but I hear that despite the apparent collapse in new and resale property on the island, build costs have not fallen very much in comparison. Notwithstanding high Asian/South American demand for resources, European resource demands and labour costs are much lower.

Terry



Nigel Howarth
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Re: Build costs

Post by Nigel Howarth » 18 Jan 2012 10:10

Hi Terry and welcome to the forum.

Building costs these days will be in the region of €1,500/m2, but much will depend on the ground conditions. The biggest variable will be the cost of the land which will vary greatly depending on its location.

The cost of building our house in 10 years ago was CYP575/m2 - that included underfloor heating, Italian carpentry, granite flooring, a 'proper' roof. The bids we got to the tender varied greatly - by 40% as I recall.

To get some idea of how prices are changing, the Cyprus Statistical Service publishes monthly figures on output prices in construction. See http://www.mof.gov.cy/mof/cystat/statis ... ub=2&sel=1 and Gartner & Theobold publish an 'International Construction Cost Survey' the latest copy of which you can download from http://www.gardiner.com/assets/files/fi ... ion%29.pdf

Regards,


Nigel Howarth
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T_erry
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Joined: 17 Jan 2012 19:18

Re: Build costs

Post by T_erry » 18 Jan 2012 10:55

Very useful reference document, thank you Nigel. Cyprus costs appear to be among the lowest. You mention land cost variations; what if the land has already been bought? still 1500 m2?


Terry



Nigel Howarth
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Re: Build costs

Post by Nigel Howarth » 18 Jan 2012 18:12

T_erry wrote:what if the land has already been bought? still 1500 m2?
Yes


Nigel Howarth
Independent information & advice for Cyprus property buyers
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T_erry
Posts: 10
Joined: 17 Jan 2012 19:18

Re: Build costs

Post by T_erry » 20 Jan 2012 14:51

That is higher than I thought. I estimated Eu800-1100 per m2. As you say, tender responses will vary.



alba
Posts: 5
Joined: 12 Apr 2012 17:53

Re: Build costs

Post by alba » 13 Apr 2012 14:22

Thanks for the interesting link with the prices. This is really helpful! I haven't thought that the prices might be so high but it totally makes sense to me! So thanks for sharing! Cyprus is a good place so it's not very surprising! You just have to wait for a good bargain now :)



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