An analysis of property prices per square meter in 2023 and 2022 shows the state of the real estate market. According to a study by Brief, the cost of buying and building houses in 2024 will remain at the same level as in 2023. Prices for renting and buying apartments will continue to rise.
Buying a House
Thus, in the case of building a house on your own land plot, the price per square meter is an average of 1800 euros. If you buy a finished house with a land plot, the price per square meter averages 2100 euros. The cost also depends on the choice of building materials and the area of residence.
For example, building a 165 sq.m. house on a 250 sq.m. plot in Lakatamia will cost 350,000 euros or 2100 euros per square meter. The same house in Strovolos will cost 450,000 euros or 2700 euros per square meter. Prices are much lower in rural areas.
Buying an Apartment
The cost of one square meter of an apartment exceeds the cost of one square meter of a house: prices start at 2300 euros. A two-room apartment of 75 sq.m. in Lakatamia is sold for 175,000 euros or 2300 euros per square meter. The price of such an apartment in Strovolos is 250,000 euros or 2800 euros per square meter.
Renting a Property
According to Ask Wire, the cost of houses in the last quarter of 2023 decreased by 0.3% compared to the third quarter of 2023, and the price of renting a house did not change. Compared to the last quarter of 2022, the cost of buying a house increased by 3%, and the cost of rent increased by 8%.
As for apartments, their purchase price in the fourth quarter of 2023 increased by 0.5% compared to the third quarter, and the rental price increased by 0.7%. Compared to the last quarter of 2022, apartments have become more expensive by 8.8%, and their rent has become 11.1% more expensive.
Overall
Overall, demand for real estate in 2024 is expected to remain at the same level, although it will slightly decrease in the first quarter.
Factors Affecting Property Prices
The cost of housing is also growing due to the rising cost of building materials and fuel. The price of sand, cement, bricks, iron, and gasoline has increased by an average of 30% over the past two years. It is noted that the cost of metal and reinforced concrete structures has equalized, the difference between the two methods remains only in the speed of construction and in aesthetics.
Conclusion
The Cyprus property market is constantly changing, and it is important to stay up-to-date on the latest trends. If you are planning to buy, build, or rent a property in Cyprus in 2024, it is important to do your research and compare prices. It is also important to consider your budget and needs when making a decision. Contact us using the contact details on the website, we will be happy to help you with choosing real estate in Cyprus!
