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Hotels, Clinics, And Tourist Apartments Dominate Cyprus Private Construction Costs

by THEFUTURE.TEAM

August 11, 2025

Overview Of 2023 Building Costs

The latest data from the Cyprus Statistical Service (Cystat) indicates that hotels incurred the highest construction costs in Cyprus’ private sector in 2023. Following closely were clinics and medical offices, with tourist apartments ranking third. This analysis draws from an annual building permit survey, highlighting average costs per square metre by dividing total project expenditures by total project area.

Variability In Data And Project Parameters

Cystat’s report cautions that the figures, while informative, are not fully representative of every category. Differences in materials, levels of luxury, and the functional purpose of each project mean that cost comparisons may vary significantly. Moreover, for certain categories where few projects were undertaken, the averages may not adequately reflect the market reality.

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Cost Breakdown Across Sectors

According to the report, the average cost per square metre in 2023 stood at €2,202 for hotels, €1,988 for clinics and medical practices, and €1,775 for tourist apartments. The data continues with restaurants at €1,651, educational institutions at €1,306, houses at €1,214, and apartments at €1,075. Industrial buildings averaged €727 per square metre, warehouses €781, while agricultural buildings were significantly lower at €213. It is important to note that these calculations include fees for architectural, engineering studies, planning and permits, labour, and materials, though they exclude land value.

Market Insight: Projections For 2025

Industry professionals have signalled that the actual cost of constructing a house or apartment is anticipated to rise substantially by 2025. On privately owned land, the realistic figure now hovers around €1,700 per square metre, potentially escalating to approximately €2,500 based on material quality and construction specifics. Analysts emphasize that quoted prices below €1,700 often do not encapsulate the complete scope of work, which invariably includes exterior spaces and ancillary structures.

As the construction market continues to evolve in Cyprus, stakeholders from developers to investors are urged to consider these cost dynamics when planning for future projects.

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Bank Of Cyprus Launches Cybersecurity Programme For Students In Limassol

by THEFUTURE.TEAM

March 31, 2026

Bank of Cyprus launched a cybersecurity initiative in Limassol as part of its “The Young Ask and Provide Solutions” programme, involving students in simulated cyberattack scenarios. The programme focuses on practical training in cyber defense and awareness of risks linked to digital infrastructure.

Innovative Collaboration And Real-World Challenges

In partnership with the Education Ministry and non-profit organization TechIsland, the programme provided a robust platform for young minds to confront realistic cyberattack simulations. Held at the modern Limassol regional offices of the Bank of Cyprus, the interactive space enabled 60 secondary school students from across the region to collaboratively tackle the complex threats facing national digital infrastructure.

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Practical Exercises And Strategic Insights

Participants took part in workshops built around cyberattack scenarios. Tasks included identifying prevention strategies, planning response measures, and proposing public awareness approaches. The exercises focused on coordination and decision-making during cyber incidents.

Empowering Tomorrow’s Leaders

According to Elli Ioannidou, the programme is designed to combine theoretical knowledge with practical experience. She said the initiative aims to help students understand real-world challenges and develop problem-solving skills. Additional input was provided by Marios Stavrou, who noted that managing cyber incidents requires coordination across multiple teams and functions.

Building A Resilient Cyber Ecosystem

Experts, including Mathaios Panteli and Tanya Romanyukha highlighted the importance of early digital skills and cybersecurity awareness. Their comments focused on preparing the future workforce skills needed for managing digital risks. The programme forms part of broader efforts to strengthen cybersecurity awareness and education in Cyprus.

The Bank of Cyprus remains committed to investing in forward-thinking initiatives that inspire youth and enhance community awareness. Through these targeted efforts, the bank is not only addressing immediate security challenges but also contributing to a future where advanced technology and robust cyber defense mechanisms coexist seamlessly.