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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Cyprus Tourism Shows Strength As Clean Monday Hotel Bookings Surge

by THEFUTURE.TEAM

February 18, 2026

Hotels Embrace A Bright Outlook

Recent figures point to growing momentum in hotel reservations ahead of the Clean Monday weekend, signaling renewed confidence in Cyprus’ tourism sector. Christos Angelides, Director of PASYXE, emphasized the positive trend while also underscoring the need to gradually extend the tourism season beyond traditional peak months.

Favorable Conditions And Festive Spirit

Angelides noted that bookings recorded during the past weekend reached encouraging levels, a development attributed to multiple converging factors. The return of sunny weather after prolonged rainfall, coupled with the festive aura of carnival events and children’s parades in cities such as Nicosia, Limassol, and Paphos, has motivated many to opt for short getaways. This seasonal momentum is further boosted by the strategic initiatives of local hotels, many of which are curating special menus for Clean Monday events, offering guests an enhanced stay experience by keeping them on-premise.

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Positioning For The Off-Season

Despite the positive indicators, Angelides cautioned that average occupancy rates of 25%–30% highlight the need for continued innovation rather than complacency. He described the current period as part of a longer process of building winter tourism and pointed to opportunities in conferences, corporate events and niche travel segments as potential drivers of year-round demand.

Expanding Air Connectivity and Collective Ecosystem

Industry expectations are further supported by expanded air connections from established markets such as the United Kingdom and Israel, alongside increased routes from Armenia, Romania, Bulgaria, Latvia and Poland. While recovery in the German market remains gradual, broader improvements in connectivity continue to strengthen overall tourism prospects. Angelides added that sustainable year-round tourism depends on a wider ecosystem that extends beyond accommodation to include restaurants, museums, cultural venues and community events.

The Path Forward

Cyprus continues to benefit from strong competitive advantages in climate, accessibility and hospitality infrastructure. With coordinated planning across tourism stakeholders and consistent investment in diversified offerings, the sector is positioned to contribute more steadily to the national economy and support a more balanced, all-season travel model.

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