Calculating The Cost
One of the major considerations for anyone contemplating buying a property in North Cyprus is whether they can afford to and, if so, what kind of home they can afford and where.
If you are looking at the general cost of property building property in Cyprus, it is a good idea to take a look at the actually cost of build, per square metre. That might sound a bit odd, when you are buying a new, off the shelf home, but take a moment to look at the comparison between north and south of the island.
Economic issues, the downturn in the Eurozone in the mid-2000s meant costs rose in the south of the island, having entered the Euro trade zone, whereas here, in the northern part of Cyprus, which is not part of Europe, build costs remained highly competitive and still are.
A report compiled by Cyprus Property in 2019, indicates quite clearly the rise in build costs year on year for the southern part of the island – Cyprus Property Buyers.com
You may now be looking to pay anything from 1,200 Euros per square metre to around 15,000 Euros, according to estimates, depending on property size and the location of the plot. That is certainly a wide bracket, with some areas having exceptionally expensive prices, compared to less populated and non- beachfront locations. Limassol, for example, has some of the highest property build prices in Cyprus.
Comparing this to build cost per sqm in North Cyprus, which currently sits at approx £1,000 – £1,500 (1,010 – 1,665 Euros) for top end, quality build and construction for the same scenario, it is pretty clear that property in North Cyprus has a long way to go to get to that level of cost!
What Does the Cost Include?
When calculating build cost per sqm this should include the following as a standard :
– expenses for designs
– civil, electrical and mechanical costs
– planning and build permits
– labour and materials
– cost of providing infrastructure services – electric, gas and water
– cost of construction
Having read the above it is therefore perhaps understandable that Northern Cyprus has gradually become one of the most popular areas of investing in Mediterranean real estate. Especially to those whose national currencies have become weaker in recent years.
Why Northern Cyprus?
Even though the price per square metre cost has, and continues to significantly rise, at about 7-10% per year, it is still a very far cry from the southern part of the island.
In general, when buying a new build property in North Cyprus you will find it comes completed finished, including built-in kitchen, wardrobes and at times, white goods too.
There are obviously many more reasons you may wish to buy a home here in North Cyprus, but this is certainly a big factor in decision making for many of us!
If you have any questions about the costs for buying a North Cyprus property then please feel free to contact us at any time via phone on 00 9(0) 533 862 1686 or email us firstname.lastname@example.org.