According to the experts of the DOM real estate agency, self-build has always been profitable and, on average, 20-30% cheaper than buying.
At the same time, the success of the project directly depends on the plot of land, its characteristics, location, as well as the permitted percentage of development.
Each of us at least once in our lives, at least for a moment, thought about the house of our dreams. In our wildest fantasies, we imagine houses of unusual design, infinitely cozy and comfortable just for us, surrounded by greenery or sharp-toothed rocks, with giant panoramic windows or stylized portholes.
Some go further and take another step towards a dream home on a warm island - they begin to design it on paper or a simple program on a personal computer. Fortunately, beautiful Cyprus gives everyone the opportunity to build their ideal home, be it a citizen of the country or a foreigner.
If you have reviewed all the possible options for ready-made housing in Cyprus, but have remained true to your cherished dream, this article is definitely for you!
As it turned out, building your own house is not only extremely interesting, but also economical. Although analysts are not so optimistic in their statements regarding this issue.
Construction in Cyprus is another occupation with a bunch of pitfalls that can begin even at the stage of buying a plot. But if you have a lot of free time and nerves, then you can build your own house to save money, - says a DOM real estate expert.
What is the price per square meter during construction?
First of all, take into account:
- the location of the land;
- if there is groundwater under the construction site (it increases the cost of the foundation);
- construction materials;
- design and the total area of the house.
A professional construction company with the appropriate license and staff will help you build a house. But you are also involved in the construction, because they embody exactly your idea! Payment is made in installments after the completion of each stage.
In accordance with the legislation of Cyprus, after the delivery of the object, it is guaranteed for a period of one year.
The first step in building a house is meeting with an architect.
It will be great if you already have your sketches and sketches. When designing your future home with an architect, you will be able to independently choose the size of each room, office, pool, garden landscape. Based on the architectural project, an estimate is drawn up, which lists all the materials and the work of specialists (builders, electricians, plumbers, carpenters, photovoltaic installation specialists, and others). Further, documentation is prepared and a building permit is requested. A good architect will certainly help you choose the best site for your dream home, so don't worry.
The average price of building a square meter of a house in Cyprus is 1200-1500 euros. When buying from a developer, the average price of a square is 2,000 euros. At the same time, the quality of independent construction is usually many times higher. In any case, control over the construction of all buildings in Cyprus is carried out by an independent architect.
Pros and cons of self-build in Cyprus
- You build the house that you need, and do not buy a ready-made "template".
- Construction is on average 20-30% cheaper than buying a finished house.
- Complete freedom of choice of materials and design.
- Building mistakes are very expensive.
- You spend time coordinating issues regarding the construction of a house (design, materials, transportation, etc.).
- It takes a lot of time to coordinate documents and building permits (at least 2 months, and in other cases years).
What houses are being built in Cyprus now?
Cystat reports that the inhabitants of the island of Aphrodite began to spend less money on building houses.
So, from January to May 2022, the average area of new houses was 186 m2, and their average cost is estimated at 194 thousand euros. The highest area figure was in 2019, with an average area of 214 m2 and an average cost of 201,794 euros. In 2020, when the whole world was fighting a pandemic, both indicators decreased. After a modest increase in 2021, house sizes and prices have declined again in 2022.
The peak of the construction of new homes on the island came in 2021 - 4,414 residential units. In 2022, the number of homes dropped to 3,997.
On the island of Aphrodite, concrete houses are mainly built. They are strong, durable, with good sound insulation and they are not afraid of earthquakes up to 8 points. Wood is used only for decoration due to high humidity and significant temperature changes. On average, a year is allocated for the construction of a house of 200 m2, and construction begins in the spring, after the end of the rainy season in Cyprus.
How to buy a plot of land for building a house in Cyprus?
When buying a plot in Cyprus, you need to take into account its purpose and the possibility of placing your dream home within the allowed layout. In addition, there are restrictions for foreign buyers: no more than 4 thousand m2 of space can be issued for 1 person. In the event that more space is still needed, real estate is bought for several family members, or is issued through a legal entity.
As a rule, the minimum allowable building area is 10%. There are also restrictions on the number of storeys and the maximum height of residential structures. All this is described in detail in the Title and the architectural plan of the site. Any additional ideas and unexpected decisions of the owner will have to be coordinated with the relevant authorities, which will take at least two months, or even years.
Our website presents various options for plots with descriptions and photographs.
The price depends on the location. Keep in mind that land on a tiny island is a valuable resource. At the same time, it is slowly but steadily growing in price, regardless of changes in the real estate market.
20 minutes from the center of Limassol, in the village of Pissouri, a plot (16,816 m2) for the construction of a two-story house 1,300 meters from the sea costs 632,000 euros. The land is adjacent to a registered public road and 800m from the Limassol-Paphos highway.
A plot (620 m2) with a sea view, located in Limassol near the village of Germasogia, with a permit for the construction of a two-story house, costs 341 thousand euros.
In the central area of Limassol, Neapolis, a plot (581 m2) with a permit for the construction of a 4-storey building costs 2 million 100 thousand euros.
There are many plots in Larnaca: quiet and modern Pervolia, promising Dhekelia and the village of Oroklini, close to the center of Larnaca. A plot (557 m2) next to Kiti in luxurious Pervolia costs 89 thousand euros. It is just 300 meters from the sea and is perfect for building a dream home!
In the elite residential area of Krasos, Aradippou, a 5-minute drive from the center of Larnaca at a price of 115 thousand euros, a plot of 438 m2 is for sale for the construction of a two-story house. All communications are here: electricity, water and even the internet.
Pitfalls when buying a plot
Let us analyze in more detail what else you should pay attention to when buying land in Cyprus. In addition to the purpose of the site, the excellent location and the view of the Mediterranean Sea, the land is valued here for other qualities.
- Water bodies near the site may restrict construction due to environmental regulations.
- The location of sites on steep hills and slopes can affect the price and, of course, the shape of the future home.
- Aspects of zoning: building density (usually indicated in%), permitted number of storeys, total height of the structure, and more.
- Availability of communications on the site. Even if you are buying land marked “For residential construction”, be sure to check the possibility of running water and electricity, if they are not already there.
- Distance from roads and main roads. The easier it is to get to the site, the more convenient it is to drive cars and special equipment in the future.
- Good road near the site. Without it, permits will not be issued.
So, are you ready to start building your house next spring? Or maybe you are already in the process of creating it and are preparing to move?
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Interested in buying property in Cyprus? Welcome to the DOM website! Here you will find options for houses and apartments in Limassol, Paphos, Larnaca and Famagusta, as well as get the help of experienced professionals.
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Photos: DOM, Pixabay