The cost of renovation in Cyprus. How much does it take to prepare?

Cost of renovation in Cyprus can significantly change the calculation of purchasing an older apartment. A property offered at an attractive price won't always be a bargain if, after inspection, it turns out that it requires new plumbing, new flooring, bathroom or kitchen renovations, or air conditioning installation.

In the case of general modernization, one must currently take into account the expenditure of approximately 300 to even 1000 euros per square meterHowever, the final price depends on the scope of work, standard of finish, location, condition of installation, and selected materials.

What determines the cost of renovation in Cyprus?

There's no single rate that can be applied to every apartment. The calculation for a property that simply needs a refresh will be completely different from a property that needs electrical and plumbing replacements, a kitchen remodel, or a complete bathroom renovation.

The biggest influence on price is usually exerted by:

• scope of work,
• technical condition of the apartment,
• electrical and hydraulic installation,
• tiles and floors,
• joinery,
• kitchen and bathroom,
• air conditioning,
• standard of materials used,
• labor cost.

The older the property, the greater the margin that should be left for work that cannot be predicted during the initial inspection.

An example of renovating a 50 m² apartment

A good reference point is the actual cost of modernization of approx. A 50-square-meter apartment prepared for holiday rentals.

In the presented calculation, the largest costs were as follows:

• tiles with installation – approx. 2280 euro,
• electrical installation – approximately 1500 euro,
• plumbing – approximately 1100 euro,
• demolition works – approx. 1000 euro,
• interior and exterior joinery – approximately 1000 euro,
• installation of two air conditioners – approx. 775 euro,
• painting – approximately 500 euro,
• kitchen remodeling – approx. 500 euro.

The total value of these works amounted to approximately 8655 euros plus VAT.

Labor alone is not everything

This valuation does not yet indicate the total cost of preparing the apartment.

The above example does not include, among other things:

• bathroom equipment,
• furniture,
• household appliances,
• full kitchen equipment,
• additional work revealed during the renovation.

Ultimately, the entire modernization of the apartment amounted to approximately 10,000 euros, but this was possible thanks to many years of cooperation with the contractor and more favorable rates.

A market renovation can cost 30,000–40,000 euros

This is an element that is particularly important for people buying an older property in Cyprus.

According to information collected from contractors, a similar renovation carried out under standard market conditions may cost 30–40 thousand euros, especially if it includes comprehensive replacement of installations, a new bathroom and full finishing of the apartment.

The difference is huge. The purchase price of an older apartment may seem much more attractive than that of a new property, but only after adding in the actual renovation budget can you assess which option is truly more advantageous.

Renovating an old apartment can reveal additional costs

When planning a budget, it is not worth assuming that all expenses will be determined before work begins.

After removing old tiles, opening walls, or starting to replace installations, problems may arise that are not visible during a regular inspection of the apartment.

Therefore, it's a good idea to include a contingency reserve in your initial estimate. The larger the scope of the renovation, the more important this budgetary protection becomes.

Air conditioning is practically a basic element in Cyprus.

When renovating an apartment in Cyprus, air conditioning is of particular importance.

If the premises are to be used year-round or are intended for rental, efficient and properly selected appliances are one of the basic elements of equipment.

In the analyzed example, the installation of two air conditioners cost approximately 775 euro, but the final price will of course depend on the number of devices, their power and the selected model.

An older apartment can still be a good investment

Tall renovation cost in Cyprus does not mean that purchasing an older property no longer makes sense.

A well-executed renovation can significantly increase the value of an apartment, improve its functionality, and enhance its attractiveness on the rental market. In the case of vacation apartments, a higher standard can also allow for a better price per night.

However, it is crucial that the cost of renovation is taken into account before purchasing, and not only after receiving the keys.

The price of the apartment is just the beginning of the calculation

When comparing an older apartment with a new property, it is worth comparing more than just the purchase price.

For older premises, you need to add the cost of work, equipment, appliances, possible repairs and the time needed to carry out the entire modernization.

Only then can you assess whether a cheaper apartment is actually a bargain.

During general renovation The cost of renovation in Cyprus can reach several hundred euros per square meter, and with more demanding projects, the total budget can quickly increase to tens of thousands of euros.

Sources: real estate market analysis – Kasia Gadomska.