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Why Is It Beneficial to Buy Land and Build Your Own House in Cyprus?
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Buyers of real estate in Cyprus often face a dilemma: should they buy a villa or house from a developer at the initial stage and wait about two years for the construction to be completed, or should they spend that time building their own home according to an individual project?
Both options have their advantages, but it is also important to know that building your own home in Cyprus can provide unique opportunities for cost savings and creating housing that fully meets your desires and needs.
In this article, we will consider the main reasons why buying a plot of land and building your own home may be a more advantageous solution compared to buying a house under construction from a developer.
Advantages of Building Your Own House in Cyprus
Cost Savings on Square Meter Price
Building your own house in Cyprus is estimated to be 20% cheaper compared to buying a property under construction from a developer. For example, purchasing a turnkey house from a developer in Larnaca and in developed areas such as Livadia and Oroklini costs around €3,700 per square meter.
In contrast, building your own house with a team of local architects and builders costs about €2,000 per square meter plus the cost of the land plot, which is approximately €200-300 per square meter for a standard plot of about 500 square meters in these same areas.
The savings come from avoiding overpayments for materials and labor, and purchasing building materials directly from suppliers at wholesale prices and discounts typically available to developers.
You can invest the saved funds in higher quality materials or improve the design of your future home.
Flexibility in Payment
To secure property rights when purchasing off-plan real estate from a developer, you need to register the contract with the Cyprus Land Department. This requires paying 30-40% of the property’s cost, creating a significant financial burden. This advance payment serves to ensure the developer’s guarantees and confidence in the deal.
Additionally, buying property from a developer obliges you to follow their payment schedule. In contrast, when building your own home, you can minimize initial financial commitments and manage finances more flexibly, distributing expenses as the construction progresses, reducing financial pressure and giving you more control over the budget.
Construction Speed
The average construction time for a house by a developer is about 2 years, as you have to wait for the completion of the entire complex of houses or villas. This process can be prolonged due to the need to coordinate numerous construction works and adhere to general deadlines.
When building your own house on your plot, the construction speed depends entirely on your financial planning and project management. You can accelerate or slow down the process, spreading expenses over a longer period.
Control Over the Process and Financial Expenditure
When purchasing property from a developer, you don’t always have the opportunity to control the construction process. The developer manages the project independently and makes decisions without your involvement.
However, when you act as the developer and build your house yourself, you gain full control over all aspects of construction. You can:
Choose your team of architects, designers, and builders yourself;
Monitor the work of all specialists;
Manage finances and keep track of expenses.
This level of control allows you to use the budget more effectively and achieve high construction quality that meets your expectations and requirements.
Individuality and Personalization
Developers typically offer standard house or villa designs to suit the mass market. It is difficult to accommodate individual preferences and needs in such houses.
When you decide to build your house yourself, you have the opportunity to create a unique living space that fully matches your desires.
For example, you can include separate laundries, spacious storage rooms, or larger bedrooms with walk-in closets in the project without paying extra.
For instance, ready-made villas with walk-in closets and separate laundry rooms often cost over €1 million, whereas building your own house allows you to realize such desires more economically and fully customize the space to your tastes.
Energy Efficiency Aspects
In Cyprus, developers have only recently started implementing energy-efficient technologies in house construction. However, the cost of such real estate often exceeds the average market price.
On the other hand, investing in solar panels when building your own house does not significantly increase the total project cost.
As a result, you get a house that is not only beautiful and comfortable but also significantly reduces operating costs.
Where to Build Your Home in Cyprus: Affordable Land Prices
The coastal city of Larnaca has become a true gem for investors, surpassing Limassol and Paphos in investment attractiveness. This region offers everything necessary for comfortable living and profitable investment.
Why is Larnaca so attractive to investors?
1.Lower Land Prices
In Larnaca, land prices are significantly lower than in other popular regions of Cyprus. For example, the cost of land in areas like Aradippou, Livadia, and Dhekelia ranges from €200 to €400 per square meter.
This significantly reduces initial investment costs, making property acquisition more accessible and profitable for potential owners.
For the same amount, you can build a home in Larnaca that surpasses comparable homes in Limassol or Paphos in quality and comfort, thanks to the more affordable land prices, allowing you to invest more in creating your ideal home.
2. Major Investment Projects
Significant investment projects are currently underway in and around Larnaca. These include the construction of new residential complexes, commercial properties, infrastructure, and the tourism sector.
Such large-scale projects positively impact the economic development of the region, ensuring steady growth in property values and high returns on investment.
3. Well-Developed Infrastructure
Larnaca boasts a well-developed infrastructure, including an international airport, schools, medical facilities, and shopping centers. This makes the city convenient for living and working, attracting both locals and foreign investors seeking reliable investment opportunities.
Thus, the combination of affordable land prices, active investment projects, and developed infrastructure makes Larnaca one of the most promising and attractive regions for investment in Cyprus.
Project Support for Construction in Cyprus by Feod Group
The process of purchasing land and building a home in Cyprus requires careful attention and adherence to legal aspects. Feod Group offers a full range of services for investors, from conceptual planning and legal support to the completion of construction and marketing of the finished property.
We support not only private projects but also large investment construction projects. An example is the Aurora Hills Residences project by Centota Holdings, which is fully managed by our international company, Feod Group, in Cyprus. Aurora Hills Residences is a modern residential complex located in a prestigious area, just five minutes from the bustling center of Larnaca and ten minutes from the scenic waterfront. Aurora Hills Residences offers 18 spacious and luxurious apartments designed for those who appreciate a high standard of living.
Why Choose Us?
Comprehensive Support: We handle all organizational and legal matters, from selecting the land plot to processing all necessary documents.
Professional Team: We collaborate with architects and construction companies with many years of experience to help you create a unique and high-quality home.
Individual Approach: We offer personalized solutions for each client, considering all wishes and requirements.
Get in touch with us for additional information and consultation on all matters related to selecting land and building in Cyprus! We will gladly arrange a meeting for you at our office in Larnaca or online!
Elena Georghiou – Founder and Managing Director of Feod Group. Has two higher educations: the first at the Odessa State Polytechnic University, majoring in automation and computer engineering (1986) and second in the Moscow State Law Academy, majoring in law (1991). Has work experience in London i...
Elena Georghiou – Founder and Managing Director of Feod Group. Has two higher educations: the first at the Odessa State Polytechnic University, majoring in automation and computer engineering (1986) and second in the Moscow State Law Academy, majoring in law (1991). Has work experience in London immigration law firms. Is a regular participant in seminars and trainings on immigration, corporate and private law of the European Union. Elena Georghiou has more than 25 years of legal experience and heads the specialized Residency and Citizenship practice across European countries, UK and USA advising HNWIs and their families on:
immigration planning;
consultations on obtaining alternative (second) citizenship;
Residency and Citizenship by Investment;
business immigration;
preparation of appeals, working with complex immigration cases.
She advises individuals and corporate clients for wealth/business structuring and assets protection. Central to her Managerial role in the company she initiated and united high level lawyers and other top professionals around the word in order to provide Feod Group clients with bespoke level of legal and business services word wide, keeping the staff focused on the opportunities and challenges faced by each individual client. Speaks Russian, Ukrainian, English.
