According to Danos, construction costs in Cyprus will increase by 10-20% in the coming years solely due to EU requirements for more environmentally friendly buildings.
If the rules are incorporated into local legislation, it will require all new buildings to ensure zero emissions from 2028. Thus, the new property will increase in price by up to 20%, both buying and renting.
If now, say, 350,000 euros are needed to purchase a house or apartment, then in the future another 50,000 euros will be needed to install photovoltaic systems, heating systems and insulation materials.
The reduction of energy consumption in buildings should be about 16% by 2030, and from 20 to 22% by 2035. This means that new homes and offices must be largely non-volatile.
Source: In Cyprus Property
