Two apartments come up in the same week. One is listed at a noticeably lower price per square metre, so on paper it looks like the better deal. Then you visit. It's on the ground floor, faces a busy road, and a good part of its "area" turns out to be verandas. The other one, priced higher per metre, suddenly looks very different.
Price per square metre is one of the most quoted figures in property. It's quick, easy to compare and sounds objective. Used carefully, it's a helpful starting point. Used on its own, it can point you in the wrong direction.
First question: which square metres?
Not every listing measures the same thing. Some quote only the internal covered area. Others add covered verandas, uncovered verandas, a share of common areas, or even a roof garden.
A simple example shows why this matters. Take a property priced at €260,000 with 100 m² of internal space and 30 m² of verandas. Divide the price by 130 m² and you get €2,000 per square metre. Divide by 100 m² and it becomes €2,600. It's the same property and the same price, but the figure tells a very different story.
Before comparing, always ask how the area was measured. Then check it against the title deed and the approved plans. If an enclosed veranda is being counted as living space without a permit, that's an issue in its own right.
Smaller properties usually cost more per metre
A one-bedroom flat will almost always have a higher price per square metre than a three-bedroom apartment in the same building. The kitchen and bathroom cost much the same to build whatever the size of the flat, and smaller units have a wider pool of buyers. So comparing a studio with a family apartment on price per metre alone doesn't tell you much.
What the number leaves out
Price per square metre treats every metre as equal. Buyers don't. The figure says nothing about:
- Floor level and view.
- Orientation and natural light.
- Age and condition.
- Layout and how well the space is used.
- Covered parking and storage.
- Energy efficiency.
- The state of the building and its common expenses.
- Title deed status and permits.
Two properties with exactly the same price per metre can be very different purchases.
Area averages can mislead too
You'll often hear that an area "goes for" a certain amount per square metre. Averages like these mix new and old buildings, good and poor locations within the same district, and asking prices with actual sale prices. They're useful for a general sense of the market, not for judging a specific property.
What about plots?
With land, price per square metre of the plot can be especially misleading. What really matters is how much you're allowed to build, which depends on the planning zone and the building density. Two plots of the same size and price can have very different value if one allows twice as much construction. That's why developers usually look at price per buildable square metre rather than plot size.
How to use the figure properly
Use price per square metre as a filter, not a verdict:
- Make sure you're comparing the same type of area.
- Compare similar properties: similar size, age, floor and location.
- Look at what properties actually sold for, not just what they're listed at.
Then look beyond the number at everything it leaves out.
If you want a clear picture of what a specific property is worth, G&P Lazarou Property Valuation provides property valuation services across Cyprus. Contact the team at +357 22024949 or valuation@gplazarou.com.
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