I enjoy my Makarov and feel it's a great value, but one shouldn't be inclined to write off the CZ-52 due to the ammunition it uses.
I find the 7.62x25 no louder than a .357magnum from a 4" barrel; both will be exceptionally loud when firing indoors. Just about any handgun fired indoors without hearing protection has a chance of causing hearing loss, though I doubt the .357 magnum, .38super, .357 sig, 7.62x25 or other high-pressure hangun rounds will tip those scales drastically. Don't do it often and worry about the noise.
Also, if you were to go the CZ-52 route, you can roll your own (which will save you money for most calibers, including the 9x18) or search for JSP ammunition.
There's many JSP offerings on Auction Arms for the 7.62x25 loaded by an individual with spectacular feedback. They are loaded on the steamy side of hot (90gr JSP @ 1,770 FPS from a CZ-52), so they're likely to expand nicely.
However, as funds are restricted, keep in mind the Makarov can readily double as a carry pistol if you plan on a CCW in the not-too-distant future.
Good luck.