13.09.2023
Demand for professional premises such as offices has increased compared to last year, not only in Cyprus but throughout Europe, which has ultimately led to higher rents. This high demand is largely due to the desire of enterprises to return employees to offices after coronavirus .
In the Danos report Estates for the first half of 2023 details property prices for the purchase and rental of office space in each province of Cyprus.
According to the report, commercial real estate of a modern and environmental nature is in great demand.
On the other hand, for older properties, questions arise regarding their future, which could cause “disruptions” in the office real estate market. This is due to the fact that companies, multinational corporations, as well as the public sector are leaving old buildings and moving to newly built ones.
In the Danos report The Estate notes that properties built primarily between 1990 and 2010 will require significant investment in energy-efficient upgrades if their owners are to attract new tenants.
Below are prices for the purchase and rental of commercial space by province:
Cost of purchasing an office
Limassol is by far the most expensive city in terms of purchasing office space, followed by Nicosia. In particular, in Limassol the cost of purchasing office space ranges from €5,000 – €6,500 per sq.m. In Nicosia, the cost of purchasing an office starts from €3,000 and reaches €4,500 per sq.m.
In Larnaca, the third most expensive province, prices range from €2,000 – €25,000 per sq.m. In Paphos, prices for the purchase of offices start from €1,500 and reach €2,000 per sq.m. and finally, prices in Free Famagusta are €1,500 per sq.m.
Office rental cost
Regarding the cost of renting office space, Limassol again turned out to be the most expensive city. In particular, the rental price is €20- € 40 per sq.m. The second most expensive province is Nicosia, where the cost of renting office space is €12–22 per sq.m.
In Larnaca, the cost of renting an office ranges from €8 to €10 per sq.m. In Paphos, office rent ranges from €7 – €10 per sq.m.
The cheapest province for renting an office is Free Famagusta , cost from €5 per sq.m. and prices reach €10 per sq.m.
