News Local Health crisis affects rents all over Cyprus

Health crisis affects rents all over Cyprus

The health crisis of coronavirus from mid-March until today has had serious financial consequences, also affecting rents of commercial shops.

 

According to data presented by Phileleftehros from the Danos and Associates Office, rents in the most commercial streets of Nicosia which in 2018 and 2019 were very high, have now started to decrease and this is expected to continue in 2021 as well. More specifically, rents were reduced during the crisis of 2013, gradually increased until December 2019 and now they are being reduced again due to the pandemic.

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For example, Ledra Street had the most expensive rents with prices expected to be reduced by 29% in 2021 compared to 2020. Similarly in Makarios Avenue rents are expected to be reduced by 55% in 2021 compared to 2018 and 2019.

 

In Limassol rents at Anexartisias Street are expected to be reduced by 40% compared to 2019.

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