Confronted with a world-wide new economic state of play where high inflation and other repercussions from the war in Ukraine prevail Cyprus’ domestic real estate market shows remarkable resilience.
At least from 2020 up to now, Philenews reported on Monday citing data from Danos Estates which noted that office development all across Cyprus during this time is quite remarkable.
Large is the number of luxury buildings, some of which are in their final stage, and others that construction has just begun, the data also shows.
Shop rental prices in Nicosia range from €15 to €45 per square meter as the cost was in 2021 and 2020. In Larnaca, rental prices are from €6 to €20 and are at the same levels as of 2020.
In Limassol the shop rental prices are from €20 to €45 per sq.m as they were in 2020 and 2021.
In the free areas of Famagusta, shop rental prices in 2022 range between €10 to €25 per sq.m., while in 2020 and 2021 these were between €8 and €20.
In Paphos, shop rental prices have remained stable since 2020 and range from €10 to €25.
Office rental prices in Nicosia are from €12 to €23, while in 2020 and 2021 they were from €12 to €20. Office rental prices in Larnaca are between €8 and €12 and two years ago they were between €6 and €10.
In Limassol office rental prices are between €20 and €45, in the free province of Famagusta office rental prices are between €5 and €12 and in Paphos from €7 to €10.
As for sale prices of offices in Nicosia, there go from €3,000 to €4,500 per sq m, while in 2020 and 2021 these were between €3,000 to €4,000 per sq. metre.
In Larnaca, sale prices in 2022 range from €2,000 to €3,000 – higher than in 2021 which were €1,500 to €2,000.
In Limassol, sale prices of offices range from €5,000 to €6,000 compared to 2021’s €4,500 to €6,000.
In Famagusta, sale prices range from €1,500 to €2,000 and in Paphos from €1,500 to €2,500.
