There is strong demand for high quality offices in Cyprus with new companies seeking modern, flexible and sustainable workplaces, according to a recently-released Danos & Associates report focusing on the real estate market.
“The office market in Cyprus has grown significantly over the second half of 2019. Since 2018, a great deal of office development has been recorded with luxury buildings now in their final stage of construction and with work on others having significantly progressed,” the report also said.
“Completed high rises or ones to be finished within the near or distant future are expected to change the image of Cyprus. Office space on offer these days in central parts of a city have met the demand of previous years,” it added.
Another important factor highlighted in the report is office sale and rent prices in each and every city of the island. Danos & Associates said there is +/- 20% price range.
The most expensive district for the purchase of offices is Limassol with the price per square meter reaching a high of €4,000.In Nicosia, the average office sale price is €3,200 per square meter. In Larnaca it is €2,000, €1,800 in Paphos and €1,500 in Famagusta.
In terms of office rental prices, the most expensive city is again Limassol with €18 per square meter. In Nicosia, it is €15 per sq.m, in Larnaca and Paphos €12 per sq.m and in Famagusta €10 per sq.m.As for the sale of shops, demand at central areas of big cities was on the rise in the second half of 2019.
In general, the report said: “The real estate sector seems to be a one-way street for many international investors. It combines stability, safety and attractive returns which are three positive factors in any investment proposal.”