There is an opinion that people come to the capital of Cyprus only to work, and on business.
But they don't! Many of them also want to save money. Others want to earn good money, inspired by this colorful city with an extraordinary history and great prospects.
Nicosia, while being torn in two by the tragic events of 1974, still bears the light of culture and the grand economic ambitions of Cypriot society.
Shaky political position of the northern part of the island, strangely enough, does not prevent the development of the capital, which since May 1, 2004, like the rest of southern Cyprus, is living under the laws and principles of the European Union. Today Nicosia is a major commercial and industrial center. There are two shopping complexes, developed textile, leather, pottery and plastics production, as well as food industry. Nicosia is home to the main University of Cyprus and 5 other institutions of higher education. Many modern financial and ΙΤ-companies are also based in the capital.
It takes about 45 minutes to drive from Larnaca, where the island's largest airport is located, and about half an hour longer from Limassol.
According to the analysis of the Cypriot agency, over the past 8 years, apartments in different areas of the capital have risen significantly in price. So, in the central municipality of Nicosia, the average price of a studio from 2015 rose from 49.5 thousand euros to 59.2 thousand euros. And in the municipality of Lakatamia, the average price of the same housing rose from 49 thousand euros to 79 thousand euros.
At the same time, according to the Land Department, last year in Nicosia there were 3% less transactions involving local residents (2409 vs. 2477 sales transactions). And the number of transactions with foreigners for the same period rose by 5% (364 sales transactions).
In short, the capital of Cyprus is now the most affordable city to live and invest in. Undoubtedly, this is a phenomenon. Given the level of development of public infrastructure, education, medicine and entertainment, the city is not inferior to other major cities. So, let's take a closer look at the benefits of Nicosia for doing business.
Low-cost of maintaining employees
Few professionals who are looking for a job in Cyprus, dream of living away from the sea. Having arrived on the marvelous island of Aphrodite, and those who have lived here all their lives, want to enjoy the sea air and eternal summer every day. And Nicosia seems to be a boring center of politics in the dust of traffic jams, an ascetic cave on the island of cheerful Aphrodite.
Yet, if you find yourself in Nicosia, you will realise things are far from dramatic. The sea is only an hour away, and these are the most beautiful golden beaches. The city is rather pretty. With low buildings of usually three stories, neat sidewalks and well-maintained trees, parks and cozy gardens within the city limits.
According to the online portal Numbeo, the average rental price in Nicosia is lower than in Limassol. Prices for renting a studio or 1-bedroom apartment in Nicosia start from 500 euros. Rent a very decent apartment with a living room, loggia and private covered parking can now be for 700 euros per month. In Limassol and Larnaca in 2022 such proposals are practically nonexistent.
At the same time, excluding rent, the average monthly cost per person in the capital is 741 euros. Prices for services are 7.7% lower than Limassol. Thus, many residents of neighboring Larnaca and even Limassol come to Nicosia to tidy up, visit a hairdresser and other specialists, and at the same time look at a couple of new exhibitions or festivals.
Competitive prices for renting and buying commercial premises
Employers in Nicosia are attracted by the prices of commercial real estate. You can buy a small office of 95 m2 in the city center for 204 thousand euros. At the same time at the disposal of employees all the infrastructure of the capital city.
Prices for renting commercial real estate start from 275 euros per month. In the city center, a small office with all amenities, including a conference room and a sports center for employees, rented at a price of 1.3 thousand euros per month.
In ultra-modern business centers rent costs 18-19 euros per 1m2 per month. For example, to rent a floor of 426 m2 in the new complex of 2022 costs 8100 euros per month.
Very soon the city will complete the construction of a project called The Loop in the central neighborhood of Lykavitos. The total area, which includes 5 above ground and one underground level, will be 669 m2. At the disposal of the employees of the companies that will be located here, all the infrastructure of the city, as well as easy access to all areas of the capital. Prices of the objects with area from 272 m2 start from 825 thousand euros. The expected date of commissioning is 2024.
Even earlier, in 2023, they promise to complete an excellent building in the elite district of Strovolos - a commercial project The Hill Business Center. The building is quite simple in appearance, but is characterized by high energy efficiency, integrated state-of-the-art technology, modern finishes and convenient access to major highways. The purchase price of the office starts from 972 thousand euros.
Properties available for sale in The Hill Business Center project
Developed metropolitan infrastructure
Many residents of Cyprus love shopping in the capital. In Nicosia there is a large shopping center with a movie theater and large stores of the world giants of home comfort - Leroy Merlin and Ikea. The Neo Plaza shopping village with plenty of outdoor activities for children, food courts and outlet stores is a 20-minute drive towards Larnaca. The central Ledra Street is also home to many chain stores for children and their parents, as well as cafes and restaurants to suit all tastes.
There are free schools attached to embassies for foreign employees
The choice of schools and universities in Nicosia is really wide. Many of them are renowned for their high graduate results. There are six universities, many schools and pre-schools, including Greek, English and French state schools, as well as embassy schools.
For example, the Russian school at the Russian Embassy is very popular. Even if you plan to give your child to a private international school, in the Russian school you can complete the program in absentia and come only for state exams on designated days. Well, for those who in a few years will go to their own country, full-time study in a school at the embassy is an economical and wise decision.
Plenty of outdoor and indoor playgrounds for children
Nicosia has several lush green parks. Many people come here, bringing their bikes, to ride, picnic and enjoy the wooded nature. Entrance to these parks is free.
Grammiko Park has many footbridges connecting well-maintained paths and bicycle paths. In winter, flowers bloom in lush green meadows. Nicosia Municipal Park has much wider footpaths, many well-maintained geometric flowerbeds and a large bird house with swans, peacocks and other birds that young children will appreciate.
Athalassa National Forest Park can be visited by yourself, family or a group of friends. On the left side of the parking lot, at the entrance to the forest there is a large playground, picnic area and a small cafe with hot drinks, snacks and healthy sweets. The opposite side of the forest is decorated with ponds that are always home to very sociable wild birds, fish and small turtles. This part of the park faces the paved road in the hills.
For sports enthusiasts, this is a great place to go mountain biking or skateboarding. The hills of the nature park have a great road with a gentle downhill slope, with only occasional specialty vehicles traveling on it. Cyclists prefer to ride on narrow paths in the forest's hills.
In rainy weather, children and their parents will appreciate Nicosia's large-scale indoor playgrounds. At least once, every family should stop by the ARC Nicosia center. It's a modern sports studio with giant trampolines for kids from 6 to 100 years old and a cozy playroom for younger kids. To avoid any overlaps, it's better to check availability beforehand. In addition, Nicosia has a lot of family entertainment in the form of quests. It is also necessary to sign up for them in advance.
For lovers of history and modern culture, there are many museums and galleries. In them there are practically no crowds of tourists, so each visitor is met by a curator and a guide.
Living in Nicosia solely for the sake of work is not worth it. Moving to Cyprus, for many means being able to breath fresh sea air. Even office workers can afford it, at least in the morning hours. In summer the water is warm even at night, and in winter the beaches are ideal for relaxation and invigorating jogs. You can always get to work by car or bus. So not many people dare to live and do business in the capital of Aphrodite Island at the same time.
And most importantly, if what you do is not your life, please don't do it. Nicosia will only fully reveal itself to those who are in love with its exclusivity and possibilities with their minds and hearts.
For more information about all projects in Nicosia, please contact the specialists of DOM, the #1 real estate agency in Cyprus, by phone +357 22 030670 or by personal appointment at Archiepiskopou Makariou III 1 1, Lakatamia 2324, Nicosia, Cyprus.
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