Danos & Associates has published comparative data on retail space rents in Cypriot cities.
According to the report, the most expensive rents were recorded in the shopping streets of Limassol. At the same time, they have increased significantly over the year. If in 2023 it was possible to rent shops in the city for 20-45 euros per 1 m2, in 2024 tenants will have to pay between 25 and 50 euros per 1 m2.
Second only to Limassol is Nicosia. In the Cypriot capital, rents for shops in the main shopping streets have reached 20-45 euros against 15-45 euros in 2023. In Larnaca, rents have increased over the year to €10-25 per 1m2 against €6-20 per 1m2 in 2023. Finally, in the vacant areas of Famagusta and Paphos, shop rents have remained at the same level. In these areas it is possible to rent commercial premises for 10-25 euros per 1m2.
In turn, the cost of 1 m2 for the sale of retail space remained stable in almost all Cypriot cities, with the exception of Larnaca.
Here, prices rose to 2.5-3 thousand euros per 1 m2 in 2024, compared to 2-2.5 thousand euros per 1 m2 in 2023. In Nicosia, prices remained at last year's level - from 4 thousand euros per 1 m2 to 5 thousand euros per 1 m2. In Limassol - from 5.5 thousand euros per 1 m2 to 6.5 thousand euros per 1 m2. In the free areas of Famagusta and Paphos - from 2 thousand euros per 1 m2 to 2.5 thousand euros per 1 m2.
Specialists Danos & Associates note that there is a growing interest in shopping centre premises in Cyprus. This is evidenced by the data on the growth of rental prices in this category. Thus, compared to 2023, rental prices for shops in shopping centres have almost doubled: from 45 euros per 1 m2 to 70 euros per 1 m2. At the same time, Cypriot tenants are showing interest in renting premises in both old and new shopping centres.