Limassol is by far the most expensive in renting or purchasing office space, according to a study published by Danos International Property Consultants & Valuers.
During the first half of 2020, the office market in Cyprus has grown significantly with new additions. During 2019 and then in 2020, there is a rapid development of office-related projects, some of which are in the final stages of delivery, while others are in the advanced stages of construction.
Regarding the prices for 2019 that Danos gives research for the purchase of office infrastructure in the "champion" Limassol reaches € 4 000 per square meter, in Nicosia € 3 200, in Larnaca € 2 000, in Paphos € 1 800 and finally in free Famagusta the € 1 500.
If you want to rent offices now, the average for Limassol is € 18 per square meter, Nicosia is € 15, in Larnaca and Paphos € 12 and finally in the free province of Famagusta € 10.
The prices given by Danos for the purchase or rental of offices are with a deviation of +/- 20%.
The high-rise buildings that Cyprus has or will acquire in the near or distant future are expected to change the image in this market in terms of prices. The supply of offices in central parts of pre-existing cities has now been exceeded by the demand of previous years.