There is a significant increase in demand for high-quality offices in Cyprus.
From January to November 2021, the most popular were the premises of either a small or, conversely, a large area. And the main driver of demand was Class A office real estate.
The highest prices for offices were recorded in Limassol, where the maximum selling price reached 12,416 euros per 1 m2, and the average selling price was 2,326 euros per 1 m2.
But the leader in the number of the sale transactions was Nicosia.
In the capital, in the first eleven months of 2021, the interest of buyers was mainly focused on the municipality of Nicosia. Investors more often invested in offices of large or small size, less often in medium-sized objects.
During the reporting period, 51 offices were sold in Nicosia for a total of 7.5 million euros. On an annualized basis, there was an increase of 39.48% in value and 96.15% in sales volume.
At the same time, the Municipality of Nicosia accounted for 72% of the total. Next in popularity are the municipalities of Lakatamia (16%) and Strovolos (10%).
As for the size of office space, the demand was mainly directed to large objects (about 160 m2) - 20 purchase and sale transactions (39%). Also, buyers willingly invested in small offices with an area of up to 60 m2 - 17 purchase and sale transactions (33%) from January to November 2021. Transactions for medium-sized offices with an area of up to 80 m2 accounted for 20% of total sales, and the remaining 8% accounted for the sale of very small office space (about 40 m2).
The highest average sale price for 1 m2 of office space was recorded in the municipality of Engomi – 2,299 euros. It is followed by the municipality of Strovolos – 1,723 euros per 1 m2, the municipality of Nicosia - 1,421 euros per 1 m2 and the municipality of Lakatamia - 1,148 euros per 1 m2.
At the same time, the maximum price of 1m2 for the reporting period was fixed in the municipality of Strovolos - 2,299 euros. It is followed by the municipality of Engomi – 2,299 euros per 1 m2, the municipality of Nicosia - 2,186 euros per 1 m2, the municipality of Lakatamia - 1,371 euros per 1 m2.
The interest of buyers of office space in this city of Cyprus was focused exclusively on the municipality of Larnaca. Large-sized objects were the most popular.
In total, 5 contracts for the purchase and sale of office space in the amount of 610 thousand euros were concluded here. However, on an annualized basis, there was a decrease in transactions by 42% in value and 28.6% in volume.
As for the size of office space, the demand was mainly directed to large objects (approximately 130 m2). They accounted for 3 sales (60% of the total volume of transactions). Another 1 object had an average area of about 75 m2 and one - 25 m2.
The average sale price of 1 m2 was 1,181 euros, the maximum price was 1,667 euros, the minimum price was 867 euros.
Buyers' interest in office space in the city was focused exclusively on the Limassol Municipality.
In total, from January to November 2021, 16 transactions worth 9.7 million euros were registered here. On an annual basis, there is an increase of 354% in value and 14.29% in volume.
As for the size of office space, the demand was mainly directed to small units (about 60 m2). They accounted for 7 transactions (44%). Then there are large office premises with an area of about 230 m2 (37%). The demand for office space of a very small size (about 40 m2) amounted to only 13% during the reporting period, and for medium-sized (about 75 m2) - 6%.
The average sale price of 1 m2 was 2,326 euros, the maximum price was 12,416 euros, the minimum price was 893 euros.
Buyers' interest in office space in the Paphos area was focused exclusively on the municipalities of Paphos and Polis.
In the first 11 months of 2021, a total of 2 sales worth 310 thousand euros were registered here. On an annualized basis, there was a decrease in value by 90.56% and by 86.67% in volume.
As for the size of office space, the demand was directed exclusively to large premises - about 115 m2.
The price for 1 m2 of office space in the municipality of Paphos was 1,352 euros, while the price in the municipality of Polis was 1,315 euros.
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