Experts in the real estate industry have recently conducted a comprehensive study on office rental prices in Cyprus.
Surprisingly, the findings reveal that the rental rates for luxury and comfortable offices in the island state are comparable to those found in major cities such as New York and other prominent locations within the European Union.
The study highlights that Limassol, in particular, hosts the most expensive offices on the island, with rental rates reaching as high as 86,000 euros per month. There are also elite office spaces available at slightly lower rates, around 82,500 euros per month.
These high-end offices offer spacious premises situated in modern buildings constructed with top-quality and expensive materials. Additionally, the commercial complexes are strategically located along the waterfront, providing breathtaking panoramic views of the sea, mountains, and the cityscape.
For instance, one of the featured offices with a monthly rent of 86,000 euros boasts an impressive area of 2,231 square meters and includes 31 parking spaces. The office is situated on the first floor and comes with a mezzanine, well-equipped kitchens, restrooms, and a generous 60-square-meter open terrace.
Another highlighted office space covers an area of 5,875 square meters, spanning four above-ground floors and two underground levels, which house ample parking space for vehicles. The first floor of this office complex is dedicated to commercial areas, providing an ideal space for setting up demonstration halls and showrooms.
The study also points out that the rising office prices in Cyprus are significantly influenced by the government's strategy to attract foreign companies to establish their headquarters or regional subsidiaries in the country. In the past year, more than a thousand IT and fintech firms have registered in Cyprus under this scheme, with Limassol and Paphos being the preferred destinations. Recently, there has been an increased interest in Larnaca as well.
If you are interested in real estate opportunities on the island, you can visit DOM, the number one real estate agency in Cyprus. Their website offers the largest database of properties in the country, featuring over 30,000 residential and commercial properties across various locations. Their team of professional brokers will be more than happy to assist you in making the right choice that suits your needs and preferences.