The days of the coronavirus pandemic and constant lockdowns in Cyprus have faded into memory, and with them the familiar Cypriot offline trade has slowly begun to return. Shops in shopping centres, which until recently stood half empty, are now selling out. Finding more or less decent premises to open a business is a challenge with an asterisk. With demand outstripping supply, prices are skyrocketing. In the past year alone, the cost of shops has jumped from 45 euros per square metre to 70 euros per square metre.
Recently, Danos & Associates published comparative data on the rental of retail space in Cypriot cities for the first quarter of 2024.
According to the company's report, prices for retail space in Nicosia have increased from €15-40 per sqm in 2023 to €20-45 per sqm. In Larnaca, prices now range from €10 to €25 per 1m2, up from €6-20 per 1m2 a year earlier. In Limassol, rents range from €25 to €50 per 1m2 compared to €20-45 per 1m2 in 2023. Only in the vacant areas of Famagusta and Paphos will prices remain at the same level as in 2023, between €10 and €25 per 1 m2.
Regarding the price of 1 m2 for the sale of retail space:
- In Nicosia, purchase prices remain at the same level as in 2023, between 4 and 5 thousand euros;
- in Larnaca, prices increased from 2-2.5 thousand euros in 2023 to 2.5-3 thousand euros;
- in Limassol, prices remain at the level of 2023 - from 5.5 thousand euros to 6.5 thousand euros;
- in the free neighbourhoods of Famagusta and Paphos, prices also remained at the level of 2023 - from 2 thousand euros to 2.5 thousand euros.