Areas in Cyprus to Buy Commercial Real Estate

Названы районы в городах Кипра, где чаще всего инвесторы покупают коммерческую недвижимость
16 December 2021 DOM LiVE
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Due to the coronavirus pandemic and, as a consequence, the impact it has on the retail sector, the preferences of buyers of commercial real estate in Cyprus are gradually changing.

Currently, their interest is focused on commercial facilities that are located in the central municipalities of each province. At the same time, investors are increasingly buying small-scale or, conversely, very large objects.

Nicosia

From January to November 2021, the largest number of commercial real estate purchase and sale transactions occurred in the municipalities of Nicosia, Aglandjia, Lakatamia and Strovolos. In total, 68 contracts were concluded here, which concerned the sale of commercial premises and shops. The total amount of transactions amounted to 9.67 million euros.

At the same time, the municipality of Nicosia accounted for 48% of the total volume of transactions, the municipality of Aglandjia - 20%, Lakatamia and Strovolos - 17% and 11%, respectively.

Year-on-year, there was an increase in transactions by 19.3% and an increase in their amount by 39.2%.

It is noteworthy that small objects with an area of up to 40 m2 were in the greatest demand among investors in Nicosia - 37 sales or 48% of the total volume of transactions, or large premises with an area of 150 m2 (34% of the total volume of transactions).

The highest average sale price was recorded in the municipality of Aglandjia - 2082 euros per 1m2. It is followed by: the municipality of Engomi - 2,057 euros per 1m2, the municipality of Strovolos - 1,809 euros per m2 and the Municipality of Nicosia -1739 euros per 1 m2.

At the same time, the maximum price of 1m2 for the reporting period was fixed in the municipality of Nicosia - 3,857 euros and in the municipality of Strovolos - 3,718 per m2. The maximum cost of 1m2 in other municipalities did not exceed 2,500 euros.

Larnaca

Buyers' interest in commercial premises and shops in this city of Cyprus was mainly focused on the municipality of Larnaca. The objects of small size were the most popular, and the objects of large size were the least popular.

In total, 37 contracts were concluded here, which concerned the sale of commercial premises and shops. The total amount of transactions amounted to 3.95 million euros.

On an annualized basis, there was a 48% increase in transactions and a 20% increase in their amount.

The Municipality of Larnaca accounted for 81% of the total volume of transactions, the municipality Aradippu - 11%, and Oroklini – 8%.

As for the size of office space, the demand was mainly for very small units (approximately 35 m2). Such objects accounted for 22 sales, or 60% of the total volume of transactions. Medium (up to 60 m2) and large (up to 150 m2) offices and shops accounted for 40% of the total volume of transactions

The highest average sale price was recorded in the municipality of Oroklini - 2027 euros per 1 m2. It is followed by: the municipality of Larnaca – 1738 euros per 1m2, the municipality of Aradippou - 1077 euros per 1m2.

The maximum price of 1m2 for the reporting period was fixed in the municipality of Larnaca - 3,800 euros, and the minimum price in the municipality of Aradippou - 964 euros per 1 m2.

Limassol

Buyers' interest in commercial premises and shops of Limassol was mainly focused on the central part of the city.

A total of 56 transactions worth 26.01 million euros were registered. On an annual basis, there is an increase of 5.29% in value and 7.69% in volume. The municipality of Limassol had 80% of the total volume of transactions, the municipality of Mesa-Geitonia - 9%.

As for the size of office space, the demand was mainly for very small units (approximately 35 m2). Such objects accounted for 25 sales, or 45% of the total volume of transactions. Interest in small shops (approximately 60 m2) was 14%, and in medium-sized shops (approximately 85 m2) - 11%.

The highest average sale price of a commercial property was recorded in the municipality Germasogeia - 2850 euros per 1 m2. It is followed by: Limassol Municipality - 1945 euros per 1m2, municipality of Kato Polemidia – 1916 euros per 1m2 and the municipality of Mesa Geitonia - 1846 euros per 1m2.

The maximum price of 1m2 for the reporting period was fixed in the municipality of Limassol - 8,582 euros and Germasogeia - 3,600 euros per 1 m2.

Pathos

From January to November 2021, 22 commercial properties worth 4.23 million euros were sold in Paphos. On an annualized basis, there was a decrease of 20.76% in value and 18.52% in volume.

The Municipality of Paphos accounted for 91% of the total volume of transactions, the municipality Peyia – 5% and municipality of Geroskipou - 4%.

Small commercial properties with an area of up to 40 m2 were in the greatest demand among investors in Paphos, they accounted for 11 sales or 50% of the total volume of transactions.

The highest average sale price was recorded in the municipality of Peyia - 3,107 euros per 1 m2. It is followed by the municipality of Paphos - 2355 per 1m2.

The maximum price of 1m2 for the reporting period was fixed in the municipality of Paphos - 9,085 euros.

Controlled areas of Famagusta

Finally, in Famagusta, 5 commercial properties worth 2.15 million euros were sold in 11 months of 2021. On an annualized basis, there was an increase of 200% in value and 66.7% in volume.

As for the geography of sales, all interest was focused on the municipality of Paralimni. At the same time, the demand was mainly directed to large objects with an area of approximately 465 m2 and medium-sized objects up to 70 m2.

The average selling price in this region was 1859 euros per 1 m2, the maximum - 2441 euros per 1 m2, and the minimum - 1070 euros per 1 m2.

Названы районы в городах Кипра, где чаще всего инвесторы покупают коммерческую недвижимость

Interested in housing or commercial real estate in Cyprus? Visit DOM. The portal presents the largest real estate database in the country – from residential to commercial. Choose and contact professionals who will help you make the right choice!
Source: inbusinessnews.reporter.com.cy
Photos: pixabay.com
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