Landbank Analytics, a company that analyses the Cypriot real estate market, has conducted a new study to determine how average office and shop prices changed in the first half of 2025.
The analysis revealed significant regional disparities, as well as a shift in demand, which focused primarily on properties in Nicosia and Limassol, the country's two primary business centres. The total volume of commercial real estate sold over six months reached €29.8 million. The majority of this amount was accounted for by shops — 128 such properties were sold across the country for €19.2 million. Meanwhile, 51 office purchase and sale agreements were signed between January and June for €10.6 million. This confirms that the shop segment remains the most dynamic.
Office space: Nicosia dominates, while Limassol has high prices
Nicosia continues to hold its status as Cyprus' leading administrative and corporate centre. Thirty office deals were concluded here in the first half of the year. Despite limited supply and high prices, Limassol follows closely behind with 13 properties sold. This reflects stable demand from international companies and the financial sector. Activity in the office real estate sector was significantly lower in other regions of Cyprus. From January to June, only five sales transactions were completed in Larnaca, three in Paphos and none in Famagusta's free areas.
Limassol confidently holds first place in terms of price levels. The average cost of office space in this Cypriot city reached €303,269 in the first half of the year — the highest figure in the country. The average price was €182,000 in Nicosia, €212,000 in Paphos, and €120,000 in Larnaca (currently the most affordable region for companies in Cyprus).
Retail: uniform price structure and high transaction volume
Unlike offices, the retail space sector showed much higher activity. Nicosia became the leader in terms of transactions. From January to June 2025, 53 shops were sold in the capital. Limassol followed with 31 shops, then Paphos with 25, Larnaca with 13 and the free areas of Famagusta with six.
Average prices for shops were more evenly distributed. Limassol took first place in this category again. The average cost of retail properties in the first half of the year was €166,000. Larnaca retained its status as the most affordable region with an average price of €128,500. Paphos and Nicosia followed in the middle range with prices of €162,500 and €135,000 respectively. Interestingly, the average price of the six properties sold in the free areas of Famagusta reached €202,000, which can be attributed to limited supply and demand from the tourism industry.
Investment prospects in the Cypriot market
Landbank CEO Andreas Christoforidis noted that the market continues to show steady momentum, with regional differences creating new opportunities for investors. Nicosia is strengthening its position as the main centre of commercial activity, while Limassol remains the city with the highest prices, particularly for offices.
Meanwhile, while showing limited activity, Larnaca and Paphos offer long-term potential for strategic investments. The lower cost of properties makes these areas particularly attractive to businesses and companies that view them as potential sources of future economic growth.