Limassol continues to lead the office rental market in Cyprus, with prices averaging €29 per square metre, while Nicosia remains a more affordable alternative at €13 per square metre, according to a report by Landbank Analytics.
The analysis, compiled from major real estate platforms in January 2025, provides a comprehensive breakdown of office, retail, and warehouse rental prices across Cyprus, emphasising key regional trends.
In the office rental sector, 506 properties are currently available for lease across Cyprus, with an average asking price of €24 per square metre.
Notably, Limassol dominates the market, accounting for nearly 70 per cent of the total supply with 352 available properties.
Prices in the city range from €5 to €70 per square metre, reflecting its status as Cyprus’ primary business hub.
Meanwhile, Nicosia follows with 89 available offices, making up 17.6 per cent of the total supply. Here, rental prices peak at €33 per square metre.
At the same time, demand in Paphos is rising, with 25 available offices renting at an average of €17 per square metre and reaching a high of €50 per square metre.
On the other hand, Larnaca presents a cost-effective alternative, where rents average €15 per square metre, with the highest recorded at €42 per square metre.
In contrast, Famagusta district has the lowest supply, with just two properties available and prices averaging €17 per square metre, with a maximum of €24 per square metre.
Andreas Christophorides, CEO of Landbank Group, said “The data reveals a market that meets business needs, offering a variety of options in terms of pricing and location.”
Furthermore, he stated that “the office rental market in Cyprus is expected to maintain its momentum, with demand influenced by factors such as economic growth, the continuous relocation of foreign companies to the island, investments, and labour market trends”.
“Limassol and Nicosia are expected to remain attractive for businesses, while Paphos and Larnaca present opportunities,” he added.
Retail rental prices also show significant regional variations, with Limassol maintaining its position as the most expensive market.
Rental prices for retail spaces in the city average €39 per square metre, peaking at €94 per square metre.
Meanwhile, Nicosia, which has the highest number of retail properties at 44, offers more budget-friendly options, with rents averaging €12 per square metre and reaching a maximum of €23 per square metre.
Similarly, Larnaca follows with an average retail rent of €18 per square metre and a peak price of €35 per square metre.
In contrast, Paphos has a more limited market, with only three available retail spaces renting for an average of €12 per square metre and a maximum of €14 per square metre.
Likewise, the Famagusta district offers just two retail spaces, reflecting its highly seasonal market, with rents averaging €9 per square metre.
Christophorides said “Nicosia and Limassol continue to dominate the retail rental market, attracting the majority of available retail spaces.”
“Limassol maintains the highest rental prices, reflecting strong demand and its prime location,” he continued. “Larnaca, despite having a smaller stock, is more expensive than Nicosia due to the availability of retail spaces on the coastal front.”
Taking all these factors into consideration, he said that “Retail leasing remains an interesting prospect for investors and entrepreneurs.”
Warehouse rental prices across Cyprus remain relatively stable, though district differences persist.
The national average rent for warehouses stands at €5 per square metre, with Limassol dominating the highest rates at €7 per square metre.
The city also leads in supply, accounting for 47 per cent of the total warehouse listings.
Meanwhile, Nicosia follows 33 per cent of available warehouses, where the average rent is €5 per square metre.
On the other hand, Larnaca, offering the lowest warehouse rental prices among the major districts, averages €3 per square metre.
Christophorides said that “The increased demand, combined with limited supply in Limassol, likely drives rental prices higher.”
“When discussing warehouses, location plays a crucial role in pricing,” he added.
“Limassol is home to Cyprus’ main port, which is undoubtedly one of the reasons for the higher demand and rental prices,” he concluded.
