Landbank Analytics reveals office, retail and warehouse asking rental prices across Cyprus

A new analysis of office, retail, and warehouse rental prices across Cyprus reveals key trends and regional disparities, shedding light on market dynamics and business opportunities.

According to data, availability and rental prices vary depending on the location, meeting the needs of both local and international companies. The in-depth analysis by Landbank Analytics was conducted using data sourced from major real estate promotion platforms in January 2025 and records the lowest, average, and highest rental asking prices per square meter.

Offices: From €5 to €70 per square metre

The office rental market in Cyprus shows strong dynamics and significant variations across cities, particularly in Limassol. Overall, there were 506 offices available for rent in Cyprus, with an average monthly rental price of €24/sq.m. Prices range from €5/sq.m. to €70/sq.m., depending on location, size, condition, and features of the property.

"The data reveal a market that meets business needs, offering a variety of options in terms of pricing and location. 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," notes Andreas Christophorides, CEO of Landbank Group.

Limassol: Market leader

Limassol stands out as the centre of the office rental market, with 352 available properties, accounting for nearly 70% of the total supply. The demand for offices in the city is high, resulting in an average monthly rental price of €29/sq.m., the highest in Cyprus. The broad range of options in Limassol is also reflected in the maximum rental price, which reaches €70/sq.m., indicating the availability of high-end, modern office spaces.

Nicosia: Steady demand and a variety of options

Nicosia also demonstrates significant activity in the office rental market. With 89 available properties, it accounts for 17.6% of total supply. The average monthly rent in Nicosia is €13/sq.m., while the highest rental price reaches €33/sq.m., offering options for different budgets and business needs.

Paphos: Rising demand

Paphos is experiencing an increase in demand for office space. With 25 available properties and an average monthly rent of €17/sq.m., it presents attractive options for businesses looking to establish themselves in a developing area. The highest rental price in Paphos stands at €50/sq.m., reflecting the presence of modern office spaces.

Larnaca: Affordable prices and opportunities

Larnaca also offers affordable office rental prices, with an average monthly rent of €15/sq.m. and a maximum of €42/sq.m. With 38 available properties, Larnaca is an interesting option for businesses seeking more affordable rates.

The supply is limited in the small market of the non-occupied Famagusta district, which has the lowest number of offices for rent (2 properties) and an average monthly rent of €17/sq.m. The limited interest is also reflected in the highest rental price, which stands at €24/sq.m.

Retail spaces: Major urban centres at the forefront

The analysis of available retail spaces for rent also highlights significant variations across districts. Nicosia has the largest number of retail properties (44), followed by Limassol (43). Larnaca, with 14 retail spaces, also provides leasing options. In Paphos, only three retail spaces were available, while in the small market of Famagusta, availability is limited to just two shops, reflecting the area's seasonal nature focused on the summer period.

Limassol leads in rental prices, with an average of €39/sq.m. and a maximum of €94/sq.m. Larnaca follows with an average rent of €18/sq.m. and a maximum of €35/sq.m. More affordable rental options can be found in Nicosia, where the average rent is €12/sq.m. and the maximum is €23/sq.m. The most economical, but with very limited availability, are Paphos (€12/sq.m. average and €14/sq.m. maximum) and the non-occupied Famagusta district (€9/sq.m. average).

As Andreas Christophorides explains: "Nicosia and Limassol reaffirm their position as the main retail centres, concentrating the majority of available retail spaces. Limassol maintains the highest rental prices, reflecting strong demand and its prime location. Larnaca, despite having a smaller stock, is more expensive than Nicosia due to the availability of retail spaces on the coastal front. Having all this information in mind, retail leasing remains an interesting prospect for investors and entrepreneurs".

Warehouses: Limassol has the highest rental prices

The supply of warehouse rentals in Cyprus is limited, but it appears to meet demand, as the average monthly rent for warehouses stands at €5/sq.m. Limassol has the highest number of available warehouses for rent, accounting for 47% of the total supply, followed by Nicosia (33%) and Larnaca (20%).

Limassol also records the highest average rent per square meter, reaching €7/sq.m. In Nicosia, the average monthly rent is €5/sq.m., while in Larnaca, it is €3/sq.m.

"The increased demand, combined with limited supply in Limassol, likely drives rental prices higher. When discussing warehouses, location plays a crucial role in pricing. Limassol is home to Cyprus’ main port, which is undoubtedly one of the reasons for the higher demand and rental prices," notes Christophorides.