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The Cyprus market for office space is expected to fall 10-15%, as companies adopt the remote working model, Pavlos Loizou, managing director of the real estate asset management and advisory firm WiRE commented.
According to the WiRE Index, sale prices of office space have shown an increase over the past five years, as the Index shows an increase of 11.4 points from the reading 66.4 to 78.1.
Each year, the Index has shown an increase with the exception of 2020 - logical due to the effects of the pandemic.
The data for the province of Nicosia are especially impressive - from the reading 71.1 at the end of 2016, they rose to 104.8 in the first quarter of 2021.
In Limassol, the index increased by 10 points, from 68.8 to 78.7. In fact, in 2020 the annual decline exceeded 8 per cent. Of course, it is important to mention that the selling prices per square meter in Limassol are much higher than in Nicosia and other cities, so the margins for price increases are limited. Additionally, the Limassol real estate market, even commercial real estate, has been affected by the termination of the Cyprus Investment Program (CIP).
In Larnaca, Paphos and Paralimni, prices have risen again in the last five years, while in 2020 small losses were recorded.
Based on research, conducted by Cyprus Mail, an investor in Class A offices could enjoy a return of 6-7% per annum.
Prime Property Group is a pioneer in the real estate development field, providing one-stop services including real estate development and property management to the real estate market and its target customers. And the core advantage of Prime Property Group lies in the fact that this company is not only a real estate agent, but also a real estate developer. It has super economic strength and brand service awareness. It provides relevant services to international customers. Consultancy services on all matters of real estate and construction projects in Greece and Cyprus, including villas, new apartments and town-houses.
Please contact Prime Property Group for detailed information about rent, sale or property management services.
Более подробную информацию о налогах и сборах при покупке недвижимости на Кипре вы можете получить на нашей странице.
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