Cyprus Mail

Shop occupancy high in old town

By Jean Christou

SHOP occupancy on Ledra and Onasagorou streets in old Nicosia stands at 94 per cent and 86 per cent respectively with fashion stores, followed by food and beverage establishments comprising the majority of units, according to a study by Leaf Research.

On Ledra there are 44 boutiques and on Onasagorou 24. When it comes to eateries, the numbers are 26 and 17 respectively. On Ledra there are 10 jewellery shops and on Onasagorou seven. Other types of shops comprise 25 on Ledra and 20 on Onasagorou. Vacant units numbered seven and 11 respectively. The average period of occupancy across the board was 20.8 years.

The study was carried out in December 2013 on a total of 218 units.

It found a higher vacant rate at the Eleftheria Square end of both roads due to the delays in construction of the new square, while at the other end, the opening of the Ledra Street crossing point in early 2008 had attracted additional pedestrian traffic and thus more shops and cafes.

There is also a growing trend towards food and beverage establishments while the fashion shops, still in the majority, have remained static.

Almost 40 per cent of shops on Ledra are boutiques, and on Onasagorou 30 per cent.

Food and beverage units have an almost equal percentage on both streets, accounting for about 22 per cent.

Shops falling within the three to 10 year occupancy period are more dominant on Ledra whereas shops with 30+ years occupancy period were more dominant on Onasagorou.

No new jewellery units have opened over the past two years on either road and half of those who are there have been in the area for more than 30 years.

The study did find that over 50 per cent of the food and beverage establishments on both streets had opened less than two years ago, indicating that these types of units tend to have a limited longevity compared to other types of shops, particularly fashion.

Leaf Research is a real estate advisory firm, providing real estate market research, strategic consultancy, valuation and financial modelling.

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