Cyprus’ commercial property market is becoming more defined this year, as Limassol continues to command premium prices while Nicosia records the most activity, according to a report released on Monday by Landbank Analytics.

The latest analysis sheds light on the leading trends in office and retail property sales across Cyprus for the first half of 2025, showing significant variations in transaction volumes and average prices by district.

The total value of transactions involving offices and shops reached €29.8 million.

This included 128 shop sales worth €19.2m and 51 office sales worth €10.6m.

As the data shows, offices in Nicosia and Limassol took the lead. Nicosia recorded 30 office sales during Q1 2025, followed by Limassol with 13.

These two districts accounted for the majority of activity, reflecting their position as the country’s primary business areas.

In contrast, Paphos and Larnaca reported just 3 and 5 transactions respectively, while no office sales were recorded in the Famagusta district.

Even so, a different picture emerges on pricing. Limassol stood out for having the highest average office sale price at €303,000.

Larnaca registered the most affordable office prices with an average of €120,000, while Nicosia’s average reached €182,000 and Paphos’ €212,000.

Retail activity outpaced office transactions. In the first half of 2025, Nicosia led with 53 shop sales, followed by Limassol (31), Paphos (25), Larnaca (13), and Famagusta (6).

Moreover, shop prices were more evenly distributed than office prices. The highest average was in Limassol at €166,000, while Larnaca had the lowest at €129,000.

Paphos recorded the second-highest average price at €163,000, with Nicosia at €135,000. The six sales in Famagusta averaged approximately €202,000.

Against this backdrop, Landbank Group CEO Andreas Christophorides said the analysis reaffirms the ongoing strength of the Cypriot real estate market, noting that it also “highlights distinct regional differences, especially within the commercial and professional property sectors.”

He pointed to Nicosia as the most active market in terms of transaction volume, underlining its central role as a business hub.

At the same time, he said Limassol stands out with the highest prices, particularly for offices, as demand for modern commercial space grows due to the influx of international firms.

Christophorides also referred to openings for investors in districts where activity is more subdued.

Finally, he said that Larnaca and Paphos show more moderate activity, adding that this “creates space for strategic investments,” especially in Larnaca where lower average prices may offer value in emerging business zones tied to expanding tourism infrastructure.