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Rental And Purchase Prices Soar Across All Cities

by THEFUTURE.TEAM

August 26, 2024

The commercial real estate market in Cyprus is currently experiencing a remarkable surge, with office rental and purchase prices escalating significantly across all major cities. This upward trend is driven by a robust demand for office spaces, fueled by both local businesses expanding their operations and a wave of foreign investment. Nicosia, Limassol, and Larnaca are particularly hot spots, with these cities witnessing the highest levels of interest and competition.

In Nicosia, the capital city, the demand for premium office spaces has led to a noticeable increase in both rental and purchase prices. Companies, especially those in the financial and professional services sectors, are actively seeking modern, well-located offices, driving up costs. Limassol, known as the business hub of Cyprus, is experiencing even more pronounced growth. The city’s status as a key destination for international businesses, particularly in shipping and finance, has spurred a significant rise in office demand, leading to a competitive market where prices continue to climb.

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Larnaca is also witnessing strong growth, driven by recent infrastructural developments and its strategic location as a gateway to the island. The surge in office space demand here reflects the city’s growing importance as a business center, attracting both local and international companies.

The broader implications of this trend suggest that Cyprus is solidifying its position as a regional business hub. The ongoing expansion in the office market is a positive sign for the island’s economy, indicating investor confidence and the potential for sustained economic growth. However, the rapid rise in prices also poses challenges, particularly for smaller businesses and startups that may find it increasingly difficult to secure affordable office space.

As the office market continues to thrive, stakeholders in the commercial real estate sector, including developers, investors, and policymakers, will need to carefully navigate this evolving landscape. Ensuring a balanced supply of office space that meets the diverse needs of businesses while maintaining sustainable growth will be key to capitalizing on this momentum and supporting Cyprus’s long-term economic development.

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Call for Reform: Cyprus Faces New Challenges with Emerging Tobacco Products

by News Editor

May 31, 2025

In the face of a burgeoning variety of tobacco products, existing smoking laws in Cyprus are struggling to keep pace, as highlighted by Christos Minas, the president of the Cyprus National Addictions Authority (AAEK). On World No-Tobacco Day, there was a push for legislative reforms to comprehensively cover all tobacco forms, including non-nicotine alternatives.

Addressing Rising Trends with Effective Policies

Minas emphasized the surge in popularity of e-cigarettes and flavored products, particularly among the youth. The proposed legal updates aim to enhance enforcement efficiency against these emerging trends.

In collaboration with the World Health Organization’s (WHO) framework, the AAEK has established the first set of national guidelines for smoking cessation in Cyprus, crafting prevention and treatment strategies based on robust scientific evidence.

Educating Youth and Public Awareness Initiatives

Efforts are underway to raise awareness, with informative materials distributed to secondary schools across Cyprus. A public event in Nicosia highlighted the state’s ongoing commitment, providing carbon monoxide testing and expert advice on new tobacco products.

Recent data from the Cyprus general population survey 2023 indicates that 38% of smokers have used e-cigarettes recently, and the smoking initiation age remains at 18.

A Glimpse into Youth Smoking Patterns

According to the latest European school survey, 14% of Cypriot students aged 15-16 reported smoking traditional cigarettes last month. Although this rate is declining, Cyprus still ranks high in Europe for e-cigarette and hookah use among students.

The concern is global, with WHO reports showing over 37 million children aged 13-15 engage in tobacco use, driven by aggressive marketing in loosely regulated environments.

The urgency for reform is clear: before these trends solidify, proactive measures are necessary to protect future generations from potentially hazardous habits.