The property market in Nicosia, Cyprus’s capital, is attracting strong interest from investors, with another multimillion project in the pipeline. According to the Kathimerini Cyprus edition, a new investment exceeding €60 million is currently in the study phase, focusing on developing a strategically positioned plot on the capital’s busy Limassol Avenue. Real Estate Agents in Nicosia are currently experiencing a new load of opportunities!
This investment involves constructing a luxurious five-story building, including apartments, office space, restaurants, and healthcare services. The development is being undertaken in collaboration of the Real Estate Agents in Nicosia with an internationally renowned architectural firm with extensive experience in office facilities, retail spaces, residences, leisure, and mixed-use projects.
Due to high-interest rates and inflationary pressures, developers plan to lease rather than sell the apartments and office spaces. This approach aims to find more traction in the current market conditions. However, this decision may change when market conditions become more favorable.
This is not the only multimillion housing and office project in the area, indicating a growing interest in Nicosia. Works are progressing for two residential towers located within the outdoor area of the Landmark Hotel, formerly the Hilton Cyprus. This investment amounts to €70 million and entails the development of two tall buildings: a seventeen-story residential structure comprising 53 apartments and a sixteen-story high-rise building designated for office purposes. The combined gross floor area of the residential and office buildings is 13,794.60 sqm and 26,640 sqm, respectively.
Real estate agents report solid demand for office and commercial properties despite inflation pressures, driven by companies looking to establish a base in Cyprus. Loucas Georgiou, Head of Property Studies & Valuations at BNP Paribas/ Danos Real Estate, noted in the Financial Mirror that the war in Ukraine has increased interest in office and commercial space in Cyprus, as many companies previously based in Ukraine are now eyeing Cyprus as an alternative base.
The real estate market in Nicosia is booming, driven by significant investments and a strategic approach to leasing properties amidst high-interest rates and inflation. For more insights and detailed information, visit the Soneverse Real Estate page and explore our homepage.
These developments highlight the vibrant and growing real estate market in Nicosia, offering numerous opportunities for investors, businesses and real estate agents in Nicosia looking to establish a presence in Cyprus.
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