2023 Doing Business in Cyprus (UK Edition)
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DOING BUSINESS C YPRUS<br />
79<br />
UNITED KINGDOM EDITION<br />
300<br />
200<br />
COMPARISON OF ESTIMATED AVERAGE RENT LEVELS<br />
FOR FLATS, 2021 (BRUSSELS = 100)<br />
European<br />
Union<br />
Europe<br />
(others)<br />
100<br />
0<br />
225<br />
216<br />
199<br />
199<br />
197<br />
171<br />
134<br />
128<br />
122<br />
122<br />
119<br />
109<br />
104<br />
100<br />
99<br />
99<br />
Dubl<strong>in</strong><br />
Copenhagen<br />
Paris<br />
Luxembourg<br />
Stockholm<br />
Hels<strong>in</strong>ki<br />
Berl<strong>in</strong><br />
The Hague<br />
Madrid<br />
Vienna<br />
Lisbon<br />
Rome<br />
Vilnius<br />
Brussels<br />
Valletta<br />
Ljubljana<br />
Budapest<br />
Tall<strong>in</strong>n<br />
Athens<br />
Prague<br />
Zagreb<br />
Riga<br />
Bratislava<br />
Warsaw<br />
Bucharest<br />
Nicosia<br />
Sofia<br />
London<br />
Geneva<br />
Rejkjavik<br />
Oslo<br />
Podgorica<br />
98<br />
98<br />
98<br />
96<br />
94<br />
84<br />
81<br />
74<br />
71<br />
64<br />
46<br />
278<br />
227<br />
188<br />
178<br />
54<br />
Note: Rents <strong>in</strong> currencies other than the Euro were converted accord<strong>in</strong>g to the exchange rate as of 1 July 2021.<br />
Source: Eurostat<br />
OFFICE SPACE<br />
In terms of office rental and sales prices, Limassol cont<strong>in</strong>ues to be the most expensive<br />
region followed by Nicosia, Larnaca, Paphos and Famagusta respectively.<br />
OFFICE SALE AND RENTAL PRICES PER CITY (2022)<br />
Sale Prices (per m 2 ) Rental Prices (per m 2 )<br />
Famagusta €1,300-€1,500 €6-€10<br />
Larnaca €1,800-€2,500 €8-€10<br />
LImassol €4,500-€6,500 €20-€40<br />
Nicosia €3,500-€4,500 €12-€22<br />
Paphos €1,400-€2,000 €7-€10<br />
Source: Danos International Property Consultants<br />
HUMAN RESOURCES<br />
Well-tra<strong>in</strong>ed and versatile, the Cypriot workforce is one of the island’s most<br />
valuable resources, offer<strong>in</strong>g high standards of productivity, technical expertise<br />
and professional excellence at reasonable costs to bus<strong>in</strong>esses.<br />
Accord<strong>in</strong>g to the Statistical Service <strong>in</strong> <strong>Cyprus</strong>, the country records the most higher<br />
education graduates per capita (age 30-34) <strong>in</strong> the European Union.<br />
The Cypriot labour force amounted to 482,385 persons or 65.1% of the population<br />
(males 71.2%, females 59.5%) <strong>in</strong> the Q2 of 2022. The biggest percentage of employed<br />
persons was <strong>in</strong> services (80.7%), followed by manufactur<strong>in</strong>g (16.8%) and agriculture<br />
(2.5%).
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