2022-2023 Cyprus Country Report

CYPRUSCOUNTRY REPORT 2022
BUSINESS COSTS
An EU base within the eurozone, Cyprus remains one of the few international
business centres offering low operational costs and a high standard of living.
Office space and residential property in Nicosia, the capital and major business
centre, is relatively inexpensive when compared to other European capitals.
In terms of cost of living, Cyprus remains one of the most advantageous places to
live, with cost of living lower than in most Western European countries. At the same
time, residents of Cyprus enjoy a high standard of living and exceptional quality of
life, as the balmy climate and low crime rate offer both comfort and peace of mind.
Business Costs Cyprus EU27 Average
Labour (business sector) €18.30 €29.10
Communications (services & equipment)* 109 100
Electricity (households) €0.2204/kWh €0.2369/kWh
Electricity (non-households) €0.1946/kWh €0.1445/kWh
* EU average is set to equal 100
Source: Eurostat (2021)
Limassol Marina
COMMERCIAL AND RESIDENTIAL PROPERTY
Cyprus offers a full range of properties for both commercial and residential use
situated in key locations across the island. While the exclusive, top-level market
is currently the most sought after, the island has a good stock of properties available,
from townhouses and apartments, to villas and seaside bungalows in five-star gated
developments. Nicosia and Limassol are the main business centres. Office space
is available in purpose-built office blocks, in converted houses or flats. A number of
business centres also offer ready-to-move-into offices. They usually include fully
equipped offices that are available on demand with flexible terms, meeting rooms
and a receptionist service. Overall, rentals are around two-thirds of those charged
for comparable commercial spaces in continental Europe, and offices, retail or other
commercial space is widely available for purchase or for rent.
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