Office rental costs soaring in Limassol
Office rental prices in Cyprus, particularly in Limassol, have exceeded those in cities like London and Amsterdam, according to major tech companies operating on the island.
This issue is being cited as a key obstacle to further growth in the information and communication technology (ICT) sector, which has experienced rapid development in recent years.
At a panel titled “Establishing Tech Island: Developing a Competitive Digital Economy for Cyprus,” during the second day of the Cyprus Forum, industry leaders discussed the sector’s performance and the challenges it faces.
Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou noted that Cyprus’ goal of becoming a technology hub is within reach. He highlighted that ICT has been the fastest-growing sector over the last decade, with an average growth rate of 10%, contributing to the diversification of the economy.
“We need to focus on how to harness this growth to ensure it continues,” Damianou said, emphasizing the importance of digital infrastructure, high-speed connectivity, data centers, and a skilled workforce, along with a regulatory framework to support further development.
