As businesses seek new opportunities for growth and talent acquisition, the capital city of Nicosia is emerging as an attractive choice for both local and international companies. Also known as Lefkosia, Nicosia is the capital and largest city of Cyprus with a population of approximately 330,000 residents, a city rich in history and cultural significance. It is evolving into a hub for innovative research and a rapidly growing startup ecosystem, supported by a range of incentives, development programs, and grants. With a highly educated and experienced talent pool, Nicosia offers organizations in Limassol, Paphos, and elsewhere the opportunity to enhance their access to skilled workers and a wealth of resources by establishing an office in the city.
A Central Business District
Nicosia’s status as the administrative and political capital of Cyprus provides advantages for businesses. The city is home to numerous government institutions, embassies, and legal offices, making it an ideal location for organizations that require close collaboration with public entities. This centrality also facilitates networking opportunities and access to potential clients and partners within the public and private sectors.
The economy of Nicosia is diverse with sectors such as finance, legal, technology and education. Recent efforts to modernize the infrastructure have further bolstered the city’s appeal positioning Nicosia as a strategic choice for organizations looking to establish a presence in Cyprus.
Proximity to Talent and Educational Institutions
One of Nicosia’s most significant advantages is its educational facilities. The city hosts several universities and higher education institutions, which play a crucial role in producing a skilled workforce:
- University of Cyprus: Approximately 8,500 students are enrolled, with around 20% international students.
- University of Nicosia: The largest private university in Cyprus, with over 14,000 students, about 40% of whom are from abroad. Indicatively, the Times Higher Education (THE) World University Rankings 2024 has recognized UNIC as one of the top two per cent of universities in the world and #1 in Cyprus and Greece, alongside the University of Cyprus, the University of Crete, and the National and Kapodistrian University of Athens. It is also ranked among the Top 501-600 universities in the world, UNIC correspondingly ranks 155th in the European Union.
- European University Cyprus: With around 5,000 students, this institution attracts a significant number of international students.
Student Demographics
- Total Student Population in Nicosia: Approximately 30,000 students.
- Cypriot Students: Around 60% of the student population consists of local Cypriots.
- EU Students: Roughly 25% of students are from other EU countries, primarily Greece and Italy.
- Non-EU Students: About 15% of the student body hails from countries outside the EU, including the United States, Russia, and MENA.
Graduate Disciplines
Nicosia’s universities offer a diverse range of programs across multiple disciplines, particularly in high-demand fields:
- STEM Fields: Graduates in science, technology, engineering, and mathematics are increasingly sought after. Programs in computer science, software engineering, and data analytics are especially popular, reflecting global demand for tech professionals. For instance, the University of Nicosia has a robust master’s program in Digital Currency, highlighting innovative courses that align with current market trends.
- Business and Finance: Many universities provide comprehensive programs in business administration, finance, and accounting, producing a steady stream of qualified candidates for the financial services sector. The demand for financial analysts, accountants, and compliance specialists continues to grow, making these graduates highly employable.
- Health Sciences: Programs in nursing, pharmacy, and other medical-related fields are well-established, contributing to the growing healthcare sector in Cyprus. The presence of a medical school at the University of Nicosia ensures a continuous influx of trained healthcare professionals.
- Law and Social Sciences: With a strong focus on law and governance, graduates from these programs are well-equipped to enter various professional services, including legal firms and public sector roles, enhancing the quality of legal professionals entering the market.
Diverse Office Solutions in Nicosia
Nicosia offers a diverse range of office solutions that cater to the varying needs of businesses. Among these, modern high rises and co-working spaces have gained popularity.
Labs Tower: As a modern high-rise located in central Nicosia, Labs Tower offers high-quality office spaces and co-working environments designed to meet the needs of contemporary businesses. With state-of-the-art facilities spanning 440sqm, it provides flexible leasing options, 6 floors of serviced apartments – including an impressive penthouse part of the “Labs Stay” concept, blending elements of hospitality and home living.
In addition, meeting rooms, event spaces, a restaurant and a gym all spread over 22 floors. Labs Tower is building quite a vibrant community of professionals, and this high rise stands out as an attractive choice. The tower is part of the broader LABS ecosystem, which also includes London. Labs Tower is designed for millennial entrepreneurs and professionals, providing an innovative working environment and high-end living spaces. Its focus also on building a community among tenants creates an engaging work environment that can stimulate creativity and collaboration.
Pindou Business Centre Nicosia: Another notable option, Pindou provides flexible office solutions tailored to startups and established companies alike. Located in a prominent area, this facility offers well-designed workspaces, meeting rooms, and coworking opportunities.
Regus Nicosia: Part of a global network of flexible workspaces, Regus Nicosia provides fully equipped offices and co-working spaces. This option is particularly appealing for international companies seeking a foothold in Cyprus without the long-term commitment of traditional leases. Regus offers a professional environment with the added benefit of access to a worldwide network of business centers.
360 Nicosia: Whilst this building deserves a mention as the tallest building in Nicosia at 135 meters, 360 does not offer commercial or office space, offering 34 floors of residential space only. It is located on the iconic Makarios Avenue and provides luxury apartments and premium amenities like a gym, swimming pool, and private gardens.
Tower 25 – White Walls Eleftheria: Located near the historic city center, this building is another landmark with high-end office spaces (many of the occupied offices belonging to Ernst & Young), apartments and a penthouse. It features modern architecture and panoramic views, designed by Jean Novel.
The Landmark Nicosia: Whether you are looking to purchase a luxury residence or rent prestigious office space, the Landmark Nicosia stands out as a striking addition to the city’s skyline. Featuring Grade A office spaces across 16 floors, the development offers flexible floor plans totaling 1,250 sqm. Its modern metropolitan architecture has attracted some of the leading international companies on the island, making it a hub for business and innovation.
These buildings, like Labs Tower, are part of the trend in Cyprus towards multi-purpose buildings that combine work, living, and leisure under one roof with diverse office solutions – whether companies require a full-fledged office or a flexible co-working space.
Downtown Social Scene: Arts, Music, and Leisure
The new high rise office buildings are in a central location amidst a bustling social scene and an array of restaurants, cafes, and bars, creating an energetic atmosphere for networking and relaxation. Art galleries and museums dot the area, while historical sites and cultural attractions invite exploration. The nightlife and diverse culinary scenes further enhance the appeal of this central location, making it an attractive choice for professionals and entrepreneurs in addition to organizations having access to the talent pool from the city, suburbs and nearby universities.
Benefits of A Dual Presence
For businesses currently operating in Limassol or Paphos, establishing an additional office in Nicosia can be a strategic move. Limassol is recognized for its thriving fintech and technology sectors, along with its longstanding shipping industry, making it one of the largest ports in the Mediterranean. In contrast, Nicosia provides access to a more diverse range of industries and a broader pool of qualified candidates. Given the cultural preference in Cyprus for localized commuting, many professionals may hesitate to travel long distances for work. By having offices in both cities, organizations can effectively tap into talent in Limassol while also reaching skilled individuals in Nicosia and the surrounding suburbs. This dual presence not only enhances recruitment capabilities but also positions companies favorably within the local business ecosystem.
Quality of Life: An Added Bonus
Nicosia offers a high quality of life, making it an appealing location for both businesses and their employees. The cost of living in Nicosia is generally lower than in Limassol, particularly in terms of housing and daily expenses.
A Smart Move for Future Growth
The decision to establish an office in Nicosia could be a pivotal step toward future growth and success. The city’s blend of educational resources, diverse economic sectors, and collaborative work environments makes it a good location for businesses looking to expand their reach.
By leveraging the talent available in Nicosia while maintaining operations in Limassol or other regions, organizations can position themselves strategically to thrive in the Cypriot market. With a variety of office options, businesses can find an environment that not only meets their operational needs but also enhances their visibility in a vibrant and evolving city.
Author: Donna Stephenson
Donna is a seasoned recruitment expert and the founder of Emerald Zebra, a recruitment consultancy established in 2021. With over 24 years of experience in the industry, Donna has successfully built and led multiple recruitment and outsourcing businesses across Cyprus and Malta, including GRS Recruitment. Having lived in Cyprus since 2003, she has cultivated a robust network within the local and international job markets, specializing in sectors such as fintech, technology, and finance.
