The Cypriot government is set to approve a €12 million affordable housing project in the Strovolos area of Nicosia, which will see the construction of 54 new apartments. The initiative, a collaboration between the Interior Ministry and the Cyprus Land Development Corporation (CLDC), aims to alleviate rental pressures in the capital by increasing the supply of reasonably priced accommodation. Details of...
A growing trend of treating housing primarily as a financial asset rather than as shelter is fueling a rental crisis in Cyprus and Greece, leading to soaring rents, deteriorating properties, and significant housing stress for local populations. This "financialization" of real estate, driven by an influx of foreign capital and the explosive growth of short-term rental platforms, has created a market of...
The employment market in Cyprus showed solid growth in the second quarter of 2025, with both the total number of people employed and the total hours worked increasing compared to the same period last year. The technology, trade, and hospitality sectors were the primary drivers of this expansion, according to data released Friday by the Statistical Service. The Key Figures Total employment in Cyprus rose...
Revenue from tourism in Cyprus surged by 21.3% in the first six months of 2025, reaching a total of €1.38 billion, according to the latest data from the Statistical Service. This significant increase from the €1.14 billion recorded in the same period of 2024 underscores a robust start to the year for the island's vital tourism industry. June Performance and Per-Capita Spending The positive trend...
Cyprus was the only member state in the euro area to record deflation in August, with its annual inflation rate hitting -0.1%, according to a flash estimate from Eurostat. This unique position occurred as the overall inflation for the currency bloc ticked upward. The European Context While Cyprus experienced a marginal drop in prices, the annual inflation rate for the euro area is estimated at 2.1% for...
The retail sector in Cyprus demonstrated robust health in July 2025, with the volume of sales surging by 8.7% compared to the same month last year. The total value of these sales also saw a significant increase of 5.2%, according to the latest data released by the Statistical Service. Sector Standouts Driving Growth The primary engine of this growth was the food, beverages, and tobacco category in...
The use of cryptocurrency to purchase real estate has surged by 300% over the past year, cementing its role as a viable, albeit complex, transaction method in the 2025 property market. Investors are increasingly using digital assets like Bitcoin and Tether to buy property globally, attracted by the speed of transactions, but the practice is laden with risks ranging from price volatility to stringent...
The Environmental Authority has given the green light for two significant residential developments in the Paphos district, representing a combined investment of over €30 million. The projects will introduce more than 125 new apartments and maisonettes to the area, catering to growing demand for modern housing. The Flagship Agia Marinouda Complex The larger of the two approved projects is a €25...
Cyprus's public debt is now expected to drop to approximately 50% of its Gross Domestic Product by the end of 2025, a forecast that significantly surpasses previous government targets. Finance Minister Makis Keravnos announced the revised projection on Wednesday, noting that the rapid debt reduction will free up funds for development and defence spending. European Commission's Positive Assessment The...
The Cypriot government is proceeding with a comprehensive tax reform designed to create a more stable and transparent system that attracts foreign investment and enhances local entrepreneurship, the Ministry of Finance has confirmed. As part of an ongoing "extensive consultation" on the matter, Finance Minister Makis Keravnos is scheduled to hold a joint meeting with leaders and representatives from all...
