The construction sector in Cyprus experienced growth on two fronts in the second quarter of 2025, with both the volume of production and the output prices for construction projects recording significant annual increases. According to data released Tuesday by the Statistical Service, this trend was consistent throughout the first half of the year. Second Quarter Performance in Detail The Index of...
House prices in Cyprus showed a modest 1.0% annual increase in the second quarter of 2025, a figure that highlights a stable and slowing market that stands in stark contrast to the rapid price hikes seen across most of Europe. According to the latest data from Eurostat, the EU and euro area saw average annual price increases of over 5%. The European Context: A Hot Market While Cyprus experienced very...
Cyprus continues to grapple with serious challenges in the management of jointly-owned buildings, as the long-awaited legislation meant to address communal fee issues remains unresolved more than two years after its initial drafting. The original bill, first introduced for public consultation to modernize the framework governing jointly-owned properties, has since evolved into three separate pieces of...
Consumer prices in Cyprus fell for the fifth consecutive month in September, with the annual inflation rate dropping to -0.7%. According to data from the Statistical Service, the continued deflation is primarily driven by a sharp decrease in energy and agricultural product costs, which has offset rising prices in the services sector. The Drivers of Deflation The most significant...
Residential property prices in Cyprus continued their upward trend in the second quarter of 2025, with the House Price Index (HPI) rising by 1% year-on-year, according to preliminary figures released Friday by the Statistical Service. The HPI for Q2 2025 stood at 113.99 units (base year 2015=100). On a quarterly basis, the index edged up by 0.2% compared with the first quarter of the year, reflecting...
The Cypriot economy continued on its positive growth trajectory in September, with the Cyprus Composite Leading Economic Index (CCLEI) recording a solid 1.8% year-over-year increase. The growth was supported by strong performances in the tourism and retail sectors, demonstrating the economy's resilience despite external challenges. Key Sectors Driving Positive Momentum According to the Economics Research...
Limassol is set to gain two new landmark high-rise developments after the projects received approval from the Environmental Authority. The two mixed-use projects represent a combined investment of over €260 million and will add several new residential and office towers to the city's growing skyline. The €189 Million Transformation of the KEAN Site The historic former KEAN soft drinks...
President Nikos Christodoulides on Tuesday praised the European Investment Bank (EIB) as a crucial and steadfast partner for Cyprus, while highlighting the country's resilient economic growth and rapidly falling public debt. Speaking at an EIB Board Retreat in Limassol, the President outlined his vision for European autonomy and detailed Cyprus's priorities for its upcoming EU presidency. A Resilient...
Tourism continues to fuel Cyprus’s economy, with revenues for January–July 2025 reaching €1.89 billion, marking a 17.4% increase compared to €1.61 billion in the same period of 2024, according to data released Monday by the Statistical Service of Cyprus. July alone generated €513 million in tourism income, an 8.2% rise from the €474 million recorded in July 2024, the Statistical Service’s...
The Cypriot government has introduced a new bill aimed at addressing long-standing problems in the management of jointly-owned buildings, with new provisions for professional safety inspections and mandatory reserve funds. However, the legislation is already facing criticism for failing to effectively tackle the most critical issue: the non-payment of communal fees by delinquent owners. Key Provisions for...
