Cyprus’ Ministry of Transport has confirmed a significant rise in air traffic this week, largely driven by emergency repatriation operations and increased regional demand. Despite these challenges, the Ministry emphasized that flight operations continue at high levels of efficiency and aviation safety. In an official statement released Thursday, the Ministry revealed that Cyprus is currently...
During a high-level meeting held on June 23 with President Nikos Christodoulides, the Cyprus Real Estate Developers Association emphasized the critical importance of the property development and construction industry to Cyprus’ broader economic and social development. Also present at the meeting were Interior Minister Constantinos Ioannou, Deputy Minister of Migration Nicholas Ioannides, Deputy Minister...
The Central Bank of Cyprus (CBC) has slightly adjusted its outlook for the country’s economic performance in 2025, projecting a marginally lower growth rate alongside a more subdued inflation forecast. In its latest update released Friday, the CBC estimates GDP growth for 2025 at 3.1%, slightly down from the 3.2% forecast issued in March. Meanwhile, inflation is now expected to drop significantly to...
During a recent Employment, Social Policy, Health and Consumer Affairs Council (EPSCO) session in Luxembourg, Cyprus’ Labour Minister Yiannis Panayiotou emphasized the country’s ongoing progress in labour market development, aligning with broader EU goals. According to a press release from the Ministry of Labour, Minister Panayiotou addressed the Council on key EU social priorities, expressing...
The cost of building materials in Cyprus continues to trend upward, albeit moderately, with potential implications for the real estate sector. According to data released by the Statistical Service on Wednesday, the Price Index of Construction Materials reached 118.92 units in May 2025 (base year 2021=100), reflecting a 1.34% year-on-year increase compared to May 2024. On a month-to-month basis, the index...
Cyprus saw a notable rise in tourism during May 2025, with tourist arrivals increasing by 13.7% compared to the same month last year. Data released by the Statistical Service of Cyprus shows that a total of 479,160 visitors entered the country in May, up from 421,400 in May 2024. Cumulatively, from January through May 2025, tourist arrivals reached 1,344,486—marking a 14.9% year-on-year increase from...
Cyprus recorded a rare instance of deflation in May 2025, marking the first time in over four years that consumer prices declined on an annual basis, according to figures released by the Statistical Service of Cyprus. The annual inflation rate for May dipped to -0.2%, a reversal from recent inflationary trends. The last time the Consumer Price Index (CPI) showed a year-on-year decline was in March 2021,...
The Ministry of Finance anticipates a period of consistent, albeit slightly decelerating, economic expansion for Cyprus over the next four years, alongside a notable reduction in public debt. According to the June 2024 edition of their "Strategic Framework for Fiscal Policy 2026–2028," the Ministry projects a GDP growth rate fluctuating between 2.9% and 3.1%. Furthermore, a significant decrease in public...
Larnaca has emerged as the frontrunner in Cyprus’s property market for the first quarter of 2025, posting the strongest increases in real estate values across multiple categories, according to the latest RICS Cyprus Property Price Index, prepared in collaboration with KPMG in Cyprus. The data indicates that office spaces in Larnaca experienced the most notable surge in value, while residential...
Cyprus recorded a substantial increase in tourism revenue during the first quarter of 2025, highlighting a robust start to the year for one of the country’s key economic sectors. According to data released by the Cyprus Statistical Service, tourism revenue between January and March reached €278.3 million, up from €223.3 million during the same period in 2024. This represents a year-on-year growth of...
