Tourism in Cyprus saw a notable increase in February 2025, with 133,760 arrivals, marking a 7% rise compared to 125,034 visitors in February 2024, according to data released by the Cyprus Statistical Service on Monday. Strong Start to 2025 for Tourism The upward trend extends beyond February. During the first two months of 2025, Cyprus welcomed 245,860 tourists, reflecting a 15.4% growth compared to...
The Cypriot real estate market experienced a 7% rise in property sales in February 2024, compared to the same period in 2023. Key cities Limassol, Larnaca, and Nicosia each recorded over 300 sales, indicating continued demand in urban centers. However, the market presented a mixed picture across different regions. Sales in Larnaca surged by 36%, while Nicosia saw a 13% increase. Limassol recorded a...
The rise in residential property prices (both houses and apartments) slowed down in the third quarter of 2024, signaling a cooling trend in the market, according to the Central Bank of Cyprus. The latest data suggests that the upward momentum in real estate is easing, particularly in apartment prices, which saw a sharper slowdown compared to houses. Market Trends and Influencing Factors In its Q3 2024...
The Urban Planning Amnesty Scheme, designed to legalize minor planning violations, has received 699 applications since its launch on September 23, 2024. The scheme remains open for six months, with the deadline set for March 23, 2025. Breakdown of Applications by City According to Elikkos Elia, Permanent Secretary at the Ministry of the Interior, the vast majority—616 applications—pertain to...
The Cyprus Housing Finance Corporation (HFC) is preparing to sell €57 million worth of non-performing loans (NPLs) from its €270 million portfolio, as revealed during a House Finance Committee meeting on Monday. Key Details of the Loan Sale HFC Director General Christoforos Kaplanis announced that the loans included in the sale primarily involve: Primary residences valued over €250,000...
Inflation in Cyprus increased by 1.9% in February 2025, according to data released by the Statistical Service of Cyprus (CyStat). The Consumer Price Index (CPI) for February 2025 rose by 0.38 points, reaching 117.11 units, compared to 116.73 units in January 2025. Key Economic Category Changes Year-on-Year Comparison (February 2024 – February 2025) The most significant annual changes were...
The Minister of Interior, Constantinos Ioannou, has unveiled an expanded fast-track system for urban planning and building permits, aimed at simplifying and accelerating the approval process for low and medium-risk developments. This initiative is part of broader reforms in the licensing sector. The new procedure applies to: Terraced housing projects with up to 12 units Apartment buildings up to...
The issuance of net new loans in Cyprus saw a sharp decline in January 2025, dropping to €318.7 million from €592 million in December. The decrease was primarily driven by a slowdown in business lending, while consumer and housing loans showed mixed trends. At the same time, most loan interest rates, including those for housing and business loans, recorded a decline. Breakdown of New...
The Cypriot economy maintained steady growth in 2024, with an estimated expansion rate of 3.4% in real terms, according to data from the Statistical Service of Cyprus. The preliminary estimate for the year highlights a positive economic trajectory, with GDP at current prices reflecting a 6.6% increase. Key Sectors Driving Growth The economic upturn was primarily fueled by growth in several key...
The Cyprus property market kicked off 2025 on a high note, with property sales contracts deposited at Land Registry offices surging by 21% in January compared to the same period in 2024. According to data from the Department of Lands & Surveys, all districts reported growth, highlighting strong investor confidence and sustained demand. District-Wide Performance Famagusta led the way with a...
