The Harmonized Index of Consumer Prices (HICP) saw a year-on-year increase of 2.2% between August 2023 and August 2024, as reported by the Statistical Service on Wednesday. The index also rose by 0.9% between July 2024 and August 2024, with the most notable growth observed in the Services sector. For the January to August 2024 period, the HICP showed a 2.3% rise compared to the same timeframe in the...
Hellenic Bank has launched a new mortgage plan aimed at making homeownership more accessible for first-time buyers. In its announcement, the bank introduced the "First-Time Homeowners" scheme, which offers reduced interest rates, providing significant assistance to individuals purchasing their first property. This new initiative falls under Hellenic Bank’s "My Home" program, which features a reduced...
The first of five specially designed Instagram spots, offering picturesque settings for photos, has been unveiled at Fig Tree Bay in Protaras, according to an announcement by the municipality on Saturday. This new Instagram spot features a large white frame that presents a stunning backdrop. On one side, visitors can capture the scenic view of the beach, while the other side offers a view of what’s...
On Friday, the Bank of Cyprus announced an immediate cut in its reference rate for loans linked to the European Central Bank’s (ECB) base interest rate. The reduction will see the rate drop from 4.25% to 3.65%, taking effect from September 18, 2024. This decision follows the ECB’s recent move to lower interest rates, with the bank highlighting that the 0.60% reduction is expected to provide a...
During a meeting on September 11, 2024, Cyprus President Nikos Christodoulides and UAE President Sheikh Mohammed bin Zayed al Nahyan focused on enhancing cooperation in energy, infrastructure, and regional matters. This discussion was part of an official visit initiated by the UAE President's invitation to his Cypriot counterpart. According to a statement from Government Spokesman Konstantinos...
The Limassol Municipality is advancing a significant infrastructure project at the Akti Olympion site, which includes the construction of a new wharf alongside the current boat ramp and the restoration of the existing facility. Approved by the Environmental Department, the project has been reviewed by various authorities, including the Department of Fisheries and Marine Research, the Cyprus Ports...
According to the Cyprus Real Estate Agents Registration Board, there has been a noticeable shift in investor interest towards land purchases in the second quarter of 2024. Released on Tuesday, 3rd September, the data highlights a growing trend among investors to buy land plots on the island, primarily for the development of modern residential complexes, which are later resold as individual...
A significant reduction in Cyprus’ trade deficit was recorded during the first seven months of 2024, with a 17% decrease bringing the figure down to €4.31 billion from €5.19 billion in the same period of 2023. This data, released by the Statistical Service of Cyprus (Cystat), suggests a potential improvement in the island’s trade balance, though it raises questions about the broader economic...
The municipality of Limassol is preparing to embark on a new infrastructure project in the Neapolis area, following recent approval from the Cyprus Environment Ministry. The project involves constructing a new jetty and upgrading the surrounding area, signaling a significant enhancement to this part of the city. According to an official press release, Limassol's municipality will revamp the existing...
President Nikos Christodoulides is preparing to visit various districts across Cyprus, starting with rural regions, to engage with local leaders about the recent updates to local government regulations. This initiative was revealed during an event at the Presidential Residence in Troodos, hosted by First Lady Philippa Karsera-Christodoulides. Christodoulides emphasized that revitalizing rural areas is a...
