A partial building collapse in Germasogeia has reignited a fierce debate over the safety of Cyprus’s aging building stock. The Scientific and Technical Chamber of Cyprus (ETEK) issued a blistering warning on Sunday, stating that the incident is a resounding alarm for a widespread problem that puts thousands of lives at risk across the island. Despite current laws placing full legal responsibility on...
In a major shift for the island’s legal and property landscape, lawmakers have passed a landmark reform allowing courts to strike down abusive clauses in loan agreements regardless of when they were signed. The legislation, which received 26 votes in favor, effectively removes the time barriers that previously protected older contracts from modern consumer standards. The reform is expected to have a...
The gap between the local economy and the wealthiest nations in Europe continues to close, with new data revealing that the island's purchasing power is now nearly identical to that of France. According to preliminary 2025 figures released by Eurostat on Wednesday, March 25, 2026, the gross domestic product (GDP) per capita—adjusted for price differences—has reached 98% of the European Union...
Interior Minister Constantinos Ioannou has outlined a comprehensive national roadmap to combat the escalating housing shortage, identifying affordable living as a flagship priority of the current EU Presidency. Speaking at a major industry conference in Nicosia on Tuesday, March 17, 2026, the Minister detailed a strategy designed to bridge the widening gap between high demand and stagnant supply. The...
The Cypriot labor market finished 2025 on a remarkably strong note, witnessing a significant expansion in both the total number of people in work and the total volume of hours they contributed. According to provisional estimates released by the Cyprus Statistical Service (Cystat) on Friday, March 6, 2026, the final quarter of the year saw employment figures rise by 2% compared to the same period in...
In a major strategic shift for Cyprus’ southeastern coast, the ambitious redevelopment of Larnaca’s port and marina will now proceed as two independent but concurrent ventures. This recommendation comes from specialized advisors to Greece’s National Investment Fund , who were tasked with finding a sustainable path forward following the termination of previous multi-billion euro contracts. By...
The Cypriot residential property market continued its upward trend in the second quarter of 2025, with prices rising 4.7% annually. This growth was fueled almost entirely by a boom in apartment prices, which masked a significant slowdown in the market for houses, according to data released Friday by the Central Bank of Cyprus. The Engine of Growth: Surging Demand The Central Bank's report highlights that...
A remarkable 46% surge in domestic property sales in Limassol single-handedly propped up the Cypriot real estate market in August, offsetting significant declines in all other districts. A detailed analysis from the Department of Lands and Surveys released Friday shows that while overall property sales dipped by a marginal 1% compared to last year, the domestic market remained stable thanks entirely to...
The cost of borrowing for home purchases in Cyprus decreased in July, while interest rates on consumer credit rose, presenting a mixed picture for household finances, according to data released Wednesday by the Central Bank of Cyprus (CBC). Overall, the interest rate environment in Cyprus remains close to the median for the Eurozone. Detailed Breakdown of Loan and Deposit Rates The CBC figures for...
