The price of construction materials in Cyprus experienced a slight annual rise of 1.19% in July, as reported by the Statistical Service of Cyprus. While the index showed a negligible monthly increase of just 0.01% from June, its year-over-year growth continues to be positive. The index, which is based on the year 2021 (with 2021=100), reached a value of 119.04 units in July 2025. Over the first seven...
A robust Cyprus property market has carried its momentum into 2025, characterized by steady prices and strong demand from both domestic and foreign investors. However, this stability masks a growing affordability crisis for local buyers who are grappling with high prices and cost-of-living pressures. According to Marinos Kineyirou, President of the Cyprus Real Estate Agents Registration Council, the...
The Cypriot economy expanded by a robust 3.3% in the second quarter of 2025, a growth rate more than double the European average, prompting the Ministry of Finance to declare it a confirmation of the nation's economic resilience. A flash estimate released on Thursday by the Cyprus Statistical Service showed the year-on-year growth for April to June 2025 at 3.3%, based on seasonally adjusted data. The...
The Cypriot economy displayed strong upward momentum across its primary sectors in the first six months of 2025, fueled by significant gains in exports, tourism, and construction. The data, released by the Cyprus Statistical Service (CyStat) in its "Monthly Economic Developments" bulletin, paints a picture of a resilient economy, with only a few specific areas showing a downturn. The report, which...
Cyprus is experiencing the apex of its summer tourist season, with hotels across the island expected to reach near-full capacity of 90% to 95% starting this weekend and continuing through August 18. While the tourism sector enjoys this boom, a prominent industry leader is sounding the alarm over the growing problem of unlicensed accommodations threatening the market. According to Thanos Michaelides,...
The share of non-performing loans (NPLs) in Cyprus’ banking sector fell to 5.9% in April 2025, down from 6.1% in March, according to updated aggregate figures released on Friday by the Central Bank of Cyprus (CBC). The CBC attributed the improvement to a combination of loan repayments, positive reclassifications into performing categories, write-offs, and exchange rate movements. At the end of April,...
Limassol has maintained its position as the powerhouse of Cyprus’ luxury real estate market in the first six months of 2025, securing six of the nation’s ten most expensive property sales, according to data from real estate analytics firm Ask Wire. These high-profile deals in the city amounted to €105.7 million in total. The largest transaction of the period was the €44.8 million sale of part of...
Cyprus issued 2,157 building permits between January and April 2025, down 15.2% from the 2,545 permits granted during the same period in 2024, according to figures released on Friday by the Statistical Service. While the number of permits fell, their total value rose by 15.4%, and the total area covered increased by 13.3%. The number of planned dwelling units also went up by 12.1%. Breaking down the...
July 2025 has gone down as the busiest month on record for Cyprus airports, with 1,653,880 travelers passing through Larnaka and Pafos terminals, according to Hermes Airports. Figures released by the airport operator highlight the continued rise in Cyprus’s appeal as a travel destination. Passenger numbers for the first seven months of 2025 reached 7.3 million — an 11.4% increase compared to the same...
Cyprus saw a 6.6% drop in unemployment in July 2025 compared to the same month last year, according to data released by the Statistical Service of Cyprus. The number of individuals registered as unemployed at District Labour Offices stood at 11,088 on the last day of the month. Despite the annual decline, seasonally adjusted figures indicate a slight month-on-month rise in unemployment. The adjusted...
