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...
Limassol continues to dominate the office rental market in Cyprus, with rates averaging €29 per square meter, significantly higher than Nicosia’s €13 per square meter. According to a report by Landbank Analytics, Limassol accounts for nearly 70% of available office spaces, reflecting its status as a business hub. The analysis, based on real estate platform data from January 2025, provides a...
Cyprus has made a significant leap in the global startup landscape, securing its status as one of the fastest-growing ecosystems worldwide. According to the latest StartupBlink Ecosystem Index 2024, the country climbed nine places in the rankings, marking the most substantial rise among all nations. This achievement also positions Cyprus as the fastest-growing startup ecosystem in the European...
A recent decision by the Nicosia District Court could have major implications for thousands of property owners with outstanding mortgages. The court issued an interim injunction, halting the foreclosure of two apartments and a shop due to potentially unlawful charges added to the mortgage agreement. This marks the first time a Cypriot court has intervened in a foreclosure based on the terms of the...
