Between January and August 2024, Cyprus saw an 8.6% annual increase in building permits, though a sharp drop of 59.3% was recorded in August compared to the same month in 2023. The decline was largely attributed to technical difficulties with the "Ippodamos" information system, according to the Statistical Service of Cyprus. In August 2024, only 183 permits were authorized, a significant decrease from...
In 2024, Cyprus’s real estate sector achieved transactions worth €4.3 billion, with 19,155 property transfers and 15,797 sales contracts recorded across the country, according to the Department of Lands and Surveys. These figures represent a 1.8% increase in property transfers and a 1.5% rise in sales contracts compared to 2023, though the total value of transfers dipped by 2.3%. Marinos Kineyirou,...
In the coming weeks, the Cyprus government plans to introduce a comprehensive "strategic plan" aimed at attracting foreign investment while seeking input from local business leaders on enhancing the economy’s competitiveness. This announcement came from Energy, Commerce, and Industry Minister George Papanastasiou during an event at the finance ministry, which was attended by industrialists and...
The Interior Ministry of Cyprus has announced that individuals applying for housing assistance through the Service for Care and Rehabilitation of Displaced Persons (YMAPE) can simultaneously apply for the grant scheme aimed at young individuals and couples under 41 years old. Importantly, applicants are not required to withdraw their initial YMAPE application when pursuing the youth housing...
According to a recent report by Landbank Analytics, Limassol stands out as the most expensive district for rentals in Cyprus, with house rents averaging an unprecedented €4,492 per month. On the other end of the spectrum, the Famagusta district remains the most affordable, where apartment rentals average just €745 per month. In Nicosia, the rental market is more balanced, with 917 apartments...
Construction work on numerous new housing units is set to kick off in 2025, according to Eleni Symeonidou, Director of the Land Development Organisation (LDO). During a session with the House Finance Committee on Monday, Symeonidou discussed the LDO's budget for the upcoming year, which includes projected revenues of €33 million and expenditures of €35 million. Symeonidou highlighted that the...
Tourist arrivals in Cyprus soared to an unprecedented 4,040,200 in 2024, marking a historic milestone for the island. This represents a 5.1% increase from the 3,845,652 arrivals recorded in 2023 and surpasses the previous record of 3,976,777 set in 2019, according to the Statistical Service. December 2024 Sets New Monthly Record December 2024 alone saw a record 133,063 tourist arrivals, reflecting a...
Cyprus is expected to sustain strong GDP growth in the coming years, supported by improvements in employment rates, according to a recent report by the Canadian rating agency Morningstar DBRS. The agency emphasized that these trends are likely to enhance the country’s fiscal outlook. Structural Vulnerabilities and Challenges Despite positive developments, the report highlights challenges that...
Starting January 2025, the cost of ready-mix concrete in Cyprus will increase by 5%, following a recent agreement to resolve workers’ strikes over wage demands, according to industry reports from in-cyprus.philenews.com. The price adjustment will see a €4 per cubic meter hike, projected to generate an additional €14 million annually for concrete companies, based on the industry’s estimated...
The average number of government employees in Cyprus reached 54,314 during the January–December 2024 period, reflecting a 3.1% increase compared to the same period in 2023. This growth corresponds to an addition of 1,615 employees, as reported by the Statistical Service on Monday. Key Factors Behind the Growth The primary driver of this rise was the increased recruitment of casual staff in the...
