News

The prices of construction materials are reduced

Compared to the corresponding month of the previous year, the index recorded a decrease of 1.32%.

One step closer to "The Mall of Limassol" worth €80 million.

Еxecution is estimated to be completed 22 months after securing all the necessary permits.

Contract for the safekeeping of 300,000 town planning files of Nicosia

New collaboration comes as part of the overall effort

Min. Consumer Protection: Investigate the installation of solar panels

The total amount of the investment covered by the Scheme is up to €5,000

Surplus €45 million in the last quarter of 2023

According to the quarterly accounts of the general government, total revenues, during the period October-December 2023 increased

Encouraging messages from the Cypriot EEZ

Тhe reduction of electricity costs, the optimal utilization of natural gas in the Cypriot EEZ, the assurance of supply, the lifting of isolation and the acceleration of the green transition

At €3.7 billion, the current account deficit

According to preliminary balance of payments data for 2023, Cyprus's current account has deteriorated

Changes in health care

The purpose of the bill is to amend the Public Service Law

Reduced construction prices

Based on the data of the Statistical Service, a decrease in prices was recorded in the construction sector

Increased employment in the general public sector

The increase is mainly attributed to the increase in the staff of the educational service

Industry turnover increased by 6% in 2023

For the period January – December 2023, the turnover index in industry showed an increase of 5.8%

Initiation of a project to strengthen the capacities of Internal Affairs Funds in Cyprus

The general objective of the project is the effective use and absorption of the financial resources of the Internal Affairs Funds consisting of the Asylum, Migration and Integration Fund

The state collected €90 million from the casino

Тhe state has received from the operation of the City of Dreams Mediterranean resort casino and from the five satellite casinos, an amount of €63 million. in taxes and another €25 million from annual license fees

The Energy Ministers of Cyprus and Egypt discussed the exploitation of natural gas

The two Ministers discussed, at the same time, ways to strengthen the energy cooperation between Cyprus and Egypt, among other things to speed up the development of the complex of natural gas fields southwest of Cyprus

Travel and overnight allowances are reviewed

In addition to travel allowances, allowances for absence away from home in Cyprus have also been reduced.

Sponsorship plan for business competitiveness

The maximum total amount of sponsorship that can be granted to a Large Business is €750,000.

Cyprus in a coalition of states for green investments

The proposal to create a coalition is supported by 14 investment leaders

At €263 million, the investment in Hellenic

The value of the investment in HB stood at the end of December 2023, at €262.8 million compared to €223.2 million at the end of 2022

Circular of the Ministry of Finance for the low-wage earners

The finance minister has the authority to decide on the removal of anomalies and the resolution of problems that may arise

Cypriots rate life satisfaction with 7.2 out of 10

As a result, citizens in 18 of the 27 EU Member States rated their life satisfaction on average higher than or equal to the EU average.

Construction increased - Far from 2019 levels

The total value of building permits reached 263.2 million euros

Cypriot company won commercial battle with Apple

A press release states that in its decision issued by the EUIPO upheld an opinion issued earlier this year

Inflation at 2.4% in November

The biggest change in economic categories compared to November 2022 was observed in the services category

Where does Cyprus rank on the happiness index?

Life satisfaction can be influenced by many factors

Small increase in new construction - Far from 2019 levels

Building permits are an important indicator of future activity in the construction sector.

Real estate transfers €1.4 billion in the nine months

Cyprus property market achieves remarkable performance against the background of the negative environment that is still dominant

A bill for urban redevelopment was approved

The objectives of the legislative proposal are, to create and provide land plots ready for development

Real estate companies are hit by losses

It is noted that tighter financing conditions have reduced affordability and demand for real estate assets, putting downward pressure on prices

Investment in research and innovation is important

The research and innovation sector has proven its ability to elevate Cyprus as one of the emerging economies based on innovation

Changes in the institutional framework for investment funds

The draft law introduces specialisation into the institutional structure of investment funds by providing for standardisation and licensing of administrative services

At 3.89% the pension increase

the Percentage of the increase is calculated according to the increase in the average insurable earnings

Rapid increase in imports of green energy products

Eurostat data shows changes in the market for products such as wind turbines, liquid biofuels and solar panels

The real estate market is not afraid of crises

Real estate market continues its upward trajectory, recording an increase of 19%

HELLENiQ ENERGY acquires six photovoltaic parks in Cyprus

The new parks will operate gradually, within the next five months, after the completion of the shares transfer.

The real estate market "doesn't care" about interest rate hikes

Prices and demand are on the rise

Extension for submitting an objection for Personal Income Taxes 2023

The Commissioner also decided that no additional tax of 5% will be imposed on taxes issued within 2023

‘Cyprus has positioned itself as a leading destination for global companies’, IP strategist says

Cyprus has witnessed a wave of business relocations from around the world

Another formula for €20 million from gambling

Parliament is discussing a proposal for law transferring responsibility for managing a share of gambling profits to the state.

Increase in building permits

An increase in the issuing of building permits was recorded between January and May 2023

Registered businesses decreased

The number of business entities registered in the registers of the tax authorities has decreased

Deposit and lending rates increased

As can be seen from the data announced by the Central Bank, deposit and lending rates in Cyprus rose in May.

The salary increase

The average monthly wage increased by 7.2%

Sales documents increased, mortgages decreased

A 20% increase in sales documents filed with the Department of Land and Survey (TCX) since the beginning of 2023

Building materials are more expensive

The Construction Materials Price Index registers an increase of 8.2%

5% VAT on real estate

To the Plenary at the beginning of June, the 5% VAT on real estate

Pre-pandemic rates in the real estate market

The property market has been moving at a pace that predates the Coronavirus crisis

Role of Cyprus for European energy security

The exploitation of both natural gas and renewable energy sources of the Eastern Mediterranean region , can make a decisive contribution to addressing the challenges for the Union's energy security

All open for a reduced 5% VAT on real estate.

Another revision of the set criteria and value of properties to be subject to the reduced VAT rate

Reopening of the Troodos National Forest Park

Troodos National Forest Park, which were closed during the winter season for safety and public protection reasons, will now be open and accessible

The possibilities of communication in the new age

We have now surpassed the stage of digital transformation in the services and products provided, as we are moving into the period of their intelligent reconstruction by artificial intelligence.

Change of use of 14 industrial areas

Change of use of the 14 government industrial areas in order to allow the installation of units dealing with the production, transmission and distribution of electricity and natural gas

Cyprus is in the market to raise €1 billion

Cyprus goes to the markets with the aim of raising €1 billion, under the framework of Sustainable Financing

Income of €12 million to the OCAG from "golden passports"

Ministry of the Interior would not proceed with the issuance of the naturalization certificate if the supporting documents proving the payment of the contributions were not presented.

Plans to exclude large families and the vulnerable

Support programs for citizens to save energy by installing photovoltaics in buildings or buying an electric car exclude those with many children as well as other vulnerable population groups

Time zero for reduced VAT on real estate

The government and the Parliament reached an informal agreement to resolve the imposition of a reduced VAT rate of 5% for the purchase or construction of a first home

The creation of expropriation courts

The new law proposal submitted yesterday to the Parliament, amends the law on courts

Changes in property prices that go under the hammer

The proposed bill concerning the amendment of the Immovable Property Law of 2002 seeks to simplify the existing procedures for determining the reserved sale price of immovable property

Cyprus with more embassies in 2023

The diplomatic presence of Cyprus abroad is being strengthened with the reopening or opening of four new Embassies within 2023.

Construction is starting to build the Salina Park in Larnaca

In the centre of Larnaca, there will be hundreds of square metres of green oasis that have long been neglected and unneeded.

Photovoltaic park €77 million and 72 MW capacity

A large photovoltaic park with a total capacity of 72 MW with energy storage of 41 MW / 82 MWh, is planned in the communities of Akaki and Kokkinotrimithia, in the province of Nicosia.

Cyprus on the world market list of ultra-luxury real estate

Cyprus remains on the global list as one of the top 100 luxury housing markets in the world

Employment and jobs are increasing

By the Statistical Service employment in Cyprus is showing an increase

The hotel industry enters a new tourist season

In the summer, the new hotel giants operate

Which interest rates are increasing, which are decreasing

The central bank has published an update on the changes in interest rates on loans and deposits in Cyprus in January 2023.

University of Nicosia and CIFA signed a memorandum

The University of Nicosia and the Cyprus Investment Funds Association (CIFA) signed a Memorandum of Cooperation to expand and strengthen their relations.

The 10 most affordable countries to live in retirement

Cyprus is among the most affordable countries for retirement

In 2022 the turnover index showed increases

Annual increase in turnover ratio in all sectors

The transformation of Paphos

Projects are in full progress on the Pafos beach front

Satisfaction with Akama Local Plan

OPOK for Akama project: Environmental protection is ensured

Harmonized inflation in Cyprus fell

According to data released by Eurostat, in Cyprus harmonized inflation reached 6.8%

Rent Against Installment

Borrowers are excluded from the "Rent Against Installment" scheme

Nicosia is among the first 10 small European cities of the future

Financial Times lists Nicosia to be one of Europe's future cities

The parliamentary finance committee should have a clear picture on the issue of reduced VAT for first residence by the beginning of March

They are asking for a 5% VAT renegotiation from a new MINISTRY OF FINANCE

Cyprus construction materials price index sets new record

At the highest point since 1986 the prices of construction materials

Bank of Cyprus receives quality award from JP Morgan

The Bank of Cyprus announced that it recently received the Quality Recognition Award from global finance giant JP Morgan Chase Bank

€5.2 billion in value of real estate transactions

In total, the volume of transactions reached 22,500, marking an annual increase of 12%

growth and falling inflation

EU: 1.6% growth and falling inflation in 2023

Presidential Elections 2023

New President of the Republic, Nikos Christodoulidis

Increase in property sales by 28%

In January 2023, there was a significant increase in property sales documents filed in the land registry.

Updated Paphos marina project approved

The Paphos marina with a luxury jetty is coming

Tax breaks for "social" investments

The Ministry of Finance is currently pushing a bill to provide tax relief for individuals.

Photovoltaic park for the needs of the Ministry of Agriculture

The photovoltaic park will produce electricity silently, without waste or gas emissions, making a significant contribution to protecting the environment.

On the positive image of Paphos

Pafos' reputation in 2022 is favourable across all sectors of the economy

Real estate prices picked up speed

Property prices have risen significantly in Cyprus

Lower housing costs

Eurostat: Lower housing costs in the villages of Cyprus

Working to complete the Akama Local Plan

PtD instructions for Acamas are clear

The casino resort opens up new perspectives

City of Dreams Mediterranean, Cyprus’ first integrated resort, is expected to be the largest and premier integrated destination resort in Europe.

Electricity generation from RES in Cyprus

Electricity generation from RES is low

Interest rate rises is on the way

A new round of interest rate increases is expected by the ECB and the Fed

The economic situation in Cyprus is improving

Cyprus's economic situation is growing, but future prospects remain dim

Deposits and loans increased

Deposits and loans in the financial system showed an upward trend in December 2022

Environmental concerns for tall buildings in Nicosia

According to an announcement by "in the area where tall buildings are erected, such as the one planned on Kinyra Street in Nicosia"

Foreign investments in Paphos exceeded €15 million

The Paphos Chamber of Commerce and Industry (Evep) on Wednesday said that foreign investments in the district have exceeded €15 million in total.

Prohibition on changing name or surname in Cyprus

Cyprus wants to introduce a ban on changing first or last name on naturalisation

The approval of the Akama plan

Under the present government the approval of the Akama plan

Historically, the highest prices of construction materials

Construction materials price index rose by 17% in 2022

Real estate worth €6 billion in Cyprus

The value of real estate sold in Cyprus during 2022 is approaching €6 billion

Building permits down by 4.9% in the first ten months of 2022

The number of new building permits continues to fall in Cyprus.

Cyprus property price index is rising

Housing prices up during Q3 of 2022

Marina at 300 places will be appeared in Paralimni

Theodoros Pirillis, mayor of the city of Paralimni, presented the project of building a large marina.

The Cyprus real estate market grows and the growth trend in 2019

The Department of Land Registry of Cyprus published data for 2018.