Tourism continues to fuel Cyprus’s economy, with revenues for January–July 2025 reaching €1.89 billion, marking a 17.4% increase compared to €1.61 billion in the same period of 2024, according to data released Monday by the Statistical Service of Cyprus. July alone generated €513 million in tourism income, an 8.2% rise from the €474 million recorded in July 2024, the Statistical Service’s...
The Cypriot government has introduced a new bill aimed at addressing long-standing problems in the management of jointly-owned buildings, with new provisions for professional safety inspections and mandatory reserve funds. However, the legislation is already facing criticism for failing to effectively tackle the most critical issue: the non-payment of communal fees by delinquent owners. Key Provisions for...
A new report from the Cyprus Audit Office has revealed serious deficiencies in the framework governing property sales to third-country (non-EU) nationals, citing legal loopholes, weak oversight, and outdated systems. The findings raise strategic concerns for the country and have prompted a call for urgent policy reform. The Corporate Loophole and Underestimated Data The report highlights...
The online real estate platform BuySell holds a commanding leadership position in the Cypriot property market, with 70% to 80% of all active listings for sale. This is a key finding from a new comparative analysis conducted by IMR/University of Nicosia, which highlights the structure of the rapidly growing online property sales sector. Market Share Breakdown The study's findings reveal a clear hierarchy...
The Bank of Cyprus and Eurobank have been collectively fined €1.4 million by the Cyprus Consumer Protection Service (CCPS) for including unfair terms in more than 22,000 mortgage contracts. Both institutions have been ordered to amend the thousands of affected loan agreements within 60 days. Details of the Rulings The investigation found that numerous clauses in the banks' mortgage contracts violated...
Young people in Cyprus face one of the lowest housing cost burdens in the European Union, a favorable situation that's closely linked to the cultural trend of living in the parental home for longer than the EU average. According to data for 2024 released by Eurostat, only a tiny fraction of young Cypriots live in households that are financially strained by housing expenses. The Housing Cost Advantage The...
The Central Bank of Cyprus (CBC) forecasts steady economic expansion for 2025, projecting a GDP growth of 3.3%, a reduction in unemployment to 4.6%, and a slowdown in inflation to 1%, according to its latest September 2025 macroeconomic report. This is a slight upward revision from the CBC’s June 2025 projections, with GDP expectations increased by 0.2 percentage points, largely attributed to a...
Cyprus remains a top destination for overseas property buyers, and with the right preparation, a purchase can be a secure and rewarding investment. Experts have outlined a clear due diligence process as the cornerstone of a successful transaction, ensuring buyers can navigate the market with confidence and avoid potential pitfalls. The Cornerstone of a Secure Purchase: Independent Legal Counsel The first...
The Cyprus Land and Building Developers Association (CPDA) has announced its full support for a revised bill that will establish a national mechanism for screening foreign direct investments (FDI). The association described the legislation as a crucial step towards enhancing transparency, boosting credibility, and aligning Cyprus with European standards. A Framework for Transparency and Trust In a...
A new draft bill aimed at screening foreign direct investment (FDI) in Cyprus risks creating significant uncertainty and delays in the property market, potentially deterring foreign capital. This warning comes from the Association of Credit Acquisition Companies and Credit Facility Management Companies (ACACS) in a letter to the Parliamentary Committee on Finance. Vague Definitions and Bureaucratic...
