Demand for modern office spaces in Cyprus, particularly in Limassol, remains strong in 2024, as companies pursue energy-efficient buildings, according to a report released on Monday from property consultants Danos. The company reported that office prices continue to rise, despite an increase in supply, following a significant low in early 2022 with rents now approximately 14 per cent […]
Country is on track to meet Maastricht debt threshold by 2026 Cyprus has seen its debt-to-GDP ratio drop to 72.3 per cent, marking a substantial decrease of nearly 10 percentage points over the past year. According to a report released on Friday from the Cyprus Statistical Service (Cystat), the total general government debt was recorded at €22.81 billion at […]
Here are the top business stories in Cyprus from the week starting August 19: A total of 6.6 million passengers traveled through Cyprus’ airports between January and July this year, according to airport operator Hermes Airports. Looking ahead, the company said that it expects the figures for August to exceed 1.5 million passengers, similar to […]
Cyprus has seen its debt-to-GDP ratio drop to 72.3 per cent, marking a substantial decrease of nearly 10 percentage points over the past year. According to a report released on Friday from the Cyprus Statistical Service (Cystat), the total general government debt was recorded at €22.81 billion at the end of June, a reduction from […]
United Luck Consortium has purchased Outfit7, the maker of the wildly popular Talking Tom mobile app, for $1 billion. The buyer is not actually the previously rumored acquirer, Chinese chemical firm Zhejiang Jinke Entertainment Culture. Rather, Outfit7 Investments Ltd. (Outfit7) said in a press release that its shareholders have sold 100 percent of the company to a consortium […]
The resort town of Ayia Napa is experiencing its strongest post-pandemic tourism season to date, defying expectations of lower arrivals due to Middle East tensions, Mayor Christos Zannettou told local media on Thursday. All data, including overnight stays, bed occupancy, and wastewater flow, show an increase from 2023, Zannettou said, noting a rise in visitors from both […]
The car market is still going strong, with passenger saloon car registrations reaching 24,126 in the first seven months of 2024, compared to 21,178 in the corresponding period last year, registering an increase of 13.9%. The percentage of used cars decreased marginally, which, however, still make up the majority with 13,975 registrations or 57.9%, compared […]
The Deputy Ministry of Shipping has announced that it has launched a Public Consultation for the adoption of a National Strategy on Cruise Tourism. “In recognition of the capabilities and potential of cruise tourism to reinforce economic growth, create new jobs and promote Cyprus’ culture, but also the advantages and particularities of Cyprus as a […]
The Deputy Ministry of Shipping has announced that the Council of Ministers has decided to extend the Agreement for the execution of the Cyprus-Greece Maritime Passenger Connection, for a further 3 years. According to a Ministry announcement, the decision was taken on 23 August after the evaluation of performance indicators based on the numbers of […]
The Cypriot economy is on an upward trajectory and displaying resilience, Finance Minister Makis Keravnos said on Friday, after briefing the Cabinet on the semi-annual fiscal policy report. In remarks following the cabinet meeting, Keravnos explained that the purpose of the briefing and report was to assess whether the financial indicators are in line with projections, noting […]
The Althaia barge, a new floating cold ironing unit powered by compressed biomethane, was recently launched at Limassol port, as part of the BioCNG-to-CI project. This initiative, which took place on August 13, aims to provide green electricity to ships at berth or at anchor, in turn supporting the decarbonisation of shipping and promoting the […]
Larnaca’s hotels are enjoying robust occupancy rates this summer, ranging from 80 to 85 per cent, according to Marios Polyviou, president of the Larnaca Hoteliers Association (Pasyxe). Speaking to the Cyprus News Agency (CNA), Polyviou said that “that most visitors are coming from Britain and Israel“, noting that “both July and August performing particularly well”. “We are very […]
The Cyprus Land Development Corporation (CDLC) has outlined a development programme aimed at providing affordable housing for eligible individuals, according to General Manager Eleni Simeonidou. CDLC’s initiatives include the sale of ready-made homes at affordable prices, construction of apartment buildings for rent, and the management of urban incentives designed to provide affordable apartments from private developers. The […]
The Defence Ministry and the Electricity Authority of Cyprus (EAC) has signed a Cooperation Agreement for the installation of photovoltaic systems, with a total capacity of 12MW, and energy storage systems, at the Ministry’s and the National Guard’s facilities, following a decision taken by the Council of Ministers. The agreement was signed by the Permanent Secretary […]
PwC Cyprus partner and telecoms lead Nicos Theodoulou on Thursday highlighted key strategies for telecom leaders to remain competitive amid rapid industry changes in the “Digital connectivity is more important than ever, especially with the rollout of 5G networks,” Theodoulou said, referencing the latest PwC Global Telecoms Industry Outlook report. He pointed out the potential […]
Cypriot banks have nearly eliminated their borrowing from the Eurosystem through Targeted Longer-Term Refinancing Operations (TLTROs), with the latest data from the Central Bank of Cyprus (CBC) showing repayments totalling €2.6 billion. According to the CBC’s monthly balance sheets, the remaining borrowing through TLTROs dropped to €100 million by the end of June, down from […]