CBC projects GDP growth at 2.6%, 3.1%, 3.2% in years 2024-2026

The Central Bank of Cyprus (CBC) expects GDP growth of 2.2% in 2023, compared to significant growth of 5.1% in 2022, while for the years 2024-26 it expects GDP growth of 2.6%, 3.1% and 3.2%, respectively. At the same time, CBC Governor Constantinos Herodotou stresses that “the implementation of reforms and the emphasis on sustainable […]

EC approved interest subsidy scheme for housing loans

The European Commission’s DG Competition has approved an interest subsidy scheme for housing loans concluded between January 1, 2022 until December 31, 2023 and concern the purchase or construction of a primary residence for families with an annual income of 50,000 euro, Government Spokesperson Konstantinos Letymbiotis said on Tuesday. Speaking during a press briefing at the Presidential […]

Commission forecasts GDP growth and inflation slowdown for Cyprus

The European Commission’s Winter Interim Forecast has predicted GDP growth in Cyprus to increase by 2.8% in 2024 and by 3% in 2025, as well as a slowdown for inflation to 3.9% in 2023 (from 8.1% in 2022), mainly due to lower energy prices, as well as inflation moderating to 2.4% in 2024 and to […]

Real estate sales in 2023: 16% increase, Limassol tops the list as Larnaca rises

Last year ended on a positive note for the Cypriot real estate market, with all districts reporting a significant number of property sales. According to the data provided by the Land Registry Department, the number of real estate sales in 2023 amounted to 15,567 compared to 13,409 in 2022, recording an increase of 16%, while […]

Building permits no longer required for small-scale housing construction

The Ministry of Interior is striving to complete the simplification of the development control system by July 1 of this year through a package of 22 measures agreed upon with the Cyprus Scientific and Technical Chamber (CSTC). One of the key measures is the elimination of urban planning and building permits for small developments, specifically […]

GDP expected to rise in 2024-2026, unemployment and inflation to fall

The GDP growth rate for 2023 is expected to reach 2.2%, while for the years 2024-2026 GDP is expected to reach 2.6%, 3.1%, and 3.2%, respectively, according to the Macroeconomic Forecasts of the Central Bank of Cyprus in December 2023 for the Cypriot Economy. CBC points out that unemployment is expected to continue its downward […]

Significant surge in real estate market amid soaring demand

The real estate market in Cyprus recorded a noteworthy upswing during the first quarter of 2023, with prices continuing to rise, particularly in the apartment sector, primarily driven by increased demand. According to data published on Tuesday by the Central Bank of Cyprus (CBC), the Residential Property Price Index (RPPI) exhibited a significant acceleration compared […]

Reduced Vat on Properties – New Rules!

On the 8th of June, the Cyprus Parliament voted that the reduced VAT rate of 5% will only apply to the first 130 sqm of a primary residence, for both houses and apartments, up to a value of €350,000, provided that the property price does not exceed €475,000 and the total buildable area does not […]

IMF maintains Cyprus’ economic growth at 2.5%

The International Monetary Fund (IMF) maintained its projection for Cyprus’ economic growth in 2023 at 2.5% of GDP, while real GDP growth is expected to pick up pace in the next year. In its April 2023 World Economic Outlook (WEO), the IMF said that Cyprus real GDP will expand by 2.5% (as was the projected […]

Central Bank: GDP growth estimated at 2.6% in 2023

The Central Bank of Cyprus (CBC) has marginally upgraded its projections for GDP growth this year citing the slightly improved prospects in the external economic environment and the anticipated lower energy prices, amid the continued war in Ukraine. In its medium-term macroeconomic projections for March 2023, the CBC said that the Cypriot output this year […]