Category: Latest News

Installation of photovoltaic systems grants increased by 50%

With a budget, increased by 40%, which has the potential to increase even further, and with increased grants by 50%, the Grant Scheme for thermal insulation on roofs and installation of photovoltaic systems in houses was announced by the Ministry of Energy, Commerce and Industry during a web conference, on Tuesday. The available budget for […]

Non-performing loans rate declines to 11.3% in February 2022

The non-performing loans rate in the Cyprus banking sector declined to 11.3% of total loans in the end of February 2022 compared with 11.7% in the end of the previous month, data released by the Central Bank of Cyprus (CBC) on Monday show. NPLs, as defined by the European Banking Authority, in February 2022 declined […]

Tourist arrivals show significant increase

The number of tourist arrivals in April 2022 recorded a significant increase compared to the same month last year. According to the Statistical Service of Cyprus, the arrivals of tourists reached 289.335 in April 2022 compared to 38.226 arrivals that were recorded in April 2021. For the period of January – April 2022, arrivals of […]

Τax incentives to attract talent and promote headquartering

The Cypriot government on Tuesday approved a bill with tax incentives aiming to attract talent and promote headquartering in Cyprus, in line with the Strategy for Attracting Businesses for Activities or/and Expansion of their Activities in Cyprus approved by the Council of Ministers in October 2021. Furthermore, in statements following a Cabinet meeting, Finance Minister […]

Real Estate Market: Transaction value reached €3,8bn during 2021

PwC Cyprus has launched its latest Cyprus Real Estate Market publication, which provides insights on the performance of the sector during 2021, demonstrating strong signs of recovery, despite the disruption caused by the pandemic and the termination of the Cyprus Investment Program (“CIP”), as of 1 November 2020. According to PwC’s analysis, total transaction value […]

EU’s €657m approval for EuroAsia Interconnector “excellent news for Cyprus”

Now that the ambitious EuroAsia Interconnector project will be completed following EU approval of €657 million the energy isolation of Cyprus – the last non-interconnected member state – will end. This is what Philenews reported on Thursday, hours only after the announcement in Brussels. The project comprises a cross-border interconnector with a total length of […]

CypERC: Cyprus GDP expected to grow by 4.1% in 2022

Cyprus growth is expected to remain robust in 2022 as real GDP is projected to expand by 4.1%, according to “Economic Outlook” for January issued by the Economic Research Centre (CypERC) of the University of Cyprus. Real GDP in Cyprus is estimated to have increased by 5.6% in 2021. In 2022, CPI inflation is projected […]

Apartments keep pushing up residence prices in Cyprus

Residential property prices in Cyprus continued to rise in the third quarter of 2021, primarily driven by apartment purchases, according to Residential Property Price Index released Friday by the Central Bank of Cyprus (CBC). The Index recorded a quarterly increase of 0.5% compared to 0.3% in the second quarter of 2021, while on an annual […]

Eurostat: 70% in 2020 lived in owner-occupied dwellings in 2020

In 2020, about 70% of the population in the EU lived in owner-occupied dwellings, while the remaining 30% lived in rented dwellings, according to data released by Eurostat, the EU’s statistical office. The percentages in Cyprus are in line with the EU average, since 68.6% of the population lived in owner-occupied dwelling (69.7% in the […]