Cyprus is poised for a remarkable year in 2024, with large-scale projects valued at over €8 billion set to take center stage in the country's economic development. According to the Association of Large Investment Projects, these ambitious initiatives will propel Cyprus towards a modern and sustainable future. The year 2023 witnessed the implementation and launch of several groundbreaking projects,...
The Council of Ministers has revised the strategy aimed at attracting foreign businesses to Cyprus, Finance Minister Makis Keravnos announced. The revised strategy aims to further expand the presence of these businesses in Cyprus, emphasizing their role in creating new jobs, attracting know-how, and significantly increasing the value of the Cypriot economy. “Recognizing the importance of this...
Cyprus has one of the highest levels of fossil fuel use in the European Union. This is despite the fact that the EU's overall dependence on fossil fuels has decreased significantly in recent decades. The methodology for calculating this takes into account the ratio of fossil fuels to the total energy demand of a country or region. The EU's dependence on fossil fuels in its total energy supply was 70.9%...
Cyprus is one of the few EU countries where house prices have fallen over the past 13 years. This is according to statistics from Eurostat. In the third quarter of 2023, both house prices and rents in the EU as a whole rose by 0.8% compared to the second quarter of 2023. Compared to the third quarter of 2022, house prices in the EU fell by 1%, while rents rose by 3%. Similar dynamics of house price and...
President Nicos Christodoulides and a delegation from the Abu Dhabi National Energy Company (TAQA) discussed a list of infrastructure initiatives and development projects in Cyprus in which the Emirati company could invest. The visit by TAQA representatives was a follow-up to the visit to Cyprus by the UAE's Deputy Minister of Foreign Affairs for Trade and Financial Affairs in the summer of 2023. The...
Sotheby's International Realty, the world's largest luxury real estate network, has published its Luxury Outlook 2024 report. What global trends have affected the Cypriot market and what needs to be considered in the near future? The report is based on a survey of 550 Sotheby's International Realty agents worldwide. This information was supplemented by data from other leading industry experts, including...
Cyprus aims for a complete switch to electric vehicles by 2035: The Republic of Cyprus has set a goal of completely switching consumers to electric cars by 2035. This statement was made by government spokesman Konstantinos Letimviotis. The government's plan: The government plan involves a significant leap. By 2030, 25% of new cars registered in the country must be fully electric. And five years later,...
Rising rents: The cost of renting a home in Cyprus continues to rise. How much does a student or young family have to pay to rent a one-bedroom apartment? According to AlphaNews, prices range from €475 in Nicosia to €1900 in Paphos. Much depends on the quality of the housing and the city in which it is located. Nicosia: Reporters from the TV channel studied the local real estate market and found a...
The government of the Republic of Cyprus has increased the monthly rent paid by those who use Turkish Cypriot properties. The cost of rent has increased from 50-100 euros to 1200-2700 euros. The decision to increase the rent was made by the country's Ministry of Interior. According to the publication Fileleftheros, this was done to relieve taxpayers from the annual burden of strengthening the Turkish...
A team of Israeli geologists has made a significant discovery while exploring the seabed off the coast of Cyprus. They have found a previously unknown underwater canyon, named the Eratosthenes Canyon, located at a depth of 500 meters and measuring 10 kilometers in width. Formation and Significance: The researchers believe that the canyon was formed during the Messinian period, approximately 5.5 million...