News

2024

  • Cyprus' 3.7% greenhouse gas stands out in EU - In the third quarter of 2023, greenhouse gas emissions through economic activity had increased by 3.7% in Cyprus and decreased by 7.1% across the EU, compared with the same quarter of 2022, according to the latest quarterly estimates published by Eurostat, the statistical serv... more

  • Aim for all new cars to be electric by 2035 - The government aims for all new cars bought in Cyprus to be electric by 2035, spokesman Konstantinos Letymbiotis said. He said the current target entails 25 per cent of new cars registered in the country to be fully electric in 2030, with a view to all newly registered vehicl... more

  • Cyprus expects to produce natural gas by 2026 - Cyprus could start producing its first natural gas as soon as 2026, and plans to participate in a high-powered electricity cable project linking the eastern Mediterranean to continental Europe, its energy minister told Reuters. Gas production, and a hook-up to power markets o... more

  • Cyprus raises bar further for citizenship - The Republic of Cyprus has introduced significant amendments to the law that govern naturalisation of foreign nationals based on years of residence in Cyprus. These changes, published on December 19, 2023 in the Official Government Gazette, have immediate effect and have rais... more

  • Planning & building permits to be axed - 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 (ETEK). One of the key measures is the elimination ... more

  • Property sales in 2023 reached highest since 2007 - The number of property sales in 2023 reached the highest level on record since 2007, with a total of 15,567 contracts deposited with the Department of Lands and Surveys. Sales reached a record 21,245 in 2007. But then the global financial crisis, the most severe worldwide eco... more

  • CY Airports record high passenger traffic in 2023 - Passenger traffic at Cyprus airports in 2023 exceeded 11.6 million, with an average of 32,000 passengers per day. Traffic in 2023 had an increase of 3% compared to 2019, marking the best performance ever recorded at Cyprus Airports. Specifically, 8.1 million passengers trave... more

2023

  • Demand for Cyprus Real Estate remains high - According to data from the Comparative Sales Department of the Land Registry and CartoAcil, the real estate market continues to be resilient to challenges. In particular, the nine-month period of the year saw a total of 8,681 property transfers nationwide with a total value o... more

  • Economy sustains growth despite external pressures - The economic growth rate remains robust, standing at 2.5% in the third quarter of 2023 compared to the same quarter in 2022, despite prevailing external pressures, as reported by the Statistical Service. After adjusting the Gross Domestic Product (GDP) for seasonal variations... more

  • EU greenlights Cyprus’ green transition plan - The European Commission on Thursday gave a positive assessment of Cyprus’ modified recovery and resilience plan, which includes a REPowerEU chapter. The plan is now worth €1.22 billion – €0.2 billion in loans and €1.02 billion in grants. Cyprus’s REPowerEU chapter consists of... more