Cyprus Business Now: tourism, housing, property, marine pollution, remote work, Eurobank
In his New Year message, Stavrou said that “the Cypriot economy had shown resilience, adaptability and dynamism in recent years, despite an unstable international environment shaped by geopolitical tensions, energy crises, inflationary pressures and rapid technological change”.
Against that backdrop, he argued, Cyprus is called upon not only to manage challenges but to plan its future “with realism and vision”.
The current picture, he noted, remains encouraging. Growth continues to outpace the Eurozone average, reaching around 3 per cent of GDP, unemployment remains close to 5 per cent, while public finances have improved, with public debt falling below 60 per cent of GDP.
In a written response to Parliament, Ioannou said official data show a gradual decline in applications for rent subsidies alongside a rise in applications under schemes supporting the purchase or construction of housing.
The shift, he said, reflects market conditions, notably sustained increases in rental prices, which have narrowed the gap between rent and mortgage repayments.
The number of rent subsidy beneficiaries fell to 3,155 in 2024, down from 3,712 in 2023 and 4,509 in 2022, the minister said.
At the same time, subsidy amounts were raised by around 15 per cent at the start of 2024 in an effort to ease pressure on tenants.
The comments came in response to a parliamentary question by MP Christos Senekis, who asked whether the government intends to revise income criteria for the rent subsidy scheme, which have remained unchanged for more than 15 years.
The report shows that Cyprus’ property market entered 2024 on solid footing, following one of its strongest years in more than a decade.
It also demonstrated that residential activity remained the main driver of momentum.
In the first quarter of 2024, apartment prices rose by around 6 per cent year-on-year, while rental values increased by 9.3 per cent, extending the upward trend seen throughout 2023.
House prices recorded quarterly gains across all districts, with annual increases ranging from 2.6 per cent in Paphos to 10.9 per cent in Famagusta.
The breadth of those gains emphasises the persistence of demand pressures at a time when supply remains constrained.
Data from the Israel Airports Authority show that Cyprus tied with Italy for fourth place, each recording 1.2 million passengers on flights originating from Israeli airports.
Greece ranked first with 2.2 million passengers, followed by the United States with 1.6 million and the United Arab Emirates with 1.5 million.
Cyprus also recorded the highest number of weekly flights worldwide from Israeli airports, with services from Tel Aviv and Haifa peaking at 186 per week.
Israeli visitors stay in Cyprus for shorter periods compared with other destinations, largely due to travel distance, while visitor flows extended beyond the summer season.
Against that backdrop, the Deputy Ministry of Shipping is preparing to set up, in early 2026, the Pollution Response Supervision and Coordination Unit (PRSCU), an executive body with pan-Cyprus powers to coordinate action on marine pollution.
The move follows a commitment by President Nikos Christodoulides to address water quality concerns in Limassol, which have become increasingly visible in recent years.
According to information obtained by philenews, coordination of the new body will be assigned to Theodoulos Mesimeris, a former director of the Department of Environment and now deputy director general at the Shipping Ministry.
Officials point to his 22 years of experience in environmental regulation as a key asset at a time when institutional know-how is being shifted closer to the shipping portfolio.
The developments locally are unfolding against a backdrop of national legislative change, potentially making the university’s choices a bellwether for the broader public sector.
At the UoC, teleworking was established as a formal practice after the pandemic, under a 2022 regulation that allowed staff up to 40 teleworking days per year, roughly three days per month.
That number, once seen as generous and progressive, has now become the subject of intense internal review. University officials and staff representatives are examining a range of scenarios.
Among the options being considered are a slight increase in the annual allowance to 45 days, but there are also strong proposals for a substantial reduction to as few as 22 or even 15 days.
More than 2,800 primary, secondary and high school students have attended financial education lectures organised by CySEC to date, as part of its broader effort to strengthen financial literacy among young people.
During the most recent cycle of lectures, which took place between October and December 2025, a total of 29 sessions were delivered following expressions of interest submitted directly by schools.
The programme was implemented by 13 CySEC officers, including Officers A’, Officers and Assistant Clerical Officers, who visited schools across all districts of Cyprus.
Through these visits, more than 1,100 students received targeted financial education during the latest lecture cycle alone.
The aim is to strengthen commercial ties during the official working visit of President Nikos Christodoulides to the kingdom.
The event is being organised in cooperation with the Embassy of the Republic of Cyprus in the Kingdom of Bahrain and is intended to promote direct engagement between Cypriot and Bahraini businesses.
According to the chamber, the forum will be held in Bahrain and will take place alongside the president’s visit, offering Cypriot companies a timely platform to explore new international partnerships.
Participation will be limited to companies active in FinTech and technology, financial services, renewable energy, agriculture and food products, real estate and construction, as well as shipping and marine technology.
Speaking to the Cyprus Mail, Leskin warned that the global cybersecurity landscape is set to become more complex and more dangerous by 2026.
“Digital capabilities and resilience to cyberattacks are among the key priorities of the country’s national digital policy, with the government strengthening the institutional framework and cooperation with the EU,” Leskin said, referring to recent remarks by Deputy Minister of Innovation Nicodemos Damianou.
“Therefore, we will see more companies and organisations strengthening their cybersecurity capabilities in 2026,” he added, pointing to a growing emphasis on prevention rather than reaction.
The message, relayed by Greek business outlet Newmoney, mentioned that the outgoing year was marked by consistent execution across three key strategic pillars, namely organic growth, revenue diversification and preparation for the banking environment of the future.
“On the level of organic growth, Eurobank recorded a strong increase in its loan balances,” said chief executive Fokion Karavias in his Christmas letter, adding that the group further strengthened its presence in wealth management, private banking and bancassurance.
He also pointed to the continued upward trajectory of deposits and payroll accounts, underlining the resilience of the group’s core banking activities.