The economic future of Cyprus looks bright, with GDP expected to grow steadily from 2.9% in 2024 to 3.3% by 2027. Key sectors such as construction, maritime, technology, and real estate are driving this growth, while efforts towards environmental sustainability in transportation are gaining momentum.
President Nikos Christodoulides has announced a series of measures to support the construction sector in Cyprus, including the introduction of the ‘Build to Rent’ scheme and streamlining of housing incentive applications. These initiatives aim to enhance economic growth and address housing challenges in the country, positioning Cyprus as an attractive destination for investors and fostering sustainable development.
Construction of the first new homes for refugees is set to start in July, as part of the government’s ‘Ktizo’ initiative. This project aims to replace unsafe housing and provide habitable living spaces, with initial plans to demolish and rebuild 20 unfit apartment buildings, ensuring safety and community wellbeing.
The Cyprus construction sector faces a crisis of building violations, jeopardizing public safety and environmental integrity. Etek’s chairman calls for urgent enforcement of laws and modernization of procedures to combat the growing lawlessness in the industry.
The Larnaca Port and Marina Project faces delays as a result of a contractual dispute between Kition Ocean Holdings and the Cypriot government over financial guarantees, prompting legal actions and involvement from the president to seek resolution. The House audit committee is scrutinizing the contract details in hopes of resolving the impasse and ensuring the timely completion of the project, vital for the economic growth and infrastructure development of Larnaca.
The controversial construction of an illegal monastery in Cape Greco, Cyprus by the Cyprus Church has sparked outrage due to environmental concerns and violations of Natura 2000 protection. Despite government warnings, construction continues, leading to criticism and calls for legal action to preserve local biodiversity and uphold environmental laws.
A violent attack at a Limassol construction site late Friday evening led to one worker being hospitalized and arrest warrants being issued for four suspects. The incident highlights the dangers of construction site vandalism, including safety hazards, project delays, and financial burdens.
The Vasiliko LNG terminal construction is back on track after a temporary halt, with the CPPMetron Consortium Ltd mobilizing additional personnel from China with government support to expedite the project’s completion. Despite past delays and financial disputes, both parties remain focused on ensuring the terminal’s strategic significance for Cyprus’s energy security and regional influence.
The Apollo housing project at Dhekelia British base in Cyprus is a £48 million initiative to build 138 new residences for military families, featuring modern amenities like solar panels and earthquake protection. Set for completion in 2027, this project highlights a commitment to safety, sustainability, and improved living standards.
Construction works on the Limassol bypass road will take place from 10:00 pm on Monday, February 26, until 5:00 am on Tuesday, February 27. A section between Agia Fyla and Mesa Geitonia roundabouts will be closed with detours via major avenues. Motorists should follow temporary signs and exercise caution during this period.
