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education student housing

Expansion of Student Housing on the Horizon

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In an effort to combat the housing crisis for students, Cyprus University of Technology (Tepak) is set to construct 703 new student residences, split between Limassol and Paphos, with a substantial loan from the European Investment Bank and state funding to enhance educational infrastructure and accommodate more students. This initiative not only addresses the pressing need for accommodation but also aims to stimulate economic growth, create job opportunities, and foster a diverse and enriched learning environment for students at Tepak.

marina development economic growth

Akamas Mayor Advocates for Paphos Marina Development

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Akamas Mayor Marinos Lambrou passionately advocates for the Paphos marina project, envisioning it as a transformative hub for economic growth, tourism, and culture in the region. With plans for a 1,000boat capacity, residential, touristic, and cultural facilities, the marina aims to position Paphos as a premier maritime destination and boost the overall appeal of the district.

construction cyprus

Cyprus Construction Sector Achieves Remarkable Growth in 2022

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The Cyprus construction sector experienced remarkable growth in 2022, with an 8.9% increase in added value reaching €1.44 billion and a total production value surge of 10.3% to €5.56 billion. Residential construction led the charge with a 21.3% rise, while employment in the sector also saw a 3.0% increase, pointing towards a flourishing industry poised for continued growth.

travel growth

Wizz Air Reaches 8 Million Passenger Mark at Larnaca Airport

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Wizz Air has achieved a significant milestone by transporting 8 million passengers from Larnaca Airport, showcasing their growth and Cyprus’s popularity as a travel destination. The airline’s success reflects a commitment to affordable fares and quality service, with future plans to expand their route offerings from Cyprus.

economy growth

Robust Growth Across All Economic Sectors in Cyprus for 2022

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Cyprus experienced robust growth in various sectors in 2022, including transportation, accommodation, information and communication, real estate, professional services, education, healthcare, arts, entertainment, and other services. The nation’s economic performance showcased remarkable progress, with employment rates also on the rise, reflecting a vibrant and promising outlook for the country’s future.

migration economic growth

A Call for Migration Reform by Deputy Minister

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Deputy Minister Ioannides is pushing for significant migration policy reforms to boost economic growth by addressing issues like ‘ghettoisation’ and violence. These reforms aim to balance border security with the economic contributions migrants can bring, with strategies in place for repatriation and correcting public misconceptions about migrant benefits.

labour relations economic growth

Builders’ Collective Agreement: A Hopeful Future

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The builders’ collective agreement negotiations, once stalled, are now showing promise of resolution under Labour Minister Yiannis Panayiotou’s guidance. With a balanced proposal on the table, the aim is to foster improved labour relations and fair wages to support economic growth through 2027.

real estate economic growth

Cyprus Business Now

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Shortterm rentals like those on Airbnb are driving up housing costs in Cyprus, making longterm rentals unaffordable for many. The Cyprus Real Estate Agents Registration Council has called for a ban on these rentals to address the issue, as soaring prices are straining renters’ finances.

banking sector economic growth

Steady Growth and Strong Resilience in Cyprus’s Banking Sector

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Cyprus’s banking sector has shown remarkable resilience and steady growth amidst global uncertainties, with banks maintaining high liquidity coverage and profitability. The nation’s commitment to addressing nonperforming loans and preparing for challenges like climate change and digitalization reflects a forwardlooking approach to ensuring longterm stability and success.

economic growth foreign investment

President Highlights Crucial Role of Foreign Investment in Cyprus’ Economic Advancement

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President Nikos Christodoulides highlighted the crucial role of foreign investment in Cyprus’ economic advancement, emphasizing the government’s strategic vision for a resilient, competitive economy focused on green and digital transformations. Recognizing foreign investors as key partners, the President outlined three core pillars of economic policy, stressing the importance of structural reforms and strengthening international relationships to drive sustainable economic progress and longterm prosperity.

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