Average apartment values across different districts in Cyprus vary, with Limassol leading at €208,220 and Famagusta at €105,182. The real estate market in Cyprus offers diverse investment opportunities, reflecting a dynamic property landscape with distinct regional characteristics.
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.
‘eKofini’, a digital price observatory in Cyprus, offers consumers transparency by showcasing average selling prices for locally produced fruits and vegetables, empowering them to make informed purchasing decisions. The platform, launched by the Ministry of Agriculture, provides a public window into price data from producers and retailers, highlighting market variations and ensuring fair pricing for all.
The Cyprus Industrial Turnover Index surged by 5.2% in February 2024, reaching 124.3 units, with manufacturing leading the growth at a 10% increase. This positive trend reflects a resilient industrial sector performance and sets a promising economic landscape for Cyprus going forward.
Amidst robust growth, Limassol port has seen wheeled cargo traffic surge by nearly 75%, handling around 60,000 RoRo units in 2023. DP World Limassol’s management has played a vital role in supporting Cyprus’s automotive and construction sectors, contributing significantly to the country’s economy.
Sports tourism in Cyprus is reshaping the economy, with events like the Ayia Napa Youth Soccer Festival attracting international athletes and boosting sectors like hospitality. The country’s strategy to diversify its tourism offerings and extend the season beyond summer months is elevating Cyprus as a multifaceted destination for sports enthusiasts worldwide.
Cyprus’s industrial production showed a robust growth in February, with the Industrial Production Index rising by 6.7 percent yearonyear to 103.4 points, driven by a 6.9 percent increase in manufacturing. Sectors like nonmetallic mineral products and machinery and equipment saw significant growth, reflecting a resilient and diversifying economy.
President Nikos Christodoulides unveils ‘Vision 2035’ to elevate Cyprus as a top global destination for living, working, and investing, focusing on resilience, sustainability, and growth across key sectors. The strategic plan involves stabilizing the economy through fiscal discipline, engaging with local businesses, reviving the energy sector, enhancing international diplomacy, and positioning Cyprus as a reliable business hub to boost its international image.
Addressing the interest rate disparity in Cyprus is crucial for economic stability and growth, as highlighted by the Central Bank’s governor, Christodoulos Patsalides. With a focus on bridging the gap between lending and deposit rates, Cyprus aims to strengthen its financial resilience and foster a more balanced economic environment.
Cyprus faces an economic downturn, with the Cyprus Composite Leading Economic Index falling by 0.9% in March 2024 due to global conflicts, declining property sales, and volatile commodity prices. The island nation’s economic stability is being tested by external pressures and internal challenges, emphasizing the need for strategic planning and vigilance in the face of uncertainty.
