The Cyprus real estate market has shown resilience in 2024, with property transfers increasing by 8% and transaction values going up by 1% from the previous year, despite facing numerous challenges. The Cyprus Consumers Association has noted a rise in consumer complaints, particularly in the travel sector, emphasizing the need for enhanced consumer protection and support.
Complaints against airlines have surged due to flight delays, cancellations, and deceptive practices like faulty checkin apps. The Cyprus Consumers Association calls for better enforcement of EU passenger laws to address the rising passenger frustration.
Consumer complaints in Cyprus have surged in various areas, including passenger rights and organized travel, up by 75.58%. Other notable increases include online scams and email fraud at 51.56% and high living costs with energy prices rising by 41.46%.
Energy Minister George Papanastasiou is implementing relief measures to support consumers facing inflation, including facilitating access to affordable energy and introducing transparent price comparison systems. The government’s focus on renewable energy solutions and tax interventions, such as zero VAT on essential products, aims to ease the financial burden on households and businesses amidst economic challenges.
Consumers in Cyprus are facing a dire situation with rising costs of essential goods and energy, high interest rates, and soaring real estate prices, making it the second EU nation struggling with energy poverty. Calls for government intervention include taxing windfall profits, expanding the Cost of Living Allowance, reducing fuel prices, and providing economic support for electric car purchases to alleviate financial burdens on low and middleincome households.
