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Startup world cup returns to Cyprus with $1m prize

April 25, 2025 - The world’s leading startup pitch competition, Startup World Cup, is returning to Cyprus for the second year in a row, organisers confirmed in an announcement issued on Thursday. Presented by Mellow and organised by Aivitam Ventures in partnership with Pegasus Tech Ventures, the prestigious global event will offer startups in Cyprus and beyond the chance to compete for a $1 million investment prize at the Grand Finale in San Francisco on October 17, 2025. According to the announcement, the application process for the Cyprus regional finals is now open, with a deadline set for May 20. Startups interested in participating are required to submit their pitch deck and business details through a simple online process. Venture capital analysts will then shortlist ten finalists who will pitch live in Limassol on July 5, 2025. Last year, two startups—Fincom and DISPL—represented the island in the global finals. Fincom ranked an impressive fourth place out of more than 100 cities and countries, a notable achievement that brought international visibility to the Cypriot innovation scene. The Startup World Cup, created by Pegasus Tech Ventures, spans over 100 regional competitions globally. From North America to Asia and Europe to Africa, it brings together some of the brightest minds in tech, investment, and entrepreneurship. In Cyprus, more than 100 startups from across industries are expected to participate, including founders and teams with strong ties to the island, as well as entrepreneurs from Ukraine, Greece, Israel, and the wider MENA region. According to the announcement, eligible startups must have a registered entity and a strong connection to Cyprus—such as Cypriot founders or team members. Startups from neighbouring regions including Ukraine, Greece, Israel, and MENA are also welcome to apply and compete in the Cyprus regional finals. The application process is straightforward. Interested startups must submit their application by May 20, 2025, including relevant company details and a pitch deck. Once submitted, applicants will receive email updates and gain access to the networking platform, allowing them to connect with mentors, angel investors, and venture capital funds. From there, venture capital analysts will select the top ten startups to advance to the final round. These finalists will pitch their startup live at the competition in Limassol on July 5. Finalists will not only compete for a spot in the San Francisco finals but will also benefit from round-trip travel coverage and partner-sponsored prizes valued at $10,000. The Limassol event will follow a conference-style format, featuring panel discussions, live interviews, and extensive networking opportunities, including private meetings with investors and exposure to local and international media. This year’s headline speaker will be Uri Levine, renowned entrepreneur and co-founder of Waze, the world’s largest driving traffic and navigation app. Levine is also an early investor in Moovit. As part of his participation, he will deliver a keynote, host a networking book session, and offer an exclusive training course to the selected finalists. Dmitry Dosov, General Partner at Aivitam Ventures, said, “Cyprus is steadily evolving into a dynamic startup hub, with immense potential and a growing pool of opportunities. The foundation is already being laid, but there is still a long way to go.” He added that their mission is to contribute to this transformation by helping local entrepreneurs scale up and gain international exposure. “Together with our partners, we aim to turn Cyprus into a strong contender on the global innovation stage and guide the next generation of startups on their path to success.” Pavel Shynkarenko, founder and CEO of Mellow, commented, “At Mellow, we’re passionate about nurturing entrepreneurial talent in all its forms, making our partnership with the Startup World Cup a natural and exciting fit.” He continued, “This competition provides local startups an exceptional platform to showcase their innovations, connect with investors, and secure essential funding to accelerate their growth. We’re proud to support this inspiring event and are genuinely excited to help ambitious entrepreneurs turn their visions into reality.” From Silicon Valley, Pegasus Tech Ventures’ founder and CEO Anis Uzzaman said, “We are thrilled to partner up with Aivitam Ventures for the Startup World Cup Cyprus Regional and are delighted by the quality and enthusiasm of the competing startups.” He went on, “Each year, we have been able to reach more entrepreneurs in more cities around the world and connect more innovation ecosystems to Silicon Valley and the rest of the world. We hope this partnership creates new, valuable opportunities for the competing startups in Cyprus.” Meanwhile, Demetris Skourides, Chief Scientist of Cyprus, noted the rapid growth of the island’s tech scene. “Exciting to see how fast the Cypriot startup ecosystem is evolving, particularly with new startups betting their solution framework approach on adopting AI technologies,” he said. “According to ecosystem analysts such as Startupnlink, since 2020, the number of startups in Cyprus has grown 5x, and we are now growing faster than ever.” “The results speak for themselves, and we now need to rethink how we embrace every startup and innovative company that has as its vision to change the world through Cyprus. I would like to take this opportunity to thank Startup World Cup Cyprus Finals for their persistence in awakening the innovation ecosystem and encouraging it to step up”, Skourides concluded. This year’s Cyprus finals are again being organised by Aivitam Ventures and Pegasus Tech Ventures. Aivitam Ventures acts as a venture fund, startup builder, and global marketing partner for tech companies, and recently launched The Future Media, a new global media platform. Pegasus, based in Silicon Valley, manages $2 billion in assets and continues to support innovation worldwide through both financial and intellectual capital. In addition to Mellow as title partner, the event is supported by Dream Play and Invest Cyprus as silver partners, Cybergizer and Sendpulse as bronze partners, and BrainRocket as venue partner. Media support is provided by The Future Media, with Pegasus Tech Ventures as global organiser and Aivitam Ventures as Cyprus organiser. Read More

Cyprus Realty on Expo in May 8-9 2025

April 16, 2025 - As the Mediterranean’s rising star, Cyprus continues to attract investors looking for high-yield property opportunities. With a booming economy, a favourable tax regime, and a strategic location bridging Europe, the Middle East, and Africa, Cyprus is fast becoming a top-tier investment destination. Whether for residential, commercial, or mixed-use properties, the island offers compelling reasons for investors to take notice. A thriving economy with strong growth prospects Cyprus is experiencing robust economic growth, with projections indicating a 12.9 per cent increase by 2027. This economic upturn is pushing demand for residential and commercial properties higher, making real estate a lucrative sector. In particular, Limassol has emerged as the country’s financial powerhouse, contributing nearly 50 per cent of Cyprus’ GDP. The city’s expanding business ecosystem, coupled with its status as a technological and innovation hub, has fuelled demand for premium office spaces and high-end residences. Competitive property market with attractive pricing Compared to other European destinations, Cyprus offers highly competitive property prices. The average residential property price in Cyprus stands at €2,054 per square metre—significantly lower than in France (€13,462) or Italy (€5,271). This price advantage, combined with a rising influx of international buyers, makes Cyprus an attractive location for property investment. An ideal lifestyle destination Beyond investment potential, Cyprus is a world-renowned holiday hotspot, drawing millions of tourists annually. Its sunny climate, beautiful coastlines, and rich cultural heritage make it a prime destination for vacation homes and luxury developments. Investors looking at hospitality properties—ranging from boutique hotels to beachfront resorts—can capitalise on the island’s thriving tourism sector. Favourable tax and legal framework Cyprus’ tax regime is one of the most attractive in Europe, with numerous incentives for investors. The country also boasts a transparent, UK-based legal system, ensuring smooth transactions and security in property ownership. These factors make it an appealing choice for both institutional investors and private individuals seeking stable and predictable returns. A hub for international business and innovation With its strategic location and growing reputation as a business-friendly hub, Cyprus has seen a significant rise in international company relocations. This trend is driving increased demand for high-quality housing, office spaces, and mixed-use developments. As Limassol continues its transformation into a cutting-edge business centre, further opportunities are emerging in smart homes, sustainable buildings, and tech-driven real estate developments. Why Now is the Right Time to Invest With increasing infrastructure development, expanding business opportunities, and a supportive investment environment, Cyprus presents an ideal setting for property investment. Investors looking to explore the full spectrum of real estate opportunities on the island should not miss REALTYon Expo, the leading Cyprus property event. Taking place on 8-9 May 2025 in Limassol, this premier expo brings together top developers, industry experts, and investors, offering exclusive insights into the future of Cyprus’ real estate market. Whether you’re looking for a new investment, a second home, or a commercial venture, REALTYon Expo https://realtyon.com/cyprus2025/en/register?step=1 is your gateway to success. Read More

New Cypriot gas find can help EU energy security

March 24, 2025 - Europe is structurally short of gas, with all the problems that entails for security of supply and the competitiveness of the European economy. The reality of this unfortunate situation has been brought home as a result of recent geopolitical developments, forcing a re-think of energy strategy. The long term aim remains to dramatically reduce consumption of fossil fuels in order to lower carbon emissions to net zero by 2050. But it is increasingly obvious this must be done in a way that is affordable for consumers and enables European industry to maintain access to internationally competitive energy supplies and chemical feedstocks. The first element of the EU’s response to the energy crisis has been to accelerate the diversification of energy supplies away from largely imported fossil fuels and towards renewables building on the full implementation of the European Green Deal. This shift is critically important to achieving Member States’ ambitious decarbonisation targets as well as improving overall security of energy supplies. But a second and arguably equally important element, recognising the importance of gas as an essential transition fuel over the coming decades, is the drive to increase gas supplies from trusted partners. So it is encouraging to hear good news about a project that will bolster local gas production and generate much needed revenue in the European and Mediterranean regions. The Cypriot government has given its approval to the Aphrodite gas project, Cyprus’ largest offshore discovery so far with estimated resources of around 127 bcm. It is an interesting development that will include a floating production unit in Cyprus and a pipeline to transport the gas to Egypt, making use of existing infrastructure there. This is a particularly welcome development since, as Cypriot President Mr Nikos Christodoulides has observed: “Cyprus, the only Member State in the Eastern Mediterranean region with confirmed gas reserves and with historically excellent relations and long-standing partnerships in the field of energy with the vast majority of its neighbours, can play a key role in our joint efforts to address the energy crisis, by providing a reliable, alternative energy corridor to Europe, comprising diverse sources and routes.” Cyprus argues that the presence of major oil and gas companies in the region can be leveraged to help create a sustainable regional gas market that could supply the EU with gas in the near future and potentially hydrogen in the longer term. It is therefore intensifying discussions with major oil and gas companies to implement its vision of connecting gas fields in the region via pipelines to a modular liquefaction plant to be situated in Cyprus, through which gas can be exported to the European market. Maintaining a stable and secure environment in the Eastern Mediterranean not only benefits the region and its people, but it is also of strategic importance for the EU. In short therefore, the Aphrodite gas project should prove to be a positive development for the Mediterranean and European economy and for energy security in the region – and complementary to the wider decarbonisation agenda too. Read More

Cyprus property sales surge in January

February 10, 2025 - Cyprus’ real estate market kicked off the new year with a 21 per cent increase in property sales, compared to the same month last year, primarily driven by Limassol’s record-breaking surge. January’s total sales reached 1,275 properties, according to the land department, marking a significant uptick from the 1,056 properties sold in the previous year. Limassol led the way, recording 429 sales this January, up from 315 in the same month last year, accounting for about one-third of the total sales and reflecting a 36 per cent increase—the highest among all districts. Following closely, Nicosia saw its property sales rise by 13 per cent to 276, up from 244 the year before. Larnaca also showed significant growth, with sales increasing by 20 per cent to 259 properties compared to 215 in January 2024. In Paphos, there was a modest rise of 5 per cent, with property sales in January 2025 reaching 255, up from 242 in the corresponding month the previous year. Meanwhile, Famagusta displayed the most substantial proportional increase, with a 40 per cent surge in sales, marking 56 transactions this January compared to 40 in January 2024. Read More

Cyprus property sales get off to a flying start

February 10, 2025 - The Cyprus property market has got off to a flying start in 2025, as property sales contracts deposited at Land Registry offices surged by 21% in January compared to the same period in 2024, according to official figures from the Department of Lands & Surveys. All districts have experienced growth, with Famagusta leading the way with a remarkable 40% increase in sales. Limassol followed closely, recording a 36% rise. Larnaca also saw a strong 20% growth, while Nicosia registered a 13% increase. Paphos, though experiencing the smallest rise, still recorded a 5% rise in the number of contracts deposited. This surge in property sales reflects growing investor confidence and sustained demand for real estate across Cyprus. The robust start to the year suggests positive market dynamics, driven by factors such as economic stability, foreign investment, and local demand. Limassol, known as a business and financial hub, continues to attract buyers, while Famagusta’s rise indicates renewed interest in its coastal properties. Larnaca’s ongoing infrastructure developments may have contributed to its growth, and Nicosia remains a stable market due to its role as the capital. The positive trend in property transactions indicates a thriving real estate sector, setting an optimistic tone for 2025. If this momentum continues, Cyprus could experience another strong year in property sales, reinforcing its position as an attractive destination for both local and international buyers. However, MPs have raised concerns that the number of foreign buyers has resulted in rising property prices, which impact local buyers, particularly young couples looking for homes. While EU countries generally permit foreign property ownership, many impose restrictions. For example, Finland is considering stricter regulations for national security reasons, Greece requires special permits for purchases in border areas, and the UK maintains safeguards relating to taxation and anti-money laundering measures. Also, Spain is considering new measures to tackle its housing crisis, including a sharp increase in property taxes for non-EU citizens. This could double the tax on properties bought by people from outside the EU. Market Segment Analysis Property Sales to the Domestic (Cypriot) Market In January 2025, property sales to the domestic (Cypriot) market increased by 27% compared to January 2024, accounting for 60% of total sales for the month. Sales saw significant growth across all districts: Limassol: +50% Larnaca: +22% Nicosia: +18% Famagusta: +10% Paphos: +8% Property Sales to the Overseas Market Total property sales to the overseas market, including both EU and non-EU buyers, rose by 12% in January 2025 compared to January 2024. Sales increased across all districts except for Nicosia, where they declined by 10%. District sales growth: Famagusta: +74% Larnaca: +18% Limassol: +16% Paphos: +5% Property Sales to EU Citizens Sales to EU nationals surged by 44% year-on-year, making up 13% of total transactions for the month. Sales increased in all districts except Larnaca, where they fell by 15%. Notably: Famagusta: Sales skyrocketed by 533%, from just 3 transactions in January 2024 to 19 in January 2025. Paphos: +81% Nicosia: +21% Limassol: +13% Property Sales to Non-EU Citizens Sales to non-EU buyers saw a modest 1% increase compared to January 2024 but still accounted for 27% of total sales. Despite falls in: Nicosia -27% Paphos -15% Famagusta -14% These falls were offset by gains in: Larnaca +27% Limassol +17% Overseas Market Preferences in 2025 An analysis of January 2025 property sales highlights that foreign buyers continue to dominate the Paphos market, where non-Cypriot buyers accounted for nearly 75% of total property transactions in the district. Read More

Cyprus - a strategic hub for innovation and growth

December 16, 2024 - Invest Cyprus drives transformation with targeted incentives, partnerships and a vision for a tech-forward future. What specific measures is Invest Cyprus currently taking to position Cyprus as a leading fintech hub? Our strategy for 2024-2026 focuses on three key areas: first establishing Cyprus as a leading International Business & Financial Center, second driving growth and investment in High Technology, Digital Innovation, and Education including start-ups and research & development and third attract and facilitate investments into strategic projects. In this context, we provide comprehensive support to companies at every stage of their investment journey, advocate for regulatory reforms that foster a business-friendly environment and offer ongoing after-care services to ensure long-term success. A cornerstone of these focus areas is the attraction of fintech companies to our country. Through global events, forums, strategic meetings, we promote Cyprus as a top destination for businesses and investors. We have strengthened our presence in 19 key markets, including financial hubs like London, New York, Abu Dhabi, Riyadh and emerging markets in Israel, Lebanon, Egypt, and Jordan. Additionally, Cyprus signed important investment agreements with India, Saudi Arabia, Jordan and Brazil in an effort to foster business and investment collaboration and open new investment opportunities in these dynamic markets. In parallel, we actively contribute to shaping digital transformation through our involvement in the Digital Cooperation Organisation (DCO), in collaboration with the Deputy Ministry of Innovation as well as the Chief Scientist and Research and Innovation Foundation, reinforcing Cyprus’ leadership in the global digital economy. As a member of the regional steering committee of the World Association of Investment Promotion Agencies (WAIPA) as well as the EuroMediterranean Investment Network ANIMA and World Association of Private Public Partnerships (WAPPP) we further boost Cyprus’ international appeal. Could you outline the incentives available to fintech companies considering establishing operations in Cyprus? Cyprus is an increasingly attractive hub for fintech companies, offering a business-friendly environment, competitive 12.5 per cent corporate tax rate – the lowest in the EU – and extensive double tax treaties with over 65 countries. Strategic proximity to Europe, Africa and Asia provides access to diverse markets, while robust digital infrastructure and a strong regulatory framework support international operation. Additional incentives, such as a 2.5 per cent tax on profits under the IP Box Regime and no capital gains tax on securities sales, make Cyprus especially advantageous for fintech firms. A skilled, English-speaking workforce further enhances its appeal as a tech and innovation hub. Another important advantage for fintech companies in Cyprus is the regulatory certainty provided by its EU membership. This includes access to the Single Market and EU passporting rights, enabling firms licensed in Cyprus to operate seamlessly across 27 member states. With strong oversight from CySEC and the Central Bank of Cyprus, the country aligns with key EU regulations such as MiFID II, PSD2, and the upcoming MiCA Regulation, creating a stable environment for fintech growth. It is also important to recognise the broader economic developments that positively impact Cyprus’s appeal. There have been major upgrades from all leading credit rating agencies, including Moody’s recent upgrade of the Cyprus economy to A3, which is a significant recognition of the country’s economic resilience and growth potential. Additionally the centres of excellence that operate successfully in Cyprus together with the support that they received from EU funds further enrich collaborations in the fintech space between research instututions, academia, private sector and government. How does Invest Cyprus support fintech startups, particularly in terms of regulatory guidance and networking? Invest Cyprus supports fintech startups by offering comprehensive services at every stage of their investment journey. We provide regulatory guidance, access to key networks, and aftercare services to ensure long-term success. Through partnerships with institutions like the Research and Innovation Foundation (RIF), we help develop initiatives like the PRE-SEED programme, which offers funding to support startup growth. Additionally, we collaborate with the deputy ministry of research, innovation, and digital policy to strengthen Cyprus’ digital ecosystem and attract global technology entrepreneurs, contributing to the country’s National Vision 2035. How does Cyprus’ fintech ecosystem compare to those in other European nations, and what unique advantages does it offer? The technology sector, which includes fintech, has seen significant growth in Cyprus, with investments reaching €3.3 billion in 2022 and €4 billion in 2023, contributing 15 per cent to the GDP. Cyprus ranks fourth in the EU for technology sector development, with over 800 tech companies, including numerous fintech firms, establishing a strong presence. This growth is fuelled by international companies and talent, making the sector a key contributor to the economy, accounting for over 10 per cent of GDP. Invest Cyprus supports this expansion by creating a business-friendly environment, attracting global investment, and providing essential support to both technology and fintech companies. The overall success of the sector highlights Cyprus’s emerging role as a leading hub for innovation in Europe and the broader region. How does Invest Cyprus address the challenges fintech firms may face with compliance and regulations? Invest Cyprus together with its close and important collaborators like the Business Facilitation Unit of the ministry of energy, commerce and industry, the migration department of the ministry of interior operate as a one-stop-shop, offering complimentary tailored information and support on all aspects of setting up and running a business in Cyprus, throughout the entire investment journey, ensuring compliance with Cyprus’s regulatory framework and EU legislation. We connect businesses with the relevant authorities to guide them through the process of establishing operations. Compliance is monitored by the Cyprus Securities and Exchange Commission (CySEC) and the Central Bank of Cyprus, based on the services provided by the fintech firms. These bodies enforce high standards of transparency, consumer protection, and market integrity, aligned with EU regulations and Standards. We also emphasise the importance of continuous compliance, not only as a legal requirement but as a key factor in reinforcing Cyprus’s reputation as a leading fintech hub in the EU. What are some success stories of fintech companies that have invested in Cyprus, and how has Invest Cyprus supported their growth? Murex and MUFG are some of the success stories. Murex a top tier multinational company and one of the world’s best employers invested in to setting up an office and has more than 200 people working in Nicosia while MUFG one of the most reputable and healthiest Financial Groups internationally also invested into setting up an office and operates successfully from Limassol. Looking to the future, what are Invest Cyprus’ top three priorities for growing the fintech sector over the next five years? Looking ahead, our focus is on driving fintech growth by positioning Cyprus as a leading tech & innovation hub. We aim to expand partnerships across US, Europe, Middle East, Africa and Asia to foster cross-border collaboration and attract global talent and investment. With Cyprus’ competitive business environment, strategic location, and favourable tax regime, we are confident it will remain an ideal destination for fintech companies. Additionally, we will offer our guidance and expertise to support key reforms as they are phased in, ensuring the necessary regulatory updates and incentives are in place. By collaborating with stakeholders and listening to the needs of the industry, we aim to foster synergies that enhance digital infrastructure and solidify Cyprus as a top destination for fintech’s and the broader technology sector. ................................................................... Marios Tannousis holds the post of CEO at Invest Cyprus. He has more than twenty five years of international corporate experience, with twelve years in the international banking and financial services group Societe Generale, where he served at various key posts. He is a Member of the Board of the European Fund and Asset Management Association (EFAMA) and co-founder and member of the Cyprus Investment Funds Association (CIFA). He also served as President of the Cyprus Finance & Leasing Association and Board Member in various other organizations and bodies. He is a Member of the Chartered Institute for Securities and Investment (CISI) and holds a Bachelor’s degree in Economics from Rutgers University, New Jersey, US and an MBA from Mankato State University (MSU), Minnesota, US. He has also completed the FinTech programme of Oxford University, Said Business School and the program on Transformational Leadership of the University of Cambridge Judge Business School. He is certified for offering investment services and has a special interest in Economic Development through Investments especially in Banking, Financial Services, FinTech Investment Funds and Private Public Partnerships. He represents Cyprus in various international and European Conferences. Read More

Cyprus aims to be LNG ‘export hub'

November 20, 2024 - Energy Minister George Papanastasiou said on Friday that the aim is for Cyprus to become an export hub for liquefied natural gas, which will come from the deposits of the Eastern Mediterranean. Speaking at the 12th Cyprus Energy Symposium, in Nicosia, he stressed that the primary objective of the government is to reduce the cost of electricity in Cyprus, which “seriously burdens the local economy and households”. Papanastasiou said that in mid-January 2025 the first applications from commercial producers and individuals for energy storage will be submitted with the aim of storing 150 Megawatts of electricity from Renewable Energy Sources (RES), and he announced that the electricity market will open in July 2025. He presented Cyprus’ energy strategy and referred to the goal of converting natural gas into electricity so that the findings in the Exclusive Economic Zone of the countries in the region – and not only the ones of the Republic of Cyprus- can be used. Geology does not distinguish between deposits and findings, he added. The minister also referred to the transfer of natural gas from two directions, the first being the import and supply of liquefied natural gas through the “Prometheus” floating LNG unit. The goal is for Cyprus to become an export hub for liquefied natural gas, which will come from the deposits of the Eastern Mediterranean, he said and added that this can be achieved through a floating unit, the FLNG, or with a natural gas liquefaction terminal on land. He added that the Natural Gas Infrastructure Company has reached an agreement for the ship “Prometheus” with the contractor and the ship “will have a destination soon in December, so that it can be certified as a floating unit and possibly put into use.” Regarding the first energy storage plan, Papanastasiou said that the first applications will be in mid-January 2025 and will concern commercial producers as well as individuals. He said that the total subsidy is expected to be around 35-40 million euro and added that the Government’s current target is to put 150 Megawatts into storage. Referring to solar and wind energy, the minister said that today the installed capacity in conventional production is approximately 1,400 Megawatts, while wind and solar energy is approximately 900-950 Megawatts. Papanastasiou specified that electrical interconnections are part of the overall strategy of the Government and added that the Israel-Cyprus-Crete electrical interconnection is essentially the Israel-Cyprus-Europe interconnection via Crete. “This project is expected to be completed at the end of 2029 and it will help end Cyprus’ energy isolation.” Addressing the same event, House President Annita Demetriou said that Cyprus has all that is needed to become an energy hub in the Eastern Mediterranean. She noted that the completion of the electricity interconnection project between Cyprus, Greece and Israel is expected to contribute decisively to the lifting of energy isolation, the reduction of electricity costs and the strengthening of the country’s energy security. She stressed the need to accelerate the procedures for the implementation of the project and increase Renewable Energy Sources (RES) in the energy mix and the development of the necessary energy storage infrastructure. The event was also addressed by Minister of Environment and Energy of Greece, Theodoros Skylakakis. In a pre-recorded message, he said that relations between Greece and Cyprus will become even closer “as the construction of the cable that will connect our two electrical systems progresses”. He added that “we are forced to proceed with the rapid introduction of RES, which is the only way to offer low prices and energy security to our citizens”. Read More

House prices and rents went up in Q2 2024

November 7, 2024 - Eurostat reports that in the second quarter of 2024, house prices in the EU increased by 1.9% and rents by 0.7% compared with the first quarter of 2024. Compared with the second quarter of 2023, the price of houses went up by 2.9%, while rents increased by 3.0%. House prices and rents in the EU followed a similar pattern between 2010 and the second quarter of 2011 but have since evolved differently. While rents have increased steadily, the price of houses have followed a more variable pattern, combining periods of decline followed by rapid increases. Between 2010 and the second quarter of 2024, house prices increased by 52% and rents by 25%. House prices have more than doubled in 9 EU countries since 2010 When comparing the second quarter of 2024 with 2010, among the EU countries for which data are available, the price of houses increased more than rents in 20 countries. House prices more than tripled in Estonia (+232%) and Hungary (+218%) and have more than doubled in Lithuania (+178%), Latvia (+146%), Czechia (+131%), Austria (+111%), Portugal (+106%), Luxembourg (+103%) and Bulgaria (+102%). The price of houses did not change in Cyprus and decreased in Italy (-5%). For the same period, rents increased in 26 EU countries, with the highest rises registered in Estonia (+203%), Lithuania (+178%), Ireland (+106%) and Hungary (+104%). The only decrease in rent prices was recorded in Greece (-18%). Read More

Cyprus’ GDP hits €31.34 billion in 2023, 6,5%

November 4, 2024 - Cyprus’ gross domestic product (GDP) in nominal terms (current prices) reached €31.34 billion in 2023. This marks a growth rate of 6.5 per cent, according to the major revision of national accounts for 1995–2022 and the updated 2023 estimate from the Cyprus Statistical Service (Cystat). In real terms (volume measurements), the GDP growth rate was revised to 2.6 per cent, up from the previous estimate of 2.5 per cent, with real GDP amounting to €26.96 billion. What are the key sectors contributing to Cyprus’ economic growth? In terms of current prices, the largest sector contributing to gross value added (GVA) was wholesale and retail trade, including the repair of motor vehicles and motorcycles, generating €3.31 billion, corresponding to a share of 12 per cent of the total GVA. The information and communication sector followed closely, contributing €3.09 billion, corresponding to a share of 11.2 per cent. Real estate activities came in third, contributing €2.83 billion, with a share of 10 per cent of total GVA. The financial and insurance sector was not far behind with a contribution of €2.8 billion and a share of 10.1 per cent. Rounding out the top five sectors were professional, scientific, and technical activities, contributing €2.02 billion, corresponding to a share of 7.3 per cent of the total GVA. Why was there a revision? The major revision of the national accounts for the period 2018–2022 is attributed to changes in sources and methods, as well as regular revisions. The key updates for the 2018–2022 period relate to adjustments made during the planned verification cycle for GDP and GNI compilation, including the incorporation of data from the 2021 population and housing census, the 2023 household budget survey, and changes in public finance statistics. Read More

Cyprus Space Centre drives innovation with NASA

November 1, 2024 - Cyprus advanced its space ambitions as the Cyprus Space Research and Innovation Centre (C-SpaRC) recently showcased key developments in its space programme. The Cyprus Space Exploration Organisation (CSEO) described C-SpaRC as a multi-million-euro national initiative funded by the Research and Innovation Foundation (RIF) and backed by NASA TRISH and NASA Marshall, calling it a transformative step for Cyprus’ space sector. As C-SpaRC presented its progress to Chief Scientist Demetris Skourides, the Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou, and the Permanent Secretary of the Ministry were also in attendance, signalling strong governmental support for C-SpaRC and the expanding Cypriot space ecosystem. A core highlight of the presentation was Cyprus’ first domestically developed satellite, which CSEO committed back in June, during the inauguration of C-SpaRC, to deliver this key asset within 111 weeks. Using advanced Selective Laser Melting (SLM) 3D metal printing technology to produce intricate satellite components, CSEO said this innovative process enables manufacturing with aluminium, titanium, steel, and platinum at scales rarely available across Europe. This capability, according to the organisation, opens new doors for Cypriot companies in smallsat manufacturing and related high-value sectors. With NASA and COSPAR support, the satellite is set for launch in 2026, depending on launch service availability. C-SpaRC’s advanced infrastructure includes Cyprus’ only SLM metal printer, one of the few with such capabilities in Europe. CSEO said that this equipment will soon be accessible to members of the Cyprus Space Cluster, allowing greater collaboration within the space ecosystem. This open-access approach, it added, helps Cyprus move closer to full European Space Agency (ESA) membership by integrating high-end resources that boost global competitiveness. The presentation also revealed strides in space weather forecasting, with teams from the Sodankylä Geophysical Observatory (SGO) and CYENS Centre of Excellence showcasing AI-driven Space Weather (SWx). These models predict solar flares from the Sun’s active regions, increasing preparation time. Furthermore, their method identifies regions with a low probability of flaring. This improved accuracy stems from novel statistical methods and predictive AI modelling. These enhance our ability to prepare for and mitigate the impact of space weather events, significantly improving global Space Situational Awareness (SSA) – the comprehensive understanding of the space environment – and protecting vital infrastructure. Space health research also features prominently in C-SpaRC’s work. Partnering with NASA TRISH and the Cyprus Institute of Neurology and Genetics (CING), with support from Aretaeion Hospital, C-SpaRC is investigating the biological impacts of space weather on astronauts. This collaboration uses NASA TRISH’s organ-on-a-chip technology to study the effects of cosmic radiation, microgravity, and other spaceflight stressors on human health, particularly as part of preparations for NASA’s Artemis lunar missions. CING’s Bioinformatics Department (C-BIG) has reportedly developed computational tools based on RNA sequencing data from human-derived cardiomyocytes, designed to assess spaceflight’s impacts on cardiovascular function, oxidative stress, and redox signalling. The organisation said this research is essential for identifying drug candidates that could help mitigate cardiovascular risks faced by astronauts. Findings from this space health research also offer valuable insights for healthcare on Earth. CSEO pointed out that the unique challenges of spaceflight, such as elevated radiation levels and oxidative stress, generate data that can help address similar health risks here, with potential benefits in treating cardiovascular issues, immune deficiencies, and cancer. Recognised for its contributions to innovation, CSEO has won multiple awards at NASA’s Space Apps Challenge, affirming Cypriot expertise in science and technology. The organisation reports it has led or taken part in 13 funded Research, Technology Development, and Innovation (RTDI) projects with a combined budget exceeding €11 million, acting as coordinator for 6 of these projects (€5 million budget share). Among these is the IN-TIME project, which was recently featured in The Washington Post for developing tools to date Martian sediment samples, underlining Cyprus’ dedication to world-class research. Read More

Cyprus remains a prime investment destination

October 8, 2024 - Cyprus remains a prime destination for investors eyeing lucrative deals in the real estate sector, as the island offers a variety of investment opportunities for both local and foreign investors, according to a leading real estate company. The biggest opportunity at the moment is on the south east coast, in Larnaca, as the government moves to plan B to rescue the €1.2 billion marina and port project, according to Danos International Property Consultants & Valuers. Following the loss of trust which led to a complete breakdown in communication between the contractor Kition Ocean Holdings and the government, termination of the contract was deemed inevitable. The government has since then regained control of the port and marina and is now actively seeking new investors to complete this ambitious project. Following completion, the revamped port and marina was expected to become a main entrance port for Cyprus, but would have also boosted local tourism and economy. The project was estimated to generate around €12 bln for the government. It was to create 4,000 new jobs, calculating those directly tied to the marina operations and businesses that will open outlets in the commercial areas. Reconstruction of the existing marina would accommodate 650 yachts and offer facilities such as boat repairs. An upgraded Larnaca port would accommodate ships up to 450 metres in length, such as luxury cruise ships, energy exploration vessels, military, and other merchant ships. The real estate project was expected to include luxury hotels, apartment buildings, a convention centre, shopping malls, educational hubs, research auditoriums, a medical school, a tourism college and an environment and energy university. Larnaca has witnessed a development boom in recent years with foreign investors’ interest as the city’s municipal authorities have received no less than 25 applications for building permits for hotel projects. Forgotten gems The island’s cities also have forgotten gems, waiting to regain their shine. One such gem is the once buzzing City Plaza shopping centre in the capital. It has long enjoyed a reputation as one of the best-known commercial buildings in Nicosia. Today this urban architectural icon is waiting for investors to make a move, as the property gains new value with Cyfield’s 360 tower across the street and the facelift of the Makariou Avenue, upon which it is situated. The property presents investors with a plethora of high-yield development opportunities. It can be revitalised as a retail department store or transformed into an office building, offering flexible floor layouts for various configurations or serviced offices. Additionally, it can be developed into a mixed-use hub, combining shops and offices. The building’s distinctive sunken courtyard holds potential to be repurposed as an attractive Food and Beverage court. The property, strategically located in the heart of the capital in the Trypiotis area of Makarios avenue – the most central and commercial thoroughfare of the city, has been on the market since 2022 after being acquired by its current owners. City Plaza comprises four floors, with individual units arranged around perimeter walkways, linked by vertical circulation and overlooking a majestic central courtyard. With a total covered area of 4,669 sq.m., the first three floors of the building feature 19 shops each with an internal area ranging from 778 to 943 sq.m., the top floor of the building is a united lot without any partitions and an approximate covered area of 1,232 sq.m. City Plaza is part of the ”Nicosia Local Plan” and according to the incentives offered, the building coefficient could increase from the current 250% to 425%, as outlined in the “Nicosia Centre Area Plan 2016” and the “Incentive Plan 2016-2019 (for parking spaces for public use)”. Health Care On Wednesday, the Hellenic Healthcare Group (HHG), owner and operator of nine leading private hospitals in Greece and Cyprus, said it has added the American Medical Center and the American Heart Institute in Nicosia to its portfolio healthcare facilities and services. The AMC, originally founded as the ‘American Heart’ in 1999 and later expanded to become a full-service hospital, joins HHG members in Nicosia, the Apollonion Hospital and the Aretaio Hospital, both of which are part of the state-funded General Health System (GHS). At the same time, investors have taken a keen interest in Cyprus’s health sector. Records show that since 2021, twelve new private hospitals have been seeking licenses to establish and operate in Cyprus. Some have already secured establishment licenses and are now working towards obtaining operating licenses. The introduction of the General Health System (GHS) on June 1, 2019, has significantly boosted the health sector in Cyprus. Opportunities lost Danos International Property Consultants and Valuers had previously worked on a project in 2018 to transform the old Larnaca airport area into an airport city. Plans included a hotel, conference centre, shopping mall and exhibition spaces for logistics. This project was presented at major real estate exhibitions and conferences like MIPIM in Cannes, attracting significant interest from investors, including Marriott Hotels and various logistics companies. However, the project encountered a hurdle when the government did not agree to a different timeline for implementation than that offered to Hermes Airport operators. The take-away is that the island still has a lot more to offer investors in these uncertain times, helping the Mediterranean island to push back the negative effects of the war in Ukraine, the Middle East and inflation. Read More

Cyprus to appeal as a home for professionals

October 7, 2024 - In recent years, Cyprus has been transforming itself from a popular tourist destination into a vibrant entrepreneurial hub. But what is driving this change, and why are so many startups flocking to this Mediterranean island? Stepan Kuzmin, Co-Founder of TellYourStartup, explained that “In recent years, Cyprus has been quietly reinventing itself” adding that “Once primarily known as a tourist destination, it is now buzzing with entrepreneurial energy.” According to Kuzmin, “From fintech startups to green energy initiatives, Cyprus is becoming a testing ground for innovative ideas that could shape the future of the region.” One of the most telling metrics is the capital raised by startups in Cyprus. According to Statista, the amount of capital raised quadrupled from 136 million USD in 2020 to 614 million USD in 2021. Kuzmin noted, “After events such as the bankruptcy of the Silicon Valley Bank, capital raised decreased to 385 million in 2023.” He added, “Since then, it has maintained steady growth of roughly 5 per cent per year, with a projected value of 428 million USD in 2025.” On a broader scale, Cyprus has also been making a name for itself within the European Union. Kuzmin explained, “When looking at the newly released European Innovation Scoreboard, Cyprus stands out among its southern neighbours.” He added, “It has risen to a proud 10th place within the EU, while obtaining strong innovator status.” Kuzmin went on, “Having overtaken the EU average by 6 index points and leaving many larger neighbours, such as Greece, behind, the island nation has maintained a strong track record since 2017.” He emphasised, “It’s a trend Cyprus will likely uphold in the future.” As of 2024, Cyprus boasts a growing expat community. However, the recent influx of people is more attracted to the tech and venture prospects the island offers. Kuzmin remarked, “The sun, the sea, and the favourable tax regime are simply an added bonus, which many enjoy.” He observed, “Yet, none embrace these aspects as much as their predecessors.” Kuzmin also explained, “Additionally, the region around the island has been plagued by political instability and faltering economies, which has led some people to flee in search of a better place to live.” He continued, “This has attracted many skilled specialists from countries such as Israel, Iran, or even Turkey to settle in the country, which provides them with a safe haven not too far from their roots.” Cyprus has also succeeded in attracting global corporations and educational institutions in recent years. Kuzmin highlighted, “The American University of Beirut opened its doors to students this year.” He added, “The presence of companies like the Big Four in various locations has strengthened the island’s position as a business hub.” Kuzmin noted, “A combination of these factors will play a crucial role in the country’s future.” He emphasised, “Educating its citizens, while preventing a brain drain by providing them with work to challenge their skillset, will accelerate Cyprus’ economic development.” He concluded, “All of this will propel Cyprus to become a regional leader.” Despite these promising developments, Kuzmin acknowledged that Cyprus presents both opportunities and challenges for entrepreneurs and expats. He explained, “While the country’s bureaucratic processes can seem daunting at first, they often reveal a flexibility not found in more rigid Northern European nations.” Kuzmin noted, “Navigating the administrative landscape may be time-consuming and complex, often requiring local insight to fully understand.” However, he added, “This system also allows for a personal touch that can streamline processes when approached with respect and cultural understanding.” According to Kuzmin, learning basic Greek phrases like ‘καλημέρα’ (good morning) is just the beginning. He observed, “Truly embracing Cypriot values and traditions can open doors in ways unimaginable in many other EU countries.” Kuzmin also highlighted, “The warmth of Cypriot hospitality isn’t just a saying—it’s something you experience firsthand.” He added, “Despite recent changes in the social landscape, the island’s people remain remarkably welcoming.” Kuzmin pointed out, “Newcomers who make an effort to integrate into the community often find themselves embraced as part of an extended family, with a support network ready to lend a hand when needed.” Cyprus’ business ecosystem continues to evolve. Kuzmin remarked, “The port city of Limassol is developing into a vibrant tech and business centre, with modern infrastructure gradually reshaping its skyline.” He also highlighted the island’s strategic advantages, saying, “Cyprus’s location at the crossroads of Europe, Asia, and Africa, along with its EU membership, provides unique advantages for international businesses.” As Cyprus continues to develop its business ecosystem, “it offers an intriguing blend of opportunity and Mediterranean lifestyle,” Kuzmin said. He concluded that “for entrepreneurs and companies looking for new horizons within the EU, Cyprus presents an option worth considering—a place where traditional hospitality meets modern business ambitions.” Read More