16% Rise in Motor Vehicle Sales with EV and Hybrid Cars Gaining Ground

by THEFUTURE.TEAM

September 10, 2024

The Cypriot automotive market has seen a significant surge in sales this year, with figures showing a 16% increase in motor vehicle sales from January to August 2024. This growth, fuelled by rising demand for electric vehicles (EVs) and hybrids, highlights a transformative shift in the country’s automotive landscape and signals an increasing alignment with global trends towards sustainability and cleaner energy.

According to recent data, the total number of new vehicle registrations reached 28,848 during the first eight months of 2024, compared to 24,816 in the same period of 2023. This increase can largely be attributed to the growing popularity of EVs and hybrid models, which are rapidly gaining market share. In fact, EVs and hybrid vehicles now represent 21% of all new car sales in Cyprus, a considerable leap from previous years.

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Several factors are driving this upward trend. Firstly, global awareness around climate change, paired with governmental incentives for sustainable transportation, has encouraged more consumers to consider environmentally friendly alternatives. In Cyprus, a combination of tax breaks, subsidies for EV purchases, and a growing charging infrastructure has made the shift to greener vehicles more appealing. Moreover, with the cost of ownership for traditional combustion-engine vehicles rising due to fuel price volatility, the economic argument for EVs and hybrids is becoming stronger.

Automotive manufacturers are also playing a role in this shift, with an increasing number of EV and hybrid models being introduced to the Cypriot market. The availability of more affordable and mid-range models is enabling a wider range of consumers to consider electric or hybrid vehicles as viable options. The competition between manufacturers to capture this emerging market is intense, with both global brands and local dealerships keen to capitalise on the shift towards greener mobility.

Despite these positive developments, challenges remain. While the infrastructure for EVs is expanding, Cyprus still lags behind other European countries in terms of the number of charging stations available. To fully support the growing EV and hybrid market, significant investment in charging infrastructure will be crucial. Furthermore, the initial cost of purchasing an EV, although decreasing, remains higher than that of traditional vehicles, potentially limiting the market to higher-income consumers.

Nonetheless, the trajectory for EVs and hybrid cars in Cyprus looks promising. The 16% growth in motor vehicle sales, coupled with the rising share of environmentally friendly vehicles, underscores the country’s gradual transition towards a more sustainable future. As technology advances and infrastructure improves, Cyprus is poised to further embrace electric and hybrid vehicles, contributing to both its environmental goals and the evolving automotive industry.

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Cyprus Income Distribution 2024: An In-Depth Breakdown of Economic Classes

by THEFUTURE.TEAM

December 24, 2025

New findings from the Cyprus Statistical Service offer a comprehensive analysis of the nation’s income stratification in 2024. The report, titled Population By Income Class, provides critical insights into the proportions of the population that fall within the middle, upper, and lower income brackets, as well as those at risk of poverty.

Income Distribution Overview

The data for 2024 show that 64.6% of the population falls within the middle income class – a modest increase from 63% in 2011. However, it is noteworthy that the range for this class begins at a comparatively low threshold of €15,501. Meanwhile, 27.8% of the population continues to reside in the lower income bracket (a figure largely unchanged from 27.7% in 2011), with nearly 14.6% of these individuals identified as at risk of poverty. The upper income class accounted for 7.6% of the population, a slight decline from 9.1% in 2011.

Income Brackets And Their Thresholds

According to the report, the median equivalent disposable national income reached €20,666 in 2024. The upper limit of the lower income class was established at €15,500, and the threshold for poverty risk was set at €12,400. The middle income category spans from €15,501 to €41,332, while any household earning over €41,333 is classified in the upper income class. The median equivalents for each group were reported at €12,271 for the lower, €23,517 for the middle, and €51,316 for the upper income classes.

Methodological Insights And Comparative Findings

Employing the methodology recommended by the Organisation for Economic Co-operation and Development (OECD), the report defines the middle income class as households earning between 75% and 200% of the national median income. In contrast, incomes exceeding 200% of the median classify households as upper income, while those earning below 75% fall into the lower income category.

Detailed Findings Across Income Segments

Upper Income Class: Comprising 73,055 individuals (7.6% of the population), this group had a median equivalent disposable income of €51,136. Notably, the share of individuals in this category has contracted since 2011.
Upper Middle Income Segment: This subgroup includes 112,694 people (11.7% of the population) with a median income of €34,961. Combined with the upper income class, they represent 185,749 individuals.
Middle Income Group: Encompassing 30.3% of the population (approximately 294,624 individuals), this segment reports a median disposable income of €24,975.
Lower Middle And Lower Income Classes: The lower middle income category includes 22.2% of the population (211,768 individuals) with a median income of €17,800, while the lower income class accounts for 27.8% (267,557 individuals) with a median income of €12,271.

Payment Behaviors And Economic Implications

The report also examines how income levels influence repayment behavior for primary residence loans or rental payments. Historically, households in the lower income class have experienced the greatest delays. In 2024, 27.0% of those in the lower income bracket were late on payments—a significant improvement from 34.6% in 2011. For the middle income class, late payments were observed in 9.9% of cases, down from 21.4% in 2011. Among the upper income class, only 3% experienced delays, compared to 9.9% previously.

This detailed analysis underscores shifts in income distribution and repayment behavior across Cyprus, reflecting broader economic trends that are critical for policymakers and investors to consider as they navigate the evolving financial landscape.

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