92% Of IT Jobs In Cyprus Set To Transform Due To Artificial Intelligence

by THEFUTURE.TEAM

August 26, 2024

The rapid advancement of artificial intelligence (AI) is poised to transform nearly all aspects of the information technology (IT) sector in Cyprus. According to a recent study, an astounding 92% of IT jobs in the country are expected to undergo significant changes due to AI integration. This transformation is not just about automating routine tasks; it extends to redefining job roles, enhancing productivity, and creating new opportunities that require advanced skills in AI and related technologies.

The IT sector in Cyprus, which has been a critical driver of the country’s economic growth, now faces a pivotal moment. As AI technologies such as machine learning, natural language processing, and robotic process automation become more prevalent, IT professionals will need to adapt quickly. The demand for traditional programming and support roles is expected to decline, while new opportunities will emerge in areas like AI development, data science, cybersecurity, and AI ethics.

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This shift presents both challenges and opportunities for the Cypriot workforce. On the one hand, there is a pressing need for reskilling and upskilling to ensure that the current workforce can transition into these new roles. Educational institutions, businesses, and the government must collaborate to provide training programs that equip IT professionals with the necessary AI-related skills. On the other hand, the integration of AI into the IT sector also opens up possibilities for innovation and entrepreneurship, as new business models and services driven by AI technology are likely to emerge.

Moreover, the broader impact of AI on the IT sector in Cyprus is expected to resonate across other industries as well. As businesses in sectors like finance, healthcare, and logistics increasingly adopt AI-driven solutions, the demand for IT services that support these technologies will grow. This interconnectivity underscores the importance of preparing the Cypriot workforce not only for changes within the IT sector but also for the wider implications of AI across the economy.

In conclusion, the anticipated transformation of 92% of IT jobs in Cyprus due to AI represents a major shift that requires proactive planning and investment in human capital. By embracing this change and focusing on education and innovation, Cyprus has the potential to strengthen its position as a competitive player in the global digital economy. However, the success of this transition will depend on the collective efforts of all stakeholders to ensure that the workforce is prepared to meet the challenges and seize the opportunities presented by the AI revolution.

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Cyprus Permit Delays Can Add €61,000 To The Cost Of A New Home

by THEFUTURE.TEAM

August 25, 2026

Housing affordability in Cyprus is being affected not only by property prices, construction costs and interest rates, but also by delays in securing planning and building permits. For developers, years of waiting can add millions of euros to project costs and tens of thousands of euros to the price of an individual home.

Property Prices And Rents Continue To Rise

House prices in Cyprus rose 3.4% year on year in the first quarter of 2026, according to Eurostat, leaving prices about 50% above their 2015 level. Rents have also continued to increase, with the Cyprus Statistical Service reporting annual growth accelerating from 2.5% in January to 4.5% in April.

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Strong demand and limited supply are adding pressure to both markets. Delays earlier in the development cycle can further restrict the number of homes reaching the market.

Four-Year Delay Adds €6.3 Million To Project Costs

A recent analysis by Yiannis Misirlis, chairman of the Cyprus Land and Building Developers Association, illustrates the financial impact. The example involves a 125-apartment project with €7 million allocated to land and an estimated €25 million for construction, bringing the initial cost to €32 million.

If permits are secured within six months, the average sale price would be about €307,000 per apartment. A four-year permitting delay, however, would add about €1.7 million in financing costs tied to the land, €800,000 in additional overheads and €3.8 million from construction cost inflation.

Combined, those costs would add about €6.3 million to the project without increasing the developer’s profit. The average apartment price would rise to about €368,000, adding roughly €61,000 to each unit.

Delays Also Affect Rental Supply

Higher development costs can affect renters as well as buyers. When projects are delayed, fewer homes enter the market over a given period, limiting supply while demand continues to grow.

Build-to-rent projects face the same pressures from land costs, financing, overheads and construction inflation. Developers may ultimately pass some of those additional costs through to rents.

Government Moves To Increase Housing Supply

Reducing permitting times would not require weaker planning controls or construction standards. More predictable approval timelines would instead allow developers and investors to plan projects with greater certainty and reduce the costs associated with prolonged delays.

The Ministry of Interior has introduced planning incentives and additional building coefficients that are expected to support the construction of more than 2,500 homes over the next two years. The measures are intended to increase housing supply in a market where demand remains strong.

Permitting Delays Have A Direct Financial Cost

For developers, longer approval periods increase financing and overhead costs while exposing projects to higher construction prices. Those costs can ultimately affect sale prices, rents and the number of homes that reach the market.

Cyprus’ housing affordability challenge therefore extends beyond land and construction costs. The time required to move a project from planning to construction can also determine how much buyers and renters eventually pay.

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