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Maritime Fatalities Among EU Vessels Slightly Increased In 2024, Data Shows

Recent figures published by Eurostat reveal a modest rise in maritime accident fatalities involving EU-registered vessels, with 13 crew members losing their lives worldwide during 2024. Data was derived from reports submitted by EU member states, as well as Iceland and Norway, to the European Maritime Safety Agency (EMSA).

Regional Analysis Of Maritime Incidents

All fatalities involving EU-flagged ships occurred within EU territorial seas. In addition, nine individuals were killed in EU waters in accidents involving ships registered outside the bloc. Notably, within the EU waters, the Atlantic Ocean accounted for seven deaths, the Mediterranean for five, and the North Sea for one, while the Baltic Sea, Black Sea, and English Channel registered minimal or zero fatalities.

Trends And Vessel-Type Insights

Between 2020 and 2024, EU-flagged vessel accidents averaged 19 fatalities per year. After a post-pandemic surge peaking at 29 deaths in 2022, fatalities dipped to 11 in 2023 before a slight rise in 2024. Trends for non-EU ships saw a dramatic fluctuation, peaking at 22 passenger and crew deaths in 2023 before declining to nine in 2024. Notably, fishing vessels were the primary contributors to the 2024 fatality count, accounting for nine of the deaths, in contrast to prior years which exhibited significantly lower incident rates among fishing fleets. Passenger vessels and cargo ships each reported two fatalities, while inland waterway, recreational, and service ships continued to record minimal losses.

Data Reporting And Compliance Framework

The comprehensive dataset covers accidents involving EU-registered vessels across all ocean regions, whereas the figures for non-EU ships are limited to incidents in EU territorial seas. Cyprus, a prominent EU open registry, contributes to these numbers through mandated reporting via the European Marine Casualty Information Platform (EMCIP) under Directive 2009/18/EC and Regulation 376/2014. The island’s Marine Accident and Incident Investigation Committee (MAIC) has published several high-profile fatality reports, including investigations into incidents involving the SWE-Carrier and the Cyprus-registered bulk carrier EVNIA, as well as the 2024 mooring-line accident on the FIONA B vessel. These reports underscore a rigorous regulatory framework and a commitment to maritime safety that is critical to industry stakeholders.

Cyprus Residential Market Surpasses €2.5 Billion In 2025 With Apartments Leading the Way

Market Overview

In 2025, Cyprus’ newly built residential property market achieved a remarkable milestone, exceeding €2.5 billion. Data from Landbank Analytics indicates robust activity countrywide, with newly filed contracts reaching 7,819, including off-plan developments. This solid performance underscores the market’s resilience and dynamism across all districts.

Transaction Breakdown

The apartment sector clearly dominated the market, constituting 81.6% of transactions with 6,382 deals valued at €1.77 billion. In contrast, house sales represented a smaller segment, encompassing 1,437 transactions and generating €737.9 million. The record-high transaction was noted in Limassol, where an apartment sold for approximately €15.2 million, while the priciest house fetched roughly €6.2 million.

Regional Analysis

Nicosia: The capital recorded steady domestic demand with 2,171 new residential transactions. Apartments accounted for 1,836 deals generating €349.6 million, compared to 335 house transactions worth €105.5 million, anchoring Nicosia as a core market with average values of €190,000 for apartments and €315,000 for houses.

Limassol: As the island’s principal investment center, Limassol led overall activity with 2,207 transactions. Apartments dominated with 1,936 sales generating €824.1 million, while 271 house transactions added €157.9 million. The district enjoyed premium pricing, with apartments averaging over €425,000 and houses around €583,000.

Larnaca: This district maintained robust activity with a total of 2,020 transactions. The apartment segment realized 1,770 transactions worth €353 million, and houses contributed 250 deals valued at €96.3 million. Average prices hovered near €200,000 for apartments and €385,000 for houses, positioning Larnaca within the mid-market bracket.

Paphos: With a more balanced mix, Paphos completed 1,078 transactions. Ranking second in overall value at €503.2 million, the district saw house sales generate €287.8 million and apartments €215.4 million. Consequently, Paphos achieved the highest average house price at approximately €710,000 and an apartment average of €320,000, emphasizing its premium housing profile.

Famagusta: Distinguished by lower transaction volumes, Famagusta was the sole district where house sales outnumbered apartment deals. Out of 343 transactions, 176 involved houses (yielding €90.4 million) and 167 were apartments (at €32.4 million). The segment’s average prices were about €194,000 for apartments and over €513,000 for houses, signaling its focus on holiday residences and coastal developments.

Sector Insights and Forward View

Commenting on the report, Landbank Group CEO Andreas Christophorides remarked that the analysis demonstrates an ecosystem where apartments are the cornerstone of the real estate market. He emphasized, “The apartment sector is not merely a trend; it is the engine powering the country’s real estate market.” Christophorides also highlighted the diverse regional dynamics: Limassol leads in apartment pricing, Paphos commands premium house prices, Nicosia remains pivotal to domestic demand, Larnaca sustains competitive activity, and Famagusta caters to holiday home buyers.

In a market characterized by these varied profiles, informed monitoring of regional and sector-specific dynamics is crucial for investors aiming to make targeted and strategic decisions.

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Aretilaw firm
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