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STEK Warns Power Outages Risk Damaging Cyprus Tourism

The Cyprus Association of Tourist Enterprises (STEK) has expressed concern over Wednesday’s electricity outages, saying the disruptions affected hotel operations and risked damaging the visitor experience during the peak tourism season.

Hotels Affected By Power Outages

In a statement, STEK said the interruptions created operational difficulties for hotels at a time when Cyprus is seeking to strengthen its position in international tourism markets.

The association said reliable electricity supply is essential for maintaining service standards and supporting the country’s competitiveness as a tourism destination.

Pressure On The Tourism Sector

STEK said the outages came during a challenging tourism season, with businesses already working to manage the impact of geopolitical developments in the wider region.

“Under these conditions, the last thing Cypriot tourism needs is additional internal problems that harm the image and credibility of the destination,” the association said.

The organisation also noted that electricity has become one of the highest operating costs for hotels, with energy expenses rising significantly in recent years.

Call To Strengthen Energy Infrastructure

STEK urged the government and relevant authorities to accelerate measures aimed at improving Cyprus’ energy security and ensuring sufficient electricity supply for critical infrastructure.

The association said reliable energy infrastructure is important for protecting the country’s competitiveness and international reputation.

Cyprus Property Deals Reach €286 Million Despite Second-Quarter Uncertainty

Cyprus’ high-end property market remained active in the first half of 2026, although geopolitical uncertainty may have weighed on investment activity during the second quarter.

€286.4 Million Across The 50 Largest Deals

Property transactions worth a combined €286.4 million ranked among Cyprus’ 50 highest-value deals completed between January and June, according to real estate analytics firm Ask Wire.

Examining the country’s biggest sales across all districts, the report found that the 10 largest transactions alone accounted for €161.7 million, highlighting the concentration of activity at the upper end of the market.

Limassol Extends Its Lead

A €55 million sale involving a building and adjoining fields in Moni was the largest property transaction recorded during the period.

Six of the country’s 10 biggest deals took place in Limassol, with a combined value of €117.2 million. Paphos followed with three transactions worth €35.5 million, while Larnaca recorded one €9 million sale.

Across the broader ranking, Limassol’s 10 largest transactions reached €148.2 million, representing 51.7% of the total value of the top 50 deals. Paphos followed with €68.8 million (24%), while Nicosia recorded €26.7 million. Famagusta narrowly surpassed Larnaca, reaching €21.4 million compared with €21.2 million.

Land Continues To Drive High-Value Deals

According to Ask Wire CEO Pavlos Loizou, land acquisitions continue to dominate Cyprus’ largest property transactions.

“The land market dominates the list of the 10 highest-value property transactions, with seven sales involving fields and plots.”

Many of those sites are expected to be developed into luxury residential and hospitality projects, he added.

Office Demand Remains Strong

Growing demand for office space also reflects the expansion of international companies establishing operations in Cyprus, Loizou said.

“We continue to observe growing demand for office properties, reflecting the expansion of the new ecosystem of international companies that has been establishing itself in Cyprus in recent years.”

Eight of the 10 largest transactions were completed during the first quarter of 2026, with activity slowing in the following three months.

Loizou said the slowdown may reflect investor caution linked to the conflict in the Middle East, which appears to have influenced investment decisions during the second quarter.

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