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Multi-Million Euro Deal In Paphos: Old American Academy Transformed Into British-Owned Educational Institution

In a significant development for Cyprus’ educational landscape, the historic American Academy in Paphos has been sold and will be transformed into a British-owned educational institution. This multi-million euro deal marks a pivotal moment for the local education sector, promising to elevate the standards and reputation of Paphos as a hub for high-quality international education.

The American Academy, a landmark institution in Paphos, has long been revered for its commitment to academic excellence and community service. Its transformation under British ownership is set to introduce a new era of educational innovation and international collaboration. The acquisition by British interests underscores the growing appeal of Cyprus as a destination for international education investment, driven by its strategic location, favourable climate, and robust educational framework.

The new British educational institution will benefit from substantial investments aimed at upgrading and expanding the existing infrastructure. These enhancements will include state-of-the-art classrooms, modern science laboratories, advanced sports facilities, and comprehensive digital learning environments. The focus will be on creating a holistic educational experience that combines academic rigour with extracurricular development, ensuring that students are well-prepared for the challenges of the globalised world.

The institution will offer a diverse curriculum designed to meet international standards, providing students with opportunities to pursue the International Baccalaureate (IB), A-Levels, and other globally recognised qualifications. This curriculum will not only attract local students but also appeal to the expatriate community and international students seeking high-quality education in a supportive and multicultural environment.

One of the key aspects of this transformation is the emphasis on fostering strong ties between the educational institution and the local community. The British owners are committed to maintaining the legacy of the American Academy by continuing its tradition of community engagement and social responsibility. This includes partnerships with local businesses, cultural organisations, and government bodies to promote educational initiatives and community development projects.

The investment in the Paphos educational sector is expected to have a broader economic impact, generating employment opportunities for local educators, administrative staff, and support services. It will also attract families and professionals to the region, boosting the local economy and contributing to the socio-economic development of Paphos.

Furthermore, the presence of a high-calibre British educational institution in Paphos will enhance the city’s reputation as a centre for academic excellence and innovation. It will draw international attention, positioning Paphos as a competitive destination for educational tourism. This is particularly significant in the context of the global education market, where parents and students are increasingly seeking schools that offer a blend of rigorous academics, cultural exposure, and holistic development.

The transformation of the American Academy into a British-owned institution reflects the broader trends of globalisation and international collaboration in education. It signifies a commitment to providing students with a world-class education that equips them with the skills, knowledge, and values necessary to thrive in a rapidly changing world.

Cyprus Labor Costs Rise 3.8% As Wage Growth Accelerates

Labor costs in Cyprus rose 3.8% year on year in the second quarter of 2026, according to provisional figures from the Statistical Service, or Cystat.

The increase accelerated slightly from 3.4% in the first quarter and exceeded the 3.7% rise recorded a year earlier, pointing to continued pressure on employers’ staffing costs.

Wages And Non-Wage Costs Both Rise

Wages and salaries per hour worked increased 3.9% from a year earlier, while non-wage costs rose 3.6%. Both rates were higher than in the first quarter, when wage costs increased 3.4% and non-wage costs 3%.

On an unadjusted basis, the total labor cost index rose to 121.87 in the second quarter, from 119.43 in the previous quarter and 117.38 a year earlier, using 2020 as the base year.

The wages and salaries index reached 122.20, compared with 119.79 in the first quarter and 117.64 a year earlier. The non-wage cost index rose to 120.48 from 117.92 and 116.33, respectively.

Quarterly Growth Also Picks Up

After seasonal adjustment, total hourly labor costs increased 1% from the previous quarter. Wages and salaries also rose 1%, while non-wage costs increased 0.9%.

That was faster than the quarterly growth recorded a year earlier, when seasonally adjusted total labor costs and wages each rose 0.6% and non-wage costs increased 0.5%.

The latest figures show that labor costs continue to rise in Cyprus, with both wages and additional employment expenses contributing to the increase.

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