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Cyprus’ Mountain Villages Are Becoming Hotspots For Investors

by News Editor

April 10, 2025

Once overlooked, Cyprus’ mountain villages are now attracting serious investor attention, fueled by the ambitious restoration of the iconic Berengaria Hotel in Prodromos. Developers and international buyers are shifting their focus to Platres, Agros, and Kakopetria, drawn by fresh opportunities in high-altitude hospitality and tourism.Andreas Mandalas, president of the Pasyxe Mountain Resorts Committee, confirms a surge in interest. “The Berengaria project has been a catalyst. Platres and Kakopetria, in particular, are seeing renewed investment,” he told. “Forest Park and Penteli in Platres have been sold, Petit Palais has been renovated, and Nea Elvetia is undergoing restoration. Investors are now eyeing Kakopetria as a fully-fledged tourist destination.”

The Berengaria redevelopment is spearheaded by real estate firm BBF, with Thanos Hotels set to take over management. Andronikos Spyrou, the project’s manager, highlighted the wider potential of the Prodromos area. “We’ve made a significant investment in Berengaria and have already submitted plans for additional projects in the region.”

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A Wave Of Capital Flowing Into Agros and Kakopetria

The investment boom extends beyond Prodromos. In Agros, the historic Rodon Hotel recently changed ownership, with Hong Kong-based investor Balram Chainrai acquiring an 87.85% stake following a public takeover bid. Meanwhile, Kakopetria is actively courting investors to revive dormant hotel properties.

“We’re looking for investors to breathe new life into hotels that have been inactive for years,” said Iakovos Papaphilippou, president of the Kakopetria community council. Property sales in the area are picking up, and infrastructure improvements are adding to the region’s appeal. “The Astromeritis–Evrychou road will be completed this year, and the Kokkinotrimithia–Astromeritis road is set for completion by 2029. These projects will unlock further investment potential.”

A €100M Development Pipeline In Platres

Pano Platres is another village transforming, with projects worth over €100 million in progress. According to Dimitris Papatheodotou, secretary of the local community council, demand for land is surging. “Investors need state support to expedite building permits and land divisions. When interest grows, our forested land is preserved rather than left abandoned.”

While tourism is the main economic driver, Papatheodotou stresses the need for year-round livability. “Infrastructure upgrades, an improved Limassol–Platres road, and better educational and childcare facilities will help attract permanent residents and sustain growth.”

Government-Backed Revitalization And Private-Sector Momentum

These developments align with the government’s broader mountain community strategy, aimed at revitalization and improved quality of life. According to a report from the mountain development commissioner, 280 government initiatives are currently being implemented, spanning infrastructure, education, and healthcare.

Roadworks led by the Ministry of Transport are enhancing accessibility, while investments in agriculture, waste management, and fire prevention are strengthening local resilience. But while public funding lays the groundwork, private capital is driving real progress.

“Quality hotels, boutique guesthouses, wineries, and agritourism ventures are not only creating jobs but also reinvigorating the local economy,” the commissioner’s report states.

The Future Of Cyprus’ Mountain Villages: Sustainable, Livable, And Thriving

A key priority is keeping younger generations from migrating to cities. “Supporting youth entrepreneurship and creating new opportunities will be essential to reversing urban sprawl,” the commissioner noted.

With its rich natural beauty and cultural heritage, rural Cyprus holds vast potential for sustainable tourism and local production. “With the right investment and strategic cooperation, these mountain communities can become beacons of sustainable development—offering a high quality of life for residents and unforgettable experiences for visitors.”

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Strained Household Finances: Eurostat Data Reveals Persistent Payment Delays Across Europe and in Cyprus

by THEFUTURE.TEAM

November 22, 2025

Improved Financial Resilience Amid Ongoing Strains

Over the past decade, Cypriot households have significantly increased their ability to manage debts—not only bank loans but also rent and utility bills. However, recent Eurostat data indicates that Cyprus continues to lag behind the European average when it comes to covering financial obligations on time.

Household Coping Strategies and the Limits of Payment Flexibility

While many families are managing their fixed expenses with relative ease, one in three Cypriots struggles to cover unexpected costs. This delicate balancing act highlights how routine payments such as mortgage installments, rent, and utility bills are met, but precariously so, with little room for unplanned financial shocks.

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Breaking Down Payment Delays Across the European Union

Eurostat reports that nearly 9.2% of the EU population experienced delays with their housing loans, rent, utility bills, or installment payments in 2024. The situation is more acute among vulnerable groups: 17.2% of individuals in single-parent households with dependent children and 16.6% in households with two adults managing three or more dependents faced payment delays. In every EU nation, single-parent households exhibited higher delay rates compared to the overall population.

Cyprus in the Crosshairs: High Rates of Financial Delays

Although Cyprus recorded a notable 19.1 percentage point improvement from 2015 to 2024 in delays related to mortgages, rent, and utility bills, the island nation still ranks among the top five countries with the highest delay rates. As of 2024, 12.5% of the Cypriot population had outstanding housing loans or rent and overdue utility bills. In contrast, Greece tops the list with 42.8%, followed by Bulgaria (18.7%), Romania (15.3%), Spain (14.2%), and other EU members. Notably, 19 out of 27 EU countries reported delay rates below 10%, with Czech Republic (3.4%) and Netherlands (3.9%) leading the pack.

Selective Improvements and Emerging Concerns

Between 2015 and 2024, the overall EU population saw a 2.6 percentage point decline in payment delays. Despite this, certain countries experienced increases: Luxembourg (+3.3 percentage points), Spain (+2.5 percentage points), and Germany (+2.0 percentage points) saw a rise in payment delays, reflecting underlying economic pressures that continue to challenge financial stability.

Economic Insecurity and the Unprepared for Emergencies

Another critical indicator explored by Eurostat is the prevalence of economic insecurity—the proportion of the population unable to handle unexpected financial expenses. In 2024, 30% of the EU population reported being unable to cover unforeseen costs, a modest improvement of 1.2 percentage points from 2023 and a significant 7.4 percentage point drop compared to a decade ago. In Cyprus, while 34.8% still report difficulty handling emergencies, this marks a drastic improvement from 2015, when the figure stood at 60.5%.

A Broader EU Perspective

Importantly, no EU country in 2024 had more than half of its population facing economic insecurity—a notable improvement from 2015, when over 50% of the population in nine countries reported such challenges. These figures underscore both progress and persistent vulnerabilities within European households, urging policymakers to consider targeted measures for enhancing financial resilience.

For further insights and detailed analysis, refer to the original reports on Philenews and Housing Loans.