Housing costs in Nicosia remain well below those in most western European capitals, according to new data from Global Property Guide, highlighting the wide gap in residential property prices across Europe.

Nicosia And Athens Remain Among Europe’s More Affordable Capitals

The latest figures from Global Property Guide, which tracks residential property markets across 88 countries, show that both Nicosia and Athens remain among Europe’s more affordable capital cities, despite years of steady price growth.

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In Cyprus, the median asking price for a one-bedroom apartment in Nicosia stands at €145,000. Two-bedroom apartments are priced at €205,000, while three-bedroom homes reach €280,000.

That places Nicosia slightly above Athens in the one-bedroom category, where the Greek capital records a median asking price of €135,000. For two-bedroom and three-bedroom apartments, however, prices are identical in both cities at €205,000 and €280,000, respectively.

Western Europe Commands A Premium

Athens also remains relatively affordable by European standards. Median asking prices for one-bedroom apartments reach €174,000 in Warsaw, €240,000 in Madrid, €310,000 in Milan and €325,000 in Berlin.

The gap is even more pronounced in Western Europe, where one-bedroom apartments cost around €440,000 in both Paris and Lisbon, more than three times the price seen in Athens.

The difference becomes even greater for larger homes. A three-bedroom apartment carries a median asking price of €280,000 in both Athens and Nicosia, compared with €685,000 in Lisbon, €690,000 in Milan, €845,000 in Berlin and €1.08 million in Paris.

For two-bedroom apartments, the contrast is equally striking. While homes are priced at €205,000 in Athens and Nicosia, equivalent properties cost €380,000 in Madrid, €455,000 in Milan, €527,000 in Berlin, €620,000 in Lisbon and €695,000 in Paris.

Europe’s Most Expensive Property Markets

Global Property Guide’s data also highlights the wide variation in residential property prices across Europe.

Zurich is the continent’s most expensive market for a one-bedroom apartment, with a median asking price of €1.151 million. It is followed by Luxembourg (€669,000), Copenhagen (€601,000), Munich (€548,000) and London (€522,000), while Paris and Lisbon are both priced at around €440,000.

The Most Affordable Cities

At the other end of the market, the lowest asking prices are concentrated in south-eastern and eastern Europe. Median asking prices for a one-bedroom apartment stand at €125,000 in Riga, €118,000 in Podgorica, €110,000 in Bucharest, €103,000 in Sarajevo and €79,000 in Chisinau.

According to the report, Skopje is Europe’s most affordable capital for one-bedroom apartments, with a median asking price of just €55,000.

Cypriots are among the European Union’s strongest supporters of tougher action against tax evasion and avoidance, with 64% saying it should be the bloc’s top tax priority.

According to the European Commission’s annual report published last week, Cyprus ranked second only to France, where 65% of respondents prioritised tackling tax evasion. Portugal followed at 61%, while Finland recorded 60%.

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Tax Evasion Tops EU Priorities

Across the EU, 54% of respondents said combating tax avoidance and evasion should be the Union’s main tax policy objective.

Preventing double taxation between member states ranked second at 26%, followed by resolving cross-border tax disputes (23%), supporting the green transition through taxation (19%) and further digitalising tax and customs procedures (16%).

Estonia was the only member state where preventing double taxation ranked ahead of tackling tax evasion.

Billions Lost To Tax Gaps

The survey comes as the European Commission estimates the EU’s VAT compliance gap reached €128 billion in 2023, representing the difference between expected VAT revenues and the amount actually collected.

The Commission also estimated that the average corporate income tax compliance gap across 23 member states amounted to 10.9% of corporate tax revenues.

It said stronger data collection, digital reporting, artificial intelligence and closer cooperation between national tax authorities could help reduce those losses.

Cyprus’ Tax Profile

EU governments collected €7.1 trillion in tax revenues in 2024, with the overall tax-to-GDP ratio rising to 39.4%. Cyprus recorded a lower ratio of 36.3%, up slightly from 36.2% in 2023.

Corporate taxation continues to play a significant role in Cyprus, accounting for 19% of total tax revenue in 2024, the third-highest share in the EU after Ireland and Malta.

The report also noted Cyprus’ decision to increase its corporate tax rate from 12.5% to 15% in line with the global minimum tax framework. It highlighted additional measures aimed at tackling aggressive tax planning, including a 17% withholding tax on certain payments to companies in jurisdictions listed by the EU as non-cooperative and a new corporate residency test based on incorporation.

Filing Tax Returns

Across the EU, 52% of respondents described filing their tax returns as easy, while 22% found the process difficult.

In Cyprus, 51% said filing was easy, although 12% relied on an accountant or other tax professional. More than 15% of respondents in Cyprus, Germany and Ireland also described the support provided by their tax authorities as “very inadequate”.

Cyprus has formally endorsed the second phase of the European Tech Champions Initiative (ETCI 2.0), joining all EU member states in backing an investment programme expected to mobilise up to €80 billion for high-growth European technology companies.

The announcement followed the initiative’s presentation in Brussels last week on the sidelines of the Economic and Financial Affairs Council meeting, where the EIB Group, EU governments, institutional investors and fund managers confirmed their support.

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A Push To Close Europe’s Late-Stage Funding Gap

According to the finance ministry, Cyprus’ participation reflects its commitment to strengthening Europe’s innovation ecosystem and improving access to growth capital.

ETCI 2.0 is designed to address Europe’s long-standing shortage of late-stage funding for technology companies seeking to scale internationally.

The programme aims to raise €15 billion, around four times the size of the original fund launched in 2023, with the potential to unlock as much as €80 billion in investment for more than 1,500 European scale-ups. Its final size will be confirmed following the first closing process in the second half of 2026.

Building On The First Phase’s Results

The European Investment Bank Group is expected to contribute up to €1.25 billion from its own resources, according to the official announcement.

The second phase builds on the original ETCI programme, which supported 15 major investment funds and helped foster the creation of 12 European unicorns, companies valued at more than €1 billion.

Under the expanded structure, ETCI 2.0 will continue backing large technology funds while also extending support to mid-sized growth funds above €300 million for the first time.

The programme is expected to support the creation of more than 100 investment funds, including up to 45 mega-funds focused on scale-ups, with average investment tickets of about €200 million per company.

A New Platform For Cross-Border Capital

In addition to capital deployment, the initiative will establish a pan-European investment platform designed to connect investors with technology funds across the continent. The digital tool is intended to improve access to opportunities, market data and ecosystem insights.

The initiative is already backed by private institutional investors and asset managers, including Danske Bank, Banco Santander, BBVA, Azimut Holding and Green Arrow Capital, with further investors expected to join later.

The programme is set to complement national and European initiatives such as France’s Tibi initiative, Germany’s WIN programme and the Scaleup Europe Fund, with the broader goal of creating a more integrated European investment ecosystem.

Cyprus Welcomes The Initiative

Finance Minister Makis Keravnos described ETCI 2.0 as an important step towards strengthening European innovation, competitiveness and strategic resilience.

“By bringing together public and private resources, the initiative will support the growth of Europe’s most dynamic technology companies and help them expand internationally while keeping their base in Europe,” Keravnos said.

EIB Group President Nadia Calviño said the programme would help close Europe’s scale-up funding gap, allowing innovative companies to grow without relocating outside the continent. She noted that the first phase supported the creation of 15 investment funds and 12 unicorns within two years, providing the foundation for the expanded initiative.

Cyprus could reallocate funding from its Thalia 2021-2027 programme to help tourism businesses cope with the economic impact of conflict in the Gulf and broader instability in the Eastern Mediterranean, the European Commission has confirmed.

Brussels Signals Flexibility

The clarification came in response to a parliamentary question from Cypriot MEP Michalis Hadjipantela, who said the regional crisis was already leading to booking cancellations, weaker demand and growing uncertainty across the tourism sector.

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Hadjipantela argued that the disruption was placing pressure on hotels and smaller tourism businesses, and asked whether existing EU funding mechanisms and state aid rules could be used more flexibly to support affected companies.

Thalia Funding Could Be Redirected

The Commission said Cyprus may use resources available under the Thalia 2021-2027 cohesion policy programme to support small and medium-sized enterprises, including tourism businesses.

It added that the Cypriot authorities could redirect funding through an amendment to the programme and confirmed that discussions with the relevant government departments were already under way.

Call For Swift Action

Hadjipantela welcomed the Commission’s response, saying it confirmed that European support mechanisms were available.

He urged the government to move quickly with the necessary amendments so that Thalia funding could be made available to businesses affected by the regional crisis.

“We must not allow available funds from the Thalia programme to remain unused,” he said, adding that businesses should not have to bear the financial consequences of international instability alone.

Cyprus ended June 2026 with 55,162 state employees, according to figures released by the Statistical Service of Cyprus (Cystat) on Monday. The total was up by 333 employees, or 0.6%, compared with June 2025.

Education Drives Overall Growth

The increase was driven by the educational service, where employment rose 3.5%. By contrast, civil service employment fell 1.2%, while staffing in the security forces edged down 0.1%.

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The civil service remained the largest part of the public sector workforce, employing 23,096 people, down from 23,366 a year earlier. The educational service employed 18,335 people, up from 17,714, while the security forces employed 13,731, compared with 13,749 in June 2025.

Permanent Staff Continue To Make Up The Majority

Permanent employees remained the largest group within the state workforce, with their number edging up 0.1% to 32,852.

Employees on contracts of indefinite duration increased 1.2% to 9,544, while fixed-term staff recorded the strongest growth among the main employment categories, rising 2.9% to 6,007. Hourly paid employees also increased marginally, up 0.1% to 6,759.

Civil Service Employment Softens

Within the civil service, permanent employment declined 0.6% to 11,872, while employees on indefinite-duration contracts fell 3% to 4,015. Fixed-term employment rose 1.4% to 1,449, while the number of hourly paid workers decreased 1.6% to 5,760.

Education Records The Strongest Increase

The educational service posted the strongest growth, driven by contract-based hiring.

Permanent employment edged down 0.2% to 12,443. Employees on indefinite-duration contracts increased 24.7% to 1,186, the largest percentage gain across all services and employment categories. Fixed-term staff rose 9.8% to 4,557, while hourly paid workers increased 2.8% to 149.

Security Forces See Shift In Contract Employment

Permanent employment in the security forces rose 1.6% to 8,537, while staff on indefinite-duration contracts remained broadly unchanged at 4,343.

The sharpest decline was among fixed-term employees, whose number fell from 255 in June 2025 to just one a year later. According to Cystat, the decrease mainly reflected the completion and non-renewal of specific fixed-term contracts in July 2025.

Meanwhile, the number of hourly paid workers increased 13.3% to 850.

First-Half Employment Remains Stable

Average state employment during the first six months of 2026 increased 0.2% compared with the same period a year earlier.

Average civil service employment declined by 1%, reflecting lower permanent, indefinite-duration, and hourly-paid employment, while fixed-term positions increased by 1.4%.

The educational service recorded average employment growth of 2%, supported by a 24.8% increase in employees on indefinite-duration contracts. Fixed-term and hourly paid staff also increased, while permanent employment edged slightly lower.

Average employment in the security forces was broadly unchanged. Permanent, indefinite-duration and hourly paid employment all increased, while fixed-term employment fell 88.9%.

Across the public sector, average permanent employment rose 0.2% in the first half of the year, while employees on indefinite-duration contracts increased by 1.6%, and fixed-term and hourly-paid employment declined by 1.1% and 0.2%, respectively.

Limassol-based maritime professional and investor Jesper Weller has acquired Berg & Larsen, the Danish maritime supplier founded in 1794, in a transaction that connects one of Cyprus’ key shipping hubs with one of Denmark’s oldest maritime businesses.

A Rare Legacy Business Enters A New Chapter

The ownership change sees Weller take the reins from Soren Kristiansen, who has owned and led the company for the past 20 years. Kristiansen will remain chief executive, a move designed to preserve continuity as Berg & Larsen moves into its next phase of growth.

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Founded in Copenhagen’s Nyhavn district more than 230 years ago, Berg & Larsen has weathered sweeping changes across the global shipping industry. Today, the company supplies technical spare parts for critical equipment aboard commercial vessels, serving shipowners, managers and operators in markets around the world.

International Growth Remains The Strategic Priority

Under Kristiansen’s ownership, Berg & Larsen expanded beyond its traditional Danish base and built a broader international customer portfolio. The company said Weller’s ownership will now focus on accelerating that expansion, attracting new customers and widening the product range to reflect the evolving needs of global shipping.

Weller said he was taking over the business with “great respect” for Kristiansen’s achievements and for the contribution of the company’s employees.

“The strength of Berg & Larsen has always been its people, its competence and the trust it has earned from customers throughout the maritime world,” he said. “My ambition is to build on those strengths while ensuring the company continues to develop alongside its customers.”

A Maritime Operator With Deep Industry Experience

A qualified marine engineer and former seafarer, Weller has worked across both onboard and shore-based maritime operations. He is also the founder and chief executive of AQUAREX International, a maritime water purification and beverage solutions company established in 2020 and rooted in Cyprus and Denmark.

The acquisition also carries a personal dimension. Weller said his family has relied on Berg & Larsen’s services for generations.

According to Weller, the company supported at least three generations of his family, all of whom worked as seafarers for Danish shipping companies. Over the years, he said, Berg & Larsen became a trusted supplier whenever their vessels needed technical spare parts and, in earlier eras, even items such as “sugar and rum.”

“It is with great humility and respect for the many generations before me that I assume the ownership of this remarkable company,” Weller said.

Continuity At The Helm

Kristiansen said he was proud to transfer ownership to someone who understands the maritime industry and shares the values on which the business was built.

He added that Weller’s technical background, international perspective and respect for the company’s heritage gave him confidence that Berg & Larsen is well positioned for long-term growth.

While ownership has changed hands, Kristiansen’s continued role as chief executive is expected to support a smooth transition. Weller’s base in Limassol also strengthens the company’s links to Cyprus’ international maritime community as Berg & Larsen looks to expand its presence in global shipping.

Cyprus Secures Another High-Profile Production

Oscar-nominated British actor Clive Owen is filming Scorpion in Cyprus, a new action thriller from Copper Island that is understood to have one of the highest daily production budgets ever recorded for a film shoot on the island.

Filming began in Cyprus on July 6 and is scheduled to conclude later this month in Bulgaria. The production marks another high-profile international project to choose Cyprus as a filming location.

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A Cast Built For International Sales

Alongside Owen, the film stars Alex Pettyfer (Magic Mike, The Butler, The Ministry of Ungentlemanly Warfare) and Reda Elazouar (Sex Education, The Family Plan). The cast also includes Ronan Summers, Jake Ryan, Mark Rhino Smith, Joey Ansah, Alex Cooke and Luke Bouchier.

The screenplay is by Richard Hughes and Bennett Fisher. Copper Island’s Matt Murphy, David Mansfield and Luke Bouchier are producing, while WestEnd Films is handling international sales. The company is expected to present the first footage at the Toronto International Film Festival in September.

A Survival Thriller

Scorpion follows Jason, a rookie police officer assigned to an elite special operations unit made up of Afghanistan war veterans. After arriving at an isolated farmhouse, the team is cut off from the outside world and given an ultimatum: every 30 minutes one member will die unless someone reveals the truth about a covert military operation carried out years earlier.

Cyprus’ Role In The Production

The production credited the Cyprus Film Commission for its support, with Copper Island founder Matt Murphy thanking both the commission and the local crew.

Owen also praised the experience of filming in Cyprus, describing the local crew as highly professional and highlighting the island’s diverse filming locations.

Copper Island Expands Its International Portfolio

Limassol-based Copper Island has worked on several international productions, including The Leader, which premiered at Tribeca, as well as Gus Van Sant’s Dead Man’s Wire and Ron Howard’s Eden.

The company is also supporting Cypriot productions, including Apart by Stelana Kliridou and The Well by Marios Piperides, which is completing post-production in Limassol.

Matt Murphy is also serving as executive producer of the upcoming Anxious People, starring Angelina Jolie.

Services production in the euro area rose 0.7% in April 2026 from the previous month, while output across the European Union increased 0.3%, according to Eurostat.

The figures follow gains of 0.1% in the euro area and 0.4% in the EU in March. Compared with April 2025, services production increased 1.8% in both regions.

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Transport And Professional Services Lead Growth

In the euro area, transportation and storage recorded the strongest monthly increase, rising 1.5%. Professional, scientific and technical activities followed with a 1.3% gain, while information and communication increased 0.6% and accommodation and food services edged up 0.1%.

Real estate activities declined 0.2%, while administrative and support services fell 0.3%.

European Union Shows Similar Pattern

Across the EU, transportation and storage increased 1.0%, while professional, scientific and technical activities rose 1.1%. Accommodation and food services declined 0.1%, real estate activities fell 0.6%, and administrative and support services slipped 0.2%.

Member States Show Mixed Results

Belgium recorded the strongest monthly increase in services production at 2.1%, followed by Greece at 1.6% and Bulgaria at 1.5%. Hungary posted the sharpest decline at 13.9%, ahead of Denmark at 3.2% and the Netherlands at 1.9%.

On an annual basis, information and communication recorded the strongest growth in the euro area, rising 5.9%.

Among EU member states, Bulgaria led annual growth with a 9.3% increase, followed by Estonia at 6.4% and Poland at 6.0%. Romania recorded the steepest annual decline at 5.8%, followed by Denmark at 5.3% and Luxembourg at 2.9%.

The Paphos regional tourism board says its summer campaign to attract domestic visitors is gaining momentum, with early results showing strong engagement across Cyprus.

Digital Campaign Delivers Broad Reach

Etap Paphos said the campaign encourages Cyprus residents to choose the district for their summer holidays, alongside a separate promotion focused on Polis Chrysochous and the Akamas region.

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The campaign uses targeted advertising on Facebook and Instagram, supported by promotional videos, photography, online competitions and prize draws.

According to the board, the campaign has generated more than 4.3 million impressions, reaching more than 530,000 people and recording over 200,000 engagements. Direct interaction with promotional content exceeded 40,500 engagements, while competitions and prize draws attracted more than 50,000 interactions.

Supporting Domestic Tourism

Etap Paphos president Michalis Mitas said the campaign places greater emphasis on domestic tourism to help offset weaker demand from some foreign markets caused by geopolitical and economic conditions while supporting local small and medium-sized businesses.

He added that Paphos offers an affordable holiday alternative as air travel costs continue to rise. “We invite our fellow citizens to visit Paphos and rediscover the hidden beauties of our island,” Mitas said.

Eurobank has launched its first cross-border payment from Greece to India through the Unified Payments Interface (UPI), marking a new step in the bank’s international expansion and its strategy to strengthen financial ties between Europe and India.

The transaction, completed in cooperation with NPCI International, follows the launch of Eurobank’s new payment service. The inaugural payment was made in the presence of India’s Commerce and Industry Minister Piyush Goyal, Eurobank Chief Executive Fokion Karavias and senior executives from NPCI International.

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A Strategic Bet On India’s Digital Payments Ecosystem

According to Eleftherios Vlachogiannis, Eurobank’s head of transaction banking, the service currently supports outgoing payments by Indian citizens living in Greece to recipients in India, representing the first phase of a broader collaboration with NPCI International.

UPI is operated by NPCI International. By integrating the system into its e-banking platform and mobile app, Eurobank enables customers to make real-time transfers.

“The most important aspect is the philosophy behind the initiative,” Vlachogiannis said. “Instead of creating another closed payment system, we are integrating mature and internationally recognised payment ecosystems into the bank’s services so customers enjoy a simple, secure and modern transaction experience.”

He added: “Innovation creates value when it delivers a genuine benefit for the customer.”

Building A Financial Bridge Between Europe And India

The UPI launch follows Eurobank’s opening of a representative office in Mumbai, making it the first Greek and Cypriot bank with a physical presence in India. The bank has also expanded its presence through the India-Greece-Cyprus Business and Investment Council, a technology centre in Pune and partnerships with Indian institutions.

Vlachogiannis said India’s economic growth and closer ties with the European Union support the bank’s long-term strategy. He also pointed to progress in negotiations on the EU-India Free Trade Agreement.

Mumbai Office Serves As A Regional Business Hub

Eurobank’s Mumbai office supports businesses seeking to establish operations between India, Greece, Cyprus and the wider European market. It provides access to banking services, business networks and market support.

For Greek companies expanding into India, the bank offers international payments, foreign exchange management, trade finance and supply chain finance. Indian businesses investing in Greece, Cyprus or elsewhere in the European Union can also access financing and corporate banking services through Eurobank.

Aiming To Strengthen The India-Europe Corridor

Looking ahead, Eurobank said it will continue investing in technology, international payments, trade finance and partnerships with Indian organisations.

“Our ambition is to act not only as a banking services provider but also as a strategic partner for businesses and investors seeking to benefit from the opportunities created by this dynamic market,” Vlachogiannis said.