Cyprus property sales continued to grow in August, extending a year-long run of annual increases across the island’s real estate market.

Transactions Remain Above 2025 Levels

Sale contracts reached 13,288 in the first eight months of 2026, according to the Department of Lands and Surveys. That was 14% more than the 11,689 contracts recorded during the same period last year, an increase of 1,599 transactions.

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August brought 1,241 contracts, up 10% from 1,128 a year earlier. Activity was lower than July’s more than 2,000 contracts, but August is traditionally quieter for property transactions.

Annual growth remained positive throughout 2026, ranging from 5% in May to 27% in June. In July and August, sales were 11% and 10% higher than a year earlier, respectively.

Limassol And Paphos Drive Growth

Limassol and Paphos accounted for 1,070 of the 1,599 additional contracts recorded nationwide in the first eight months, or about 67%.

Limassol remained the largest market, with 4,354 contracts, up 17% from 3,720 a year earlier. August was its first monthly decline of 2026, with 395 contracts, down 5% year on year.

Paphos recorded the strongest growth among the five districts. Its eight-month total reached 2,654 contracts, up nearly 20% from 2,218, while August sales rose 20% to 267.

Larnaca Leads August Growth

Larnaca posted the strongest monthly increase in August, with 299 contracts, up 35% from 221 a year earlier. Its eight-month total reached 2,898, an increase of 13% from 2025.

Nicosia recorded 225 contracts in August, up 8%, taking its eight-month total to 2,789, or nearly 6% above last year. Famagusta remained weaker, with August sales falling 8% to 55, although its eight-month total was still up just over 8% at 593.

Foreign Buyers Support Demand

International buyers accounted for about 47% of sale contracts during the first eight months. Transactions with EU buyers rose 23% year on year, while sales to non-EU nationals increased 19%.

Foreign demand has helped sustain activity as property prices and construction costs rise. Residential prices increased 7.5% year on year in the first quarter, with apartment prices up 10.8% and houses 3%, according to the Central Bank of Cyprus.

Construction material prices were 3.33% higher in July than a year earlier, while prices rose 1.87% during the first seven months of 2026, Cystat data showed. Metal products and materials, including wood, insulation, chemicals and plastics, recorded some of the sharpest increases.

The Eiffel Tower reopened Tuesday after staff walked out to protest the reported sidelining of female employees during a visit by a Hindu religious delegation that later apologized.

Management Says Conditions Should Not Have Been Accepted

Its operating company, SETE, said the delegation had requested arrangements that limited “interactions with women.” Management acknowledged that such conditions “should not have been accepted” and said the tower would reopen after talks with employees.

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Staff Say Female Workers Were Sidelined

Eiffel Tower employees condemned “professional instructions that led to female employees being sidelined, replaced and made invisible because of their sex” during the delegation’s visit.

Female employees and contractors were reportedly told to remain out of sight while the group was present. Some were asked to leave their posts and move to other areas, while men replaced some workers. Staff also said all female employees were instructed not to pass through certain areas during the visit.

Religious Organization Apologizes

The Bochasanwasi Akshar Purushottam Swaminarayan Sanstha, or BAPS, apologized for “any pain or inconvenience caused” by the incident. In a post on X, the organization said that, to its knowledge, “at no point was anyone prevented access to the Eiffel Tower.”

Given the delegation’s size, BAPS said organizers scheduled the visit with the Eiffel Tower team at the start of normal operating hours to avoid disrupting other visitors.

Political Backlash In Paris

The incident prompted a political response in France. Paris Mayor Emmanuel Grégoire said an investigation would be launched “as soon as possible,” while National Assembly President Yaël Braun-Pivet criticized the reported treatment of female workers.

“I refuse to accept that women should be told to step aside to meet the demands of foreign visitors,” Braun-Pivet said. “Welcoming others never means giving up our values. In France, women are fully present in public life. No one tells them to become invisible there.”

Eiffel Tower Closed On Monday

A notice on the Eiffel Tower website said the landmark was closed Monday because of “exceptional circumstances.” Visitors with tickets were advised to check their email, while the operating company apologized for the disruption.

The American Chamber of Commerce in Cyprus (AmCham Cyprus) has called for a measured approach to implementing the OECD/G20 Pillar Two global minimum tax, warning that policy choices could affect investment, employment and Cyprus’ position as an international business hub.

While supporting international tax cooperation and compliance with OECD and EU rules, the chamber urged policymakers to assess the regime’s impact on Cyprus’ competitiveness. International investors and multinational companies have raised concerns about how the framework could influence future investment decisions.

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Investment Risks And Competitive Pressure

Some US-headquartered multinationals could reconsider expansion plans or choose other jurisdictions if Cyprus becomes less competitive, AmCham warned. The chamber said an objective assessment is needed to determine the potential effects on investment, employment and long-term growth.

The comments followed Finance Minister Makis Keravnos’ rejection of claims that Pillar Two was driving companies out of Cyprus. According to Keravnos, the government is preparing an amending bill following a European Commission decision as part of Cyprus’ obligations under the OECD framework.

Pillar Two Targets Large Groups

Pillar Two does not impose a 15% tax on every company in Cyprus, Keravnos stressed. Instead, the rules apply to multinational and domestic groups with annual revenue above €750 million, with additional tax potentially applying when their effective rate falls below 15%.

The framework was agreed through the OECD, G20 and EU before being incorporated into EU law.

US Investment And Future Growth

US investment remains an important source of foreign capital, jobs and business activity in Cyprus, AmCham said. The chamber cited US foreign direct investment stock of about $14.9 billion and estimated that US companies generate around €140 million in annual tax revenues.

BrainRocket’s recent closure of its Limassol offices and relocation of most remaining employees abroad has added to the discussion about Cyprus’ ability to retain international employers. No evidence has linked the company’s departure to Pillar Two, but the case has heightened attention on the island’s competitiveness.

AmCham Seeks Economic Impact Assessment

An independent assessment should examine affected multinational groups, employment, economic activity, government revenues and potential effects on future investment, AmCham said. The chamber also called for consultation with investors, businesses and tax professionals.

Cyprus should use the flexibility available under international rules while continuing discussions with the OECD and EU, AmCham said. It also proposed a broader US-Cyprus investment competitiveness strategy focused on talent, regulation and investor services.

Cyprus tourism recovered during the peak summer season, narrowing the gap with 2025’s record performance after a sharp downturn in March and April, according to Eurobank Research.

Summer Demand Recovered After Spring Shock

Tourist arrivals in July were 1.1% below July 2025, improving from a 1.7% decline in June and sharp drops of 30.7% in March and 27.6% in April. The recovery followed renewed instability in the Middle East and disruption to air travel earlier in the year, which weakened visitor flows.

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Air Connectivity Held Firm

Passenger traffic at Cyprus airports fell 3.7% in the first seven months, while commercial flights declined only 0.9%. The gap suggests airlines largely maintained routes and capacity, with weaker passenger numbers reflecting lower demand and load factors rather than widespread cancellations.

Source Markets Show Uneven Recovery

Arrivals from January to July remained 8% below the same period in 2025, representing about 193,000 fewer visitors. Israel was the strongest major source market, with arrivals up 8.6% and contributing about 25,000 additional visitors, while the UK, Cyprus’ largest source market, fell 11.1%, accounting for roughly 90,000 of the overall decline.

Poland was broadly stable, while Germany, Greece and Scandinavian markets recorded more moderate declines. Eurobank Research said the figures point to a temporary demand shock rather than a structural deterioration in Cyprus’ tourism connectivity.

Hotels Recover Ground After A Difficult Spring

The summer recovery also supported aviation, transport, retail and food services. Government spokesman Konstantinos Letymbiotis said tourism had remained resilient, with first-half arrivals still slightly above the same period of 2024, previously a record year.

“From May onwards, the picture has been steadily improving and the gap from the 2025 record has been narrowing significantly,” Letymbiotis said. He also said June recorded 489,965 arrivals, just 1.7% below June 2025, while tourism revenue reached €423.1 million, up 0.2% year on year.

Cyprus Hotel Association director-general Christos Angelides said the industry hoped to limit 2026 losses to around 10%. He said June brought a meaningful recovery, while July and August performed at satisfactory levels despite earlier cancellations, with September occupancy running at around 75% to 80%.

Cyprus Recorded EU’s Sharpest Overnight Stay Decline

Eurostat data shows the depth of the disruption, with Cyprus recording the EU’s largest decline in tourist accommodation overnight stays in the first half of 2026. Overnight stays fell 7.7% year on year, while non-residents accounted for 92.6% of all overnight stays, second only to Malta at 95.2%.

Outlook Remains Cautiously Positive

Eurobank Research estimates that 2026 arrivals could reach about 4.32 million if August-to-December figures are around 1% below 2025. That would be 4.7% below last year’s record of 4.53 million but 6.9% above 2024; under a more cautious scenario, the total would reach about 4.27 million.

Both scenarios point to normalization after an exceptional 2025 rather than a deeper structural decline. The near-term outlook remains linked to regional stability, travel guidance and visitor confidence.

Diversification Becomes More Important

The 2026 experience also highlights the importance of diversifying source markets. A late-August report by TOURISE and Oxford Economics identified Cyprus as an example of how alternative markets can help offset major disruptions.

Russia accounted for more than 27% of Cyprus’ tourist arrivals before 2022, but its share fell to 1% by 2025 following Russia’s invasion of Ukraine and subsequent sanctions. Cyprus expanded into European markets, with Poland’s share rising from 2% before the crisis to 9% in 2025, alongside stronger demand from Central Europe and the Nordic countries.

Eurobank Research said the uneven performance in 2026 reinforces the need to broaden access to continental European markets and strengthen shoulder-season demand.

Paphos is assessing accessibility barriers across its tourism infrastructure to improve access to beaches, cultural attractions, rural communities and other visitor sites for people with mobility and other access needs.

The study is being carried out for the Paphos regional tourism board, Etap, by European University Cyprus, with support from the American University of Beirut. It is expected to be completed by mid-2027.

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Assessment To Map Accessibility Gaps

Etap executive director Nasos Hadjigeorgiou said a scientific team has been formed and work is under way to record public and private infrastructure across the district.

The assessment will identify existing gaps and define measures needed in each area. Its aim is to replace fragmented interventions with a coordinated accessibility strategy aligned with Paphos’ ambitions as a Smart Destination.

European Programmes Support Inclusive Tourism

Etap’s approach follows European principles including non-discrimination, equality, digital inclusion, independent living and freedom of movement.

The tourism board participates in European programmes focused on accessible, sustainable and smart tourism, including Smart Tourism – Smart Destinations, which involves partners from nine other countries and is 80% funded by the European Union.

Etap also participates in Interreg Euro-MED through the MED-Routes project, focused on knowledge transfer and accessible cultural tourism, as well as the I-DEMO project and the European Cultural Tourism Network.

Accessible Beaches Already Expanding

Practical measures are already under way. With support from the Deputy Ministry of Tourism and other funding programmes, Etap has purchased and distributed specialized floating wheelchairs for public beaches.

The board completed an investment in eight wheelchairs and delivered them to local authorities on Sept. 7. It also supported accessible ramps and related facilities at beaches in Ierokipia within Paphos municipality during 2026.

The longer-term goal is to expand accessible beaches across the district, from Timi to Polis Chrysochous and Pomos.

Digital Tools Improve Access

Etap has introduced QR codes and interactive applications at points of interest, allowing visitors with hearing or visual impairments to access tourism information.

More than 150 smart signs and two navigation applications have been deployed across the district. Planning is under way for the eighth phase of the smart-sign programme, while digital content is being prepared for guided tours of the Marion-Arsinoe archaeological museum.

Accessibility Extends To Rural And Natural Sites

Etap is also promoting eco-trails and walking infrastructure designed to improve access for people with disabilities and older visitors. Accessible routes have already been created and promoted within the Kato Paphos archaeological park.

The assessment will inform Etap’s 2027–2028 action plan and guide further investment in infrastructure and services. Particular attention will be given to rural and remote communities, while digital inclusion will remain a priority for people with disabilities, older users and those with limited digital skills.

For millions of Europeans, commuting is more than a daily routine. New research from SD Worx shows workers across the continent spend an average of 48 minutes a day traveling to and from work, with major differences between countries.

A Continent Divided By Distance And Infrastructure

Workers in Italy and Slovenia have some of Europe’s shortest commutes, averaging around 35 minutes a day. Sweden and Ireland are at the other end, with average journeys of 57 and 56 minutes respectively.

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Belgium has the longest commute in the survey at 61 minutes, making it the only country to exceed one hour. Long-distance travel is a major factor: 13% of Belgian workers are “super-commuters” who spend at least two hours traveling to work, while 14% travel more than 120 kilometers a day.

The Same Commute Time Can Reflect Different Realities

The Netherlands and Romania both report an average commute of 53 minutes, but the distance covered is very different. Dutch workers travel an average of 63 kilometers, while in Romania, congestion and urban bottlenecks account for more of the journey time.

The comparison shows that commute time reflects not only distance, but also infrastructure, urban planning and the efficiency of daily mobility systems.

Long Commutes Do Not Always Feel Like Wasted Time

In Belgium, where the average commute exceeds the 57-minute threshold many people consider acceptable, only 34% of workers say their travel time is wasted. Some employees may accept longer journeys in exchange for higher pay, preferred roles, flexibility or location.

Despite Belgium’s lengthy travel times, demand for more remote work stands at 32%, slightly below the international average. Commute length alone, therefore, does not determine how much flexibility workers want.

What The Data Says About Work, Geography And Choice

Across Europe, commuting reflects a combination of geographic constraints, transport infrastructure and personal preferences. The figures show that the journey to work is shaped as much by national systems as by individual circumstances.

A commute is therefore more than a measure of distance. It also shows how countries organize work and mobility, and how workers navigate the trade-offs those systems create.

Cyprus is preparing to spend €595,000 on a new armored limousine for President Nikos Christodoulides, with the Finance Ministry seeking parliamentary approval for the funds.

The Council of Ministers approved the purchase on July 16. Instead of launching a public tender, the government negotiated directly with a Cyprus-based car dealership, with the request now before Parliament’s Finance Committee.

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Cabinet Approves Purchase As Security Details Remain Confidential

The Finance Ministry has asked lawmakers to authorize the release of funds for the Presidency of the Republic. It declined to disclose the vehicle’s technical specifications, citing confidential security requirements, including details of its armor protection.

The Finance Committee is due to examine the request on Monday.

Cyprus Has Previously Bought Armored Presidential Cars Directly

Cyprus has used direct arrangements with specific companies for previous presidential armored vehicles. Christodoulides currently uses an armored limousine purchased during the presidency of Nicos Anastasiades in 2019 for €258,850 plus VAT.

That vehicle replaced the armored car used by former President Demetris Christofias, which was purchased in 2010 for €291,000 plus VAT. Parliamentary records show maintenance costs for Christofias’ vehicle later reached €138,654.

Armored Vehicles Also Used For EU Presidency Events

Cyprus has also leased armored vehicles for major diplomatic events. During its Presidency of the Council of the European Union, the government rented 12 armored limousines for visiting heads of state attending an informal EU leaders’ summit.

The vehicles were transported from Germany and leased for 10 days at a total cost of €140,000. Cyprus said it intended to seek reimbursement from the European Union.

State Spending On Electric And Hybrid Vehicles

Two years ago, the state purchased 35 electric and hybrid vehicles for public officials at a total cost of €1.65 million. The fleet included 25 electric saloon cars, five electric all-terrain vehicles and five plug-in hybrid vehicles.

The proposed presidential limousine would cost €595,000, more than twice the purchase price of the armored vehicle acquired in 2019.

Clear salary ranges are becoming more common in Europe’s job market, with Italy showing the strongest shift among major economies.

The EU adopted the Pay Transparency Directive to address unequal treatment, weaker bargaining power and the gender pay gap. Member states were required to implement the rules by June 7, but most have missed the deadline.

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Italy Moves Ahead On Salary Disclosure

Italy is the only one of Europe’s largest economies to have fully implemented the directive so far. Indeed data shows that the share of Italian job postings including salary information rose from 26% in July 2025 to 61% in July 2026.

That put Italy ahead of the UK for the first time, with 60% of UK job ads including salary information. The Netherlands followed at 49.5%, France at 43%, Spain at 18% and Germany at 14%.

“Italy is emerging as a frontrunner on pay transparency among large economies in Europe, and the data suggests regulation is making a real difference,” Pawel Adrjan, director of economic research at Indeed, told Euronews Business. Adrjan also shares analysis on LinkedIn.

Most Of Europe Remains Behind

A PwC article published in early August said only five EU member states had transposed the directive by that point: Italy, Slovakia, Malta, Lithuania and Greece. Spain has made limited progress, Germany has delayed implementation until early 2027, and France’s position remains unspecified in the source material.

Italy also went beyond the EU baseline by requiring employers to include starting salaries or pay ranges directly in job advertisements. Adrjan said disclosure rose from 35% in January to 61% in July, accelerating after the directive took effect.

The share is unlikely to reach 100%, he said, because some job categories are excluded and enforcement issues remain.

Pay Transparency And The Gender Pay Gap

Salary transparency aims to reduce the information gap between employers and candidates, particularly for women. Eurostat put the EU gender pay gap at 11.1% in 2024, meaning women earned an average of €88.90 for every €100 earned by men.

The European Trade Union Confederation has criticized delays in implementing the directive. General Secretary Esther Lynch called the missed deadline “a betrayal of working women,” arguing that pay secrecy limits workers’ ability to challenge unequal pay.

ETUC research estimates that women in the EU lose €358 billion a year because of the gender pay gap, or almost €3,900 per woman. Italy’s experience shows how quickly salary disclosure can change after national rules take effect, while other EU countries continue working toward implementation.

Paris-based Mistral AI has secured €3 billion ($3.5 billion) in fresh funding in a round led by Samsung, strengthening the startup’s push to compete with OpenAI and Anthropic.

The financing also included the Scaleup Europe Fund, backed by the European Commission and managed by EQT, and existing investor PSG Equity. The round values Mistral at more than €21 billion after the investment.

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Mistral Expands From AI Models Into Infrastructure

Mistral CEO and co-founder Arthur Mensch said the new funding will support plans to build the company’s own data centers while continuing to lease computing capacity. Over the long term, Mistral aims to rely fully on infrastructure it owns, with its computing capacity expected to grow by around 100% over the next five years.

That expansion will support larger and faster AI models as Mistral expands its enterprise business. The company is also developing customized tools and integrations for corporate customers adopting AI across more workflows.

Samsung Partnership Expands Industrial Focus

Mistral is working with ASML on AI applications for manufacturing, while its partnership with Samsung could create further opportunities in the industrial sector. The company is also expanding its enterprise business as demand for customized AI systems grows.

Mensch said Mistral’s annual recurring revenue is expected to exceed $1 billion in 2025. He expects the company to beat that target if current growth continues, although Mistral has not provided a revised revenue forecast.

Mensch has also pointed to 2027 as an important period for the company’s expansion as it scales its infrastructure and enterprise operations.

European Sovereignty Shapes Mistral’s AI Strategy

Mistral has positioned itself as a European alternative to US and Chinese AI companies, with sovereignty and control over AI infrastructure central to its strategy. Its open-weight models are another part of that approach, giving customers greater control over how they deploy the technology.

The Scaleup Europe Fund is backed by the European Commission, Novo Holdings and Santander. Its participation gives Mistral additional support as European policymakers seek to strengthen the region’s AI capabilities.

Chinese Competition Raises The Stakes

Mensch said Mistral expects new Chinese AI models to become “very competitive,” increasing pressure on European and US developers. Chinese AI companies still face restrictions in some international markets, limiting their ability to expand outside China.

Mistral also hosts Chinese AI models on its infrastructure while keeping customer data within its own systems. Export restrictions and rapid advances by Chinese developers add uncertainty to the market, but Mistral plans to continue training and developing its own models.

Cyprus employment increased 1.7% year over year to an estimated 525,167 people in the second quarter of 2026, according to the state statistical service, Cystat. Employees accounted for 472,254 of the total, while 52,913 were self-employed. The increase points to continued labor market growth across both wage employment and independent work.

Trade, Construction And Leisure Lead Employment Growth

Wholesale and retail trade, including motor vehicle and motorcycle repair, recorded some of the strongest employment gains, alongside construction and arts, entertainment and recreation.

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Those sectors are closely linked to domestic economic activity, with trade reflecting consumer demand and construction reflecting investment. Employment growth in leisure-related industries also points to continued activity in consumer-facing services.

Hours Worked Rise Faster Than Employment

Labor input increased faster than headcount. Cystat estimated that employees and other workers put in 246.57 million hours during the second quarter, up 2.2% from a year earlier.

The increase suggests that businesses were not only employing more people but also recording higher total hours worked. Wholesale and retail trade, construction, and arts, entertainment and recreation again recorded the strongest gains.

Labor Market Expansion Remains Broad-Based

The combination of higher employment and hours worked points to continued expansion in Cyprus’ labor market during the second quarter. The pace remains moderate, but gains across several major sectors indicate that labor demand continued to support economic activity.