A recent report from Landbank Analytics sheds light on the current state of rental prices for apartments and houses in Cyprus. The study highlights significant disparities in rental costs across the island’s five districts, offering a snapshot of the property rental landscape.

National Averages: Apartments vs. Houses

According to Andreas Christophorides, CEO of Landbank Group, the average monthly rent for an apartment in Cyprus is €1,803, while houses are considerably pricier at €3,249 per month. However, these averages mask sharp differences across districts, from budget-friendly options to luxury price tags.

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Limassol: The Most Expensive District

Limassol leads as the costliest district for rentals. Apartments in Limassol average €2,742 per month, with two-bedroom units being the most common at €2,460. One-bedroom apartments are listed at €1,599, while three-bedroom apartments fetch €3,225.

Houses in Limassol come with an even steeper price tag, averaging €4,492 per month. Three-bedroom homes dominate the market at €2,773, while four-bedroom houses command €5,000. Five-bedroom homes are rare and average an eye-watering €8,936.

Famagusta: The Most Affordable Option

On the other end of the spectrum, Famagusta offers the cheapest apartments in Cyprus, with an average monthly rent of just €745. This makes it the most economical choice for renters seeking affordable living spaces.

Nicosia: A Budget-Friendly Alternative

The capital city, Nicosia, stands as the second most affordable district for apartments, with an average monthly rent of €1,017. Two-bedroom apartments dominate the market, priced at €996 on average. Three-bedroom apartments are slightly higher at €1,319, while one-bedroom units are a steal at €674.

For houses, Nicosia offers 190 options, with an average rent of €1,900. Three-bedroom homes, the most common, cost €1,335, while four-bedroom options are priced at €2,094.

Larnaca & Paphos: Mid-Range Pricing

Larnaca offers 536 apartments for rent, averaging €1,120 per month. Two-bedroom units are the most prevalent at €1,114. Houses in Larnaca average €2,340 monthly, with 219 currently on the market.

In Paphos, 289 apartments are available for an average monthly rent of €1,193. Two-bedroom apartments dominate, priced at €1,228. Houses in Paphos average €2,692, making it the second most expensive district for house rentals after Limassol.

What’s Driving the Market?

Limassol’s appeal as a business hub and lifestyle destination contributes to its premium prices. Meanwhile, districts like Famagusta and Nicosia cater to those seeking affordable options without compromising on quality of life.

This analysis underscores the diverse rental landscape in Cyprus, where prices reflect a mix of urban demand, tourism appeal, and lifestyle preferences. Whether you’re looking for a cost-effective rental or a high-end property, Cyprus offers options to suit a variety of needs.

EY Cyprus has unveiled its 2025 Cyprus Tax Facts guide, a vital tool for navigating the country’s tax system with clarity and confidence. This annual publication is a concise yet comprehensive resource, offering up-to-date insights into the latest tax legislation and practices. 

A Look At The 2025 Highlights

The guide covers significant updates shaping Cyprus’s fiscal landscape, including:

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• Global Minimum Tax (Pillar Two): The integration of the OECD’s BEPS 2.0 initiative, which establishes a minimum effective tax rate for multinational corporations operating in Cyprus.
• Green Taxation Initiatives: Newly introduced environmental taxes aimed at promoting sustainability and addressing carbon emissions.

The 2025 edition also provides a glimpse into upcoming reforms and further guidance expected as Cyprus implements its evolving tax policies.

Philippos Raptopoulos, Partner and Head of Tax and Legal Services at EY Cyprus, stressed the importance of staying informed in a rapidly changing environment:

“The tax landscape is becoming increasingly complex, and our guide is designed to equip businesses and individuals with the knowledge they need to adapt. At EY Cyprus, we combine global insights with local expertise to help our clients succeed amid ongoing changes.”

More Than Just A Guide

While the Cyprus Tax Facts guide offers valuable information, EY Cyprus highlights that it is intended as a reference and not a substitute for personalized advice. Their dedicated tax and legal professionals are ready to provide tailored solutions, ensuring clients receive expert guidance suited to their unique circumstances. The guide represents a commitment to clarity, expertise, and forward-thinking strategies for businesses and individuals alike. Access the electronic version of the 2025 Cyprus Tax Facts on the EY Cyprus website and stay prepared for the fiscal year ahead.

Two major sustainable urban mobility projects have been launched in the Larnaca district, with a total budget of €4.3 million (excluding VAT). These initiatives, part of the EU-funded Recovery and Resilience Facility, aim to modernize transport infrastructure in the Municipality of Aradippou and the former community of Kalo Chorio. The ambitious projects are expected to be completed within 14 months.

The contract, signed on January 20, 2025, at the Department of Public Works, covers the design, construction, and long-term maintenance (12 years) of two state-of-the-art parking and transfer stations. Representing the government, Public Works Director Eleftherios Eleftheriou formalized the agreement with Spiros Hadjichristofi, Director of S. Hadjichristofi Construction Limited. The contract was awarded for €4,368,000 plus VAT following a competitive bidding process.

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What’s in Store for Aradippou?

The project in Aradippou will reshape local mobility by delivering:

• A reconstructed section of the road
• A newly built roundabout
• A single-story, covered building spanning 315 m²
• Two bus bays along the road
• An open parking area with space for 67 vehicles

Upgrades for Kalo Chorio

In the former community of Kalo Chorio, similar infrastructure will be developed, including:

• A ground-level building of 315 m² with a covered area
• Two bus bays along the road
• A spacious open parking area with 195 spaces

These projects represent a significant step towards enhancing sustainable mobility and accessibility in Larnaca, creating practical and environmentally friendly transport solutions for residents and visitors alike.

On Monday, President Nikos Christodoulides and Turkish Cypriot leader Ersin Tatar will meet at the residence of the UN Secretary General’s Special Representative in Cyprus, Colin Stewart, located in the UN Protected Area at Nicosia airport. The two leaders will discuss the potential opening of new crossing points across the divided island.

This meeting follows an October 15, 2024 agreement made during an informal dinner hosted by UN Secretary-General Antonio Guterres in New York. The leaders had expressed a shared interest in exploring ways to increase movement between the north and south of Cyprus.

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The Greek Cypriot side has already proposed the opening of crossing points at Pyroi and Kokkina, which were submitted during prior meetings of the negotiators with Stewart. Meanwhile, the Turkish Cypriot side has raised the possibility of opening a regular crossing point at Mia Milia.

In his recent report to the UN Security Council on the renewal of the UNFICYP mandate, Guterres welcomed the commitments made by both Cypriot leaders to consider the opening of additional crossing points. “We are approaching the meeting with a constructive attitude and a commitment to progress,” stated the Government Spokesman to the Cypriot News Agency (CNA) on Sunday. He noted that the groundwork had been laid with specific proposals and positions, and expressed hope that these would be discussed with the same positive and sincere spirit.

In the lead-up to the meeting, residents of the Paphos district gathered on Saturday in Pachyammos, advocating for the opening of a crossing point at Kokkina. On Friday, joint events were held by Greek Cypriot and Turkish Cypriot organizations at the Ayios Dometios checkpoint, calling for the establishment of new crossing points.

Cyprus has been divided since 1974 when Turkey invaded and occupied the island’s northern third. Despite several rounds of UN-led peace talks, a comprehensive settlement has yet to be reached, with the latest negotiations held at the Crans-Montana resort in Switzerland in July 2017 ending without progress.

The informal meeting in New York in October saw both leaders agree to continue dialogue under the UN Secretary-General’s auspices, focusing on the way forward and the opening of new crossing points to foster trust and facilitate movement across the island.

The Middle East and North Africa (MENA) region is poised for substantial growth in IT spending, with projections indicating a rise to $230.7 billion in 2025, a 7.4 percent increase from 2024. According to Gartner’s latest forecast, this growth is largely attributed to heightened investments from both governments and private sector enterprises, all aiming to position the region as a global leader in AI innovation. Critical to these advancements are strong cybersecurity measures and the adoption of cloud platforms, essential for building a flexible and scalable infrastructure.

Investments In Research, Development, And AI

Local organizations across MENA are ramping up investments in research and development to foster new business models, enhance customer experiences, and develop a competitive, skilled workforce for the global stage. These strategic investments are driving the surge in IT spending. Among the standout sectors, data center systems are expected to lead the pack with the highest annual growth rate, projected at an impressive 14.9 percent in 2025. This surge is propelled by the growing demand for AI adoption, cloud services, and an increased need for data storage and processing capabilities.

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As organizations continue to embrace AI and cloud-based solutions, several major hyper-scalers are investing heavily in data center systems, which will be crucial for delivering sustainable, scalable AI-powered cloud infrastructures. These efforts will further accelerate the growth of the data center segment.

Software Investments Driven By Generative AI

The software sector is also set to see significant growth, with a 13.7 percent increase expected in 2025. This surge is largely fueled by a focus on generative AI (GenAI) applications. CIOs in the region are directing their investments toward digital workplace enhancements, improving customer experiences, and boosting the quality of products and services. The integration of GenAI, cloud services, and cybersecurity is empowering organizations to innovate more quickly while ensuring that these advancements are secure.

Starting in 2025, CIOs are anticipated to adopt a more strategic approach to their GenAI projects, leveraging lessons learned from previous trials to better address challenges related to data management and the balance between costs and value. To achieve success, they must align business outcomes with their organizational priorities, focusing on data and analytics (D&A) and AI literacy to move from theoretical knowledge to practical application. This approach will maximize the return on their GenAI investments, ensuring sustained innovation and competitive advantage.

Forecast Methodology

Gartner’s IT spending forecast methodology is rooted in rigorous analysis of sales data from over 1,000 vendors across all categories of IT products and services. This comprehensive outlook provides valuable insights into spending patterns across hardware, software, IT services, and telecommunications, helping businesses identify emerging market opportunities and navigate potential challenges.

The UAE has firmly positioned itself as the leading destination for foreign automotive investments in the Arab world for 2024. In a remarkable display of growth and attractiveness, the UAE, alongside Saudi Arabia, Morocco, Algeria, and Egypt, collectively brought in 145 foreign projects worth an impressive $22 billion. These nations now account for 79 percent of the region’s total foreign automotive investments, according to the Arab Investment and Export Credit Guarantee Corporation (Dhaman).

This surge in investments is set to create more than 91,000 jobs, representing 89 percent of all employment generated by foreign automotive ventures in the Arab world. Of note, China emerges as the largest investor, contributing 27 projects valued at $8 billion, which will add around 20,000 jobs to the region’s economy.

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UAE Solidifies Its Dominance In The Automotive Sector

The UAE’s leadership in the automotive industry is reinforced by its status as the most appealing hub for automotive business and investment in the region. The country’s progressive policies, competitive landscape, and strategic position in the global economy continue to attract investors and businesses, making it the preferred destination for automotive activity in the Middle East.

Investments And Job Creation Power The Growth

With significant foreign investments pouring into the sector, the UAE’s role as a central player in the automotive industry is only growing. These investments are bolstering the UAE’s economy while creating thousands of jobs, with the country’s share of the region’s foreign direct investments (FDIs) standing at 45.4 percent in 2023.

Surge In Automotive Sales Expected

By the end of 2024, total vehicle sales in the Arab world are projected to surpass 1.8 million cars, marking a 4.5 percent rise from the previous year. Saudi Arabia continues to dominate the region, holding a substantial 45 percent share of the market.

UAE’s Role As A Global Investment Magnet

The UAE remains a global magnet for foreign investments, not only in the automotive sector but across industries. In 2023, the UAE attracted AED248.3 billion in FDIs, accounting for a staggering 35 percent of all investments in the Arab region. This growth is largely due to the country’s investor-friendly policies, robust infrastructure, and attractive business environment.

The UAE’s success is also reflected in its FDI inflows, which grew by 35 percent in 2023, reaching AED112.6 billion. The country’s decision to amend its Commercial Companies Law—enabling full foreign ownership—has further enhanced its investment climate, with over 275,000 new companies launched in just over a year and a half.

Furthermore, the UAE ranks second globally in terms of greenfield FDI projects for 2023, following the United States, further cementing its position as a global business hub and a vital player in the automotive and other key sectors.

This influx of foreign investment in the UAE highlights not only the country’s economic strength but also its strategic importance in driving growth and innovation across the region.

Abu Dhabi has been ranked as the world’s safest city for 2025, marking the ninth consecutive year the emirate has topped the global safety rankings since 2017. This achievement, according to the Numbeo database, reflects the city’s pioneering security initiatives and strategies.

In the 2025 standings, Abu Dhabi secured the top spot out of 382 global cities, further solidifying its reputation as a leading safe haven for citizens, residents, and visitors. The emirate’s efforts to foster a sense of security and enhance trust in its public safety measures have significantly contributed to this continued success.

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Abu Dhabi Police’s Role In Ensuring Safety

The Abu Dhabi Police have played a key role in promoting a sense of safety and security throughout the city. Their ongoing efforts to improve public trust in law enforcement have helped position Abu Dhabi as a preferred destination for living, studying, and working. The city’s focus on quality of life and security is a core component of its appeal.

In January 2024, Abu Dhabi was also ranked first for safety globally by Numbeo, making it the safest city for two consecutive years. This ranking further showcases the city’s leadership in implementing the best security standards and ensuring a high quality of life for all its residents.

Global Liveability Index Highlights Abu Dhabi And Dubai

The Global Liveability Index by the Economist Intelligence Unit (EIU), published in August 2024, recognized Abu Dhabi and Dubai as the top liveable cities in the Middle East and Africa. Both cities have improved their scores in healthcare and education, underlining their commitment to offering residents a high standard of living.

Safety And Crime Rankings

According to the Crime and Safety Indexes by Numbeo, Abu Dhabi holds the highest safety score globally, with an impressive 88.2 points on the Safety Index. The city also has the lowest score on the Crime Index, at 11.8 points, highlighting its exceptional safety record. Dubai ranks fifth globally in terms of safety, demonstrating both cities’ commitment to maintaining secure environments.

Healthcare And Education In Abu Dhabi And Dubai

In the healthcare sector, Abu Dhabi and Dubai both offer robust systems. In the first quarter of 2024, Abu Dhabi had 3,323 healthcare facilities, including 67 hospitals, 1,136 health centers, and 765 clinics. The emirate also employed 12,922 licensed doctors by the end of 2022. Dubai, in comparison, had 5,020 healthcare facilities with 13,370 licensed doctors.

For education, Abu Dhabi boasted 459 schools during the 2023-2024 academic year, while Dubai had 220 private schools. The strong educational infrastructure in both cities contributes to their ranking as some of the most liveable and secure cities in the world.

Abu Dhabi’s consistent performance at the top of global safety rankings, combined with its emphasis on healthcare, education, and overall quality of life, continues to reinforce its status as a leading global city for residents and visitors alike.

A landmark agreement worth $1 billion has been signed between the UAE, Italy, and Albania to construct a subsea interconnection that will facilitate the transfer of renewable energy across the Adriatic Sea.

The Clean Energy Agreement

The deal, which was signed by COP28 President Sultan Al Jaber, Italy’s Environment Minister Gilberto Pichetto Fratin, and Albanian Deputy Prime Minister Belinda Balluku, was announced during Abu Dhabi Sustainability Week. It represents a strategic collaboration aimed at advancing cooperation in renewable energy and energy infrastructure across the Mediterranean.

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The agreement outlines significant projects, including large-scale renewable energy initiatives in Albania, focusing on solar photovoltaics, wind, and hybrid systems with potential for battery storage. The clean energy produced will be transmitted to Italy, marking a significant milestone in energy collaboration. The deal will also include the creation of a cross-border electricity interconnection linking Albania and Italy.

Leveraging Resources For Sustainable Development

Al Jaber highlighted that the deal will combine UAE’s expertise in renewable energy, Albania’s rich natural resources, and Italy’s advanced energy market to facilitate the development and sharing of renewable energy across the region.

The signing ceremony took place in the presence of UAE President Mohamed bin Zayed Al Nahyan, Italy’s Prime Minister Giorgia Meloni, and Albanian Prime Minister Edi Rama. This partnership aims to enhance energy security, foster sustainable development, and accelerate the transition to clean energy in the Mediterranean region.

A Step Toward Energy Cooperation In The EU

This agreement strengthens Italy’s collaboration with Balkan nations, aligning with EU energy goals. According to Balluku, Albania’s abundant natural resources are expected to not only contribute to the green energy transition but also create long-term economic opportunities and job growth.

The deal follows the establishment of a joint venture (JV) between Masdar and Albania Power Corporation last November at COP29, focused on the development of renewable energy projects in Albania. These projects will feature solar, wind, and hybrid energy solutions with integrated battery storage.

Further Strategic Partnerships And Investments

In related news, last December, Emarat Petroleum and Lootah Biofuels, both UAE-based companies, signed a Memorandum of Understanding (MoU) aimed at reducing greenhouse gas emissions and advancing the UAE’s National Biofuels Policy. The partnership focuses on expanding the collection network for used cooking oils to be processed into biodiesel, with Emarat’s retail stations serving as collection points.

Meanwhile, Masdar announced plans for a $6 billion project to build a solar and battery energy facility capable of generating 1 gigawatt (GW) of clean energy. This project, in collaboration with the Emirates Water and Electricity Company, will feature 5 GW of solar capacity and 19 GWh of storage, ensuring a steady supply of 1 GW of electricity.

This $1 billion subsea renewable energy deal marks a significant step forward in the global transition to clean energy, reinforcing cooperation between the UAE, Italy, and Albania in addressing climate challenges and driving sustainable economic growth.

The European Commission has dismissed reports suggesting it plans to ease its stance on US tech giants, despite potential retaliatory actions from President-elect Donald Trump’s administration. EU Commissioner for Digital and New Technologies, Henna Virkunen, emphasized in an interview with CNBC that the EU would continue to enforce its technology regulations firmly.

Key Developments

• Virkunen confirmed that the European Commission would maintain its current regulatory course and ensure strict enforcement across the technology sector, regardless of political developments in the US.
• As a new appointee under Ursula von der Leyen, Virkunen’s comments underline the EU’s commitment to holding major tech companies accountable, including through antitrust scrutiny.
• The EU has led the charge in tech regulation, launching a series of legislative measures such as the Digital Services Act (DSA), designed to increase oversight of the tech industry.

When asked about the potential influence of Donald Trump’s administration on the EU’s policies, Virkunen made it clear that the EU’s position is rooted in a “very clear legal basis for regulation.” She added that all companies—whether based in the US, Europe, or China—must adhere to EU laws.

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The Digital Services Act: A Key Tool For Regulation

Virkunen noted that the Digital Services Act (DSA), which fully comes into effect in 2024, grants the EU significant powers to regulate the operations of large tech platforms. This includes addressing illegal activities, and harmful content, and tackling online disinformation.

Currently, Meta, Instagram, X, and TikTok are facing ongoing investigations as part of formal proceedings under the DSA. Virkunen emphasized that no new decisions or changes have been made yet regarding the investigations, signalling the EU’s resolve to proceed with its regulatory agenda.

Meta’s Moves And The EU’s Regulatory Stance

The possibility of a shift in the EU’s approach gained attention following Meta’s announcement that it would discontinue its fact-checking programs in the United States for its platforms, including Facebook, Instagram, and Threads. The timing is notable, coming just after Meta brought key figures from Donald Trump’s circle into its leadership. However, it remains unclear whether this change will impact fact-checking operations in the EU, which could face separate scrutiny under the Digital Services Act.

Rumours Of A Softer Stance And Potential Economic Fallout

The Financial Times recently reported that the European Commission might reconsider its aggressive stance toward US tech companies. This includes a possible reduction or modification of investigations and potential fines under the Digital Services Act and Digital Markets Act. According to the report, a review of these cases could lead to freezing decisions and delaying penalties until the process concludes.

Concerns over retaliation from the US have circulated within the EU, especially considering Trump’s past threats to impose higher tariffs on European goods. There are growing fears that a tough approach toward US tech giants could provoke trade tensions and disrupt EU economic growth. The stakes are particularly high in areas such as artificial intelligence regulation, where the US and EU are competing for global leadership.

Despite these pressures, Virkunen and the European Commission have made it clear that they will not back down on their commitment to holding tech companies accountable for their actions within the EU.

Oil prices have opened the week on a downward note, as the market shifts focus to the incoming US President, Donald Trump. One of his first anticipated actions in office is the potential easing of sanctions imposed on Russia by his predecessor, Joe Biden.

Key Market Developments

• Brent crude futures dropped by 0.28%, trading at $80.56 per barrel.
• US light crude remained relatively steady, losing just 2 cents in the previous session, now sitting at $77.88 per barrel.
• Despite the drop, both benchmarks posted a 1% increase last Friday, marking a fourth consecutive week of gains. This followed sanctions targeting Russian oil giants Gazprom Neft and Surgutneftegaz, actions that disrupted the Russian oil industry, potentially cutting supplies by 700,000 barrels per day.

These sanctions have sent Moscow’s major customers, notably China and India, on the hunt for alternative oil sources, driving up delivery prices significantly.

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The Focus Shifts To Trump’s Inauguration

The market’s attention is now squarely on Trump’s inauguration, with speculation about what immediate decisions he may make. Analysts expect Trump to announce moves designed to stimulate the economy, such as lifting the moratorium on licenses for US liquefied natural gas (LNG) exports, a step aimed at bolstering US energy exports and market influence.

Market Outlook: Uncertainty Looms

While recent sanctions on Russia have put pressure on global oil supplies, particularly impacting the flow of nearly 1 million barrels per day, analysts from ANZ suggest that the recent price hikes may be temporary. Trump’s pledges to swiftly end the Russia-Ukraine conflict could lead to the easing of some sanctions, potentially stabilizing the oil market and softening prices shortly. The direction Trump takes on this issue will be crucial in determining the future of both global energy supplies and oil prices.