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Credit Transfers Dominate Cyprus Payment Landscape Amid Digital and Traditional Trends

Credit Transfers Lead the Way in Cyprus

A recent report by the Central Bank of Cyprus (CBC) underscores the enduring appeal of credit transfers in the local economy. Accounting for 83 percent of the total transaction value, credit transfers remain the primary non-cash payment method, with an average transaction value of €4,402.

Cheques and Cards: Evolving Roles in the Payment Ecosystem

Despite the rapid advancement of digital payment solutions, cheques continue to hold significant relevance in Cyprus, contributing 7 percent of total transaction value with an impressive average payment of €3,615—three times higher than the euro area average of €1,140. Conversely, payment cards, used in 74 percent of transactions, are favored for lower-value purchases, exemplified by an average card transaction of €39. This duality highlights a distinctive payment behavior pattern in Cyprus, blending both traditional and modern payment methods.

Robust Digital and Contactless Infrastructure

The CBC report further reveals a pronounced preference for high-value online card payments, with the average online payment amount reaching €127—placing Cyprus among the top performers within the euro area. A robust contactless infrastructure bolsters this trend, as evidenced by over 75 percent of ATMs in Cyprus supporting contactless card technology, compared to only 33 percent in the broader euro area.

Growth in Payment Institutions and Future Prospects

Additionally, the number of licensed payment and electronic money institutions rose slightly from 36 in 2023 to 38 in 2024, reinforcing Cyprus’ position as one of the most institutionally advanced markets per capita in the euro area. This stability and growth present a promising outlook, as businesses and consumers continue to adapt to a hybrid payment landscape that leverages both digital innovation and established financial instruments.

Cyprus Property Deals Reach €286 Million Despite Second-Quarter Uncertainty

Cyprus’ high-end property market remained active in the first half of 2026, although geopolitical uncertainty may have weighed on investment activity during the second quarter.

€286.4 Million Across The 50 Largest Deals

Property transactions worth a combined €286.4 million ranked among Cyprus’ 50 highest-value deals completed between January and June, according to real estate analytics firm Ask Wire.

Examining the country’s biggest sales across all districts, the report found that the 10 largest transactions alone accounted for €161.7 million, highlighting the concentration of activity at the upper end of the market.

Limassol Extends Its Lead

A €55 million sale involving a building and adjoining fields in Moni was the largest property transaction recorded during the period.

Six of the country’s 10 biggest deals took place in Limassol, with a combined value of €117.2 million. Paphos followed with three transactions worth €35.5 million, while Larnaca recorded one €9 million sale.

Across the broader ranking, Limassol’s 10 largest transactions reached €148.2 million, representing 51.7% of the total value of the top 50 deals. Paphos followed with €68.8 million (24%), while Nicosia recorded €26.7 million. Famagusta narrowly surpassed Larnaca, reaching €21.4 million compared with €21.2 million.

Land Continues To Drive High-Value Deals

According to Ask Wire CEO Pavlos Loizou, land acquisitions continue to dominate Cyprus’ largest property transactions.

“The land market dominates the list of the 10 highest-value property transactions, with seven sales involving fields and plots.”

Many of those sites are expected to be developed into luxury residential and hospitality projects, he added.

Office Demand Remains Strong

Growing demand for office space also reflects the expansion of international companies establishing operations in Cyprus, Loizou said.

“We continue to observe growing demand for office properties, reflecting the expansion of the new ecosystem of international companies that has been establishing itself in Cyprus in recent years.”

Eight of the 10 largest transactions were completed during the first quarter of 2026, with activity slowing in the following three months.

Loizou said the slowdown may reflect investor caution linked to the conflict in the Middle East, which appears to have influenced investment decisions during the second quarter.

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