Cyprus Achieves Record-Breaking Fiscal Surplus: A Look At The Numbers

by THEFUTURE.TEAM

January 9, 2025

Cyprus is closing the year on a high note with impressive fiscal results, according to preliminary data released by the Statistical Service of Cyprus (CYSTAT). From January to November 2024, the country recorded a fiscal surplus of €1,420.8 million, equivalent to 4.2% of GDP. This marks a significant leap from the €709.9 million surplus (2.3% of GDP) achieved during the same period in 2023.

Revenue Growth Fuels Surplus

The fiscal surplus was largely driven by robust revenue growth, which surged by €809.8 million (6.7%), reaching €12,844.8 million in 2024 compared to €12,035 million in 2023.

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Breaking down the figures:

Taxes on production and imports rose by €255 million (6.2%) to €4,349.6 million, with net VAT revenue climbing €217.2 million (7.8%) to €2,984.6 million.
Taxes on income and wealth saw an impressive increase of €425.7 million (16%), totalling €3,082.3 million.
Property income jumped by €42 million (45.4%) to €134.6 million.
Revenue from goods and services grew by €163.7 million (21.6%) to €920.3 million.
Social contributions edged up by €95 million (2.4%) to €3,980.7 million.

On the flip side, current transfers dropped by €122.7 million (29.1%) to €299.1 million, and capital transfers fell by €48.9 million (38.5%) to €78.2 million.

Modest Rise in Expenditures

Government spending increased by a modest €98.9 million (0.9%), totalling €11,424 million in 2024 compared to €11,325.1 million in 2023.

Highlights include:

Intermediate consumption grew by €119 million (10.8%) to €1,223.4 million.
Compensation of employees rose by €236.3 million (7.7%) to €3,292.4 million.
Social benefits climbed €417 million (9.8%) to €4,679.3 million.
Interest payments increased by €23.4 million (6.1%) to €407.4 million.

However, certain expenditures saw declines:

Subsidies dropped by €8.5 million (5.9%) to €134.5 million.
Current transfers fell by €314.4 million (29.6%) to €747.6 million.
The capital account decreased by €373.8 million (28.5%) to €939.4 million, with notable reductions in other capital expenditures by €400 million (71.7%).

A Step Forward for Cyprus

These results highlight Cyprus’s continued fiscal discipline and its ability to generate significant revenues amidst global economic challenges. As the government balances spending with revenue growth, the country solidifies its position as a model of economic resilience in the region.

The Future Forbes Realty Global Properties

Cyprus Residential Market Surpasses €2.5 Billion In 2025 With Apartments Leading the Way

by THEFUTURE.TEAM

February 16, 2026

Market Overview

In 2025, Cyprus’ newly built residential property market achieved a remarkable milestone, exceeding €2.5 billion. Data from Landbank Analytics indicates robust activity countrywide, with newly filed contracts reaching 7,819, including off-plan developments. This solid performance underscores the market’s resilience and dynamism across all districts.

Transaction Breakdown

The apartment sector clearly dominated the market, constituting 81.6% of transactions with 6,382 deals valued at €1.77 billion. In contrast, house sales represented a smaller segment, encompassing 1,437 transactions and generating €737.9 million. The record-high transaction was noted in Limassol, where an apartment sold for approximately €15.2 million, while the priciest house fetched roughly €6.2 million.

Regional Analysis

Nicosia: The capital recorded steady domestic demand with 2,171 new residential transactions. Apartments accounted for 1,836 deals generating €349.6 million, compared to 335 house transactions worth €105.5 million, anchoring Nicosia as a core market with average values of €190,000 for apartments and €315,000 for houses.

Limassol: As the island’s principal investment center, Limassol led overall activity with 2,207 transactions. Apartments dominated with 1,936 sales generating €824.1 million, while 271 house transactions added €157.9 million. The district enjoyed premium pricing, with apartments averaging over €425,000 and houses around €583,000.

Larnaca: This district maintained robust activity with a total of 2,020 transactions. The apartment segment realized 1,770 transactions worth €353 million, and houses contributed 250 deals valued at €96.3 million. Average prices hovered near €200,000 for apartments and €385,000 for houses, positioning Larnaca within the mid-market bracket.

Paphos: With a more balanced mix, Paphos completed 1,078 transactions. Ranking second in overall value at €503.2 million, the district saw house sales generate €287.8 million and apartments €215.4 million. Consequently, Paphos achieved the highest average house price at approximately €710,000 and an apartment average of €320,000, emphasizing its premium housing profile.

Famagusta: Distinguished by lower transaction volumes, Famagusta was the sole district where house sales outnumbered apartment deals. Out of 343 transactions, 176 involved houses (yielding €90.4 million) and 167 were apartments (at €32.4 million). The segment’s average prices were about €194,000 for apartments and over €513,000 for houses, signaling its focus on holiday residences and coastal developments.

Sector Insights and Forward View

Commenting on the report, Landbank Group CEO Andreas Christophorides remarked that the analysis demonstrates an ecosystem where apartments are the cornerstone of the real estate market. He emphasized, “The apartment sector is not merely a trend; it is the engine powering the country’s real estate market.” Christophorides also highlighted the diverse regional dynamics: Limassol leads in apartment pricing, Paphos commands premium house prices, Nicosia remains pivotal to domestic demand, Larnaca sustains competitive activity, and Famagusta caters to holiday home buyers.

In a market characterized by these varied profiles, informed monitoring of regional and sector-specific dynamics is crucial for investors aiming to make targeted and strategic decisions.

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