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Cyprus And Saudi Arabia Forge Strategic Partnership In Tourism

Cyprus and Saudi Arabia have ushered in a new era of tourism collaboration, as recent developments at the UN Tourism General Assembly in Riyadh underline a forward-looking agenda for the global industry. The event concluded with the adoption of the Riyadh Declaration on the Future of Tourism, a transformative blueprint designed to guide global cooperation over the next 50 years.

Strengthening Bilateral Commitments

During a high-level official visit, Deputy Minister of Tourism Kostas Koumis of Cyprus co-signed a memorandum of understanding with Saudi Tourism Minister Ahmed Al Khateeb (Saudi Ministry of Tourism). The agreement is set to deepen cooperation in critical areas such as sustainable practices, technology deployment, tourism education, and knowledge exchange, thereby reinforcing the strategic alignment between the two nations at a pivotal moment in the industry.

A Global Roadmap For Innovation And Sustainability

The assembly also witnessed a historic appointment with Shaikha Nasser Al Nowais being named the next Secretary-General of UN Tourism, making her the first woman and the first representative from the Gulf Cooperation Council (UNWTO) to head the organization starting in 2026. The Riyadh Declaration outlines a shared vision emphasizing sustainability, inclusivity, digital transformation, and AI-powered innovation, with a strong focus on empowering local communities and preserving cultural and natural heritage.

Economic Impact And Future Prospects

Saudi Tourism Minister Al Khateeb commented, “From Riyadh, we move from declarations to delivery,” signaling a robust commitment to translating strategic agreements into practical initiatives. These include mobilizing investment, enhancing workforce skill sets, and driving digital transformation within small and medium enterprises. Cyprus’s Deputy Minister Koumis highlighted the mutual benefits of these developments, noting Saudi Arabia’s emerging market potential—already accounting for around 20 percent of outbound overnight stays from the Middle East—and the compelling prospects for Cyprus tourism (Visit Cyprus).

Strategic Engagement And Collaborative Platforms

In addition to the bilateral MoU, Deputy Minister Koumis engaged with key Saudi officials, including Deputy Minister of Investment Yousef Almubarak, strengthening dialogues that promise to further enhance international cooperation. The proceedings also coincided with the launch of TOURISE, a global platform aimed at reinforcing synergy between public and private sectors on issues such as digital innovation, investment, and sustainable workforce development.

This strategic convergence of policy and investment not only cements a robust partnership between Cyprus and Saudi Arabia but also charts a resilient and innovative path for the future of global tourism.

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

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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