Cyprus Approves Kronos Gas Field Strategy In Groundbreaking Energy Transition

Strategic National Energy Initiative

The Cabinet of Cyprus has officially endorsed the development and production plan for the Kronos gas field, located in Block 6 of the nation’s Exclusive Economic Zone (EEZ). President Nikos Christodoulides emphasized that this decisive move, 15 years after the country’s first EEZ discovery in 2011, represents a pivotal moment in Cyprus’s natural gas exploitation journey.

Pathway To European Markets

Alongside the approval of the development plan, the Cabinet is also expected to approve agreements governing the sale of Cypriot natural gas. Authorities are targeting 2028 for the country’s first natural gas exports to Europe through Egypt, with the government positioning the project as part of broader efforts to strengthen regional energy cooperation and energy security.

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Global Partnerships And Collaborative Ventures

Further announcements are expected in cooperation with major international energy companies involved in Cyprus’ offshore sector. Among them is ExxonMobil, which together with QatarEnergy holds drilling rights in Blocks 5 and 10. The partnerships are expected to support the next phase of offshore energy development.

Infrastructure Development And Investment Decisions

The approval of the development and production plan coincides with a pending final investment decision by the consortium comprising TotalEnergies and Eni for Block 6. In the interim, Energy Minister Michael Damianos announced the establishment of a joint technical committee tasked with negotiating the commercial and technical parameters for natural gas sales to Egypt. This strategic committee aims to ensure that Cyprus leverages its geographic proximity to Egypt’s Zohr gas field, thus enabling the use of existing infrastructure to transport the natural gas to the Segas liquefied natural gas (LNG) terminal in Damietta.

Pipeline And Future Prospects

Seabed pipeline routing surveys, which began in June last year, form part of broader preparations to connect Cyprus’ offshore gas resources with regional export infrastructure. The developments follow a framework agreement involving Cyprus, Egypt and companies including Chevron, NewMed Energy and Shell for the commercialisation of the Aphrodite gas field.

The Future Forbes Realty Global Properties

Athens And Nicosia Still Offer Some Of Europe’s Most Affordable Apartments, Despite Rising Prices

by THEFUTURE.TEAM

July 13, 2026

Housing costs in Nicosia remain well below those in most western European capitals, according to new data from Global Property Guide, highlighting the wide gap in residential property prices across Europe.

Nicosia And Athens Remain Among Europe’s More Affordable Capitals

The latest figures from Global Property Guide, which tracks residential property markets across 88 countries, show that both Nicosia and Athens remain among Europe’s more affordable capital cities, despite years of steady price growth.

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In Cyprus, the median asking price for a one-bedroom apartment in Nicosia stands at €145,000. Two-bedroom apartments are priced at €205,000, while three-bedroom homes reach €280,000.

That places Nicosia slightly above Athens in the one-bedroom category, where the Greek capital records a median asking price of €135,000. For two-bedroom and three-bedroom apartments, however, prices are identical in both cities at €205,000 and €280,000, respectively.

Western Europe Commands A Premium

Athens also remains relatively affordable by European standards. Median asking prices for one-bedroom apartments reach €174,000 in Warsaw, €240,000 in Madrid, €310,000 in Milan and €325,000 in Berlin.

The gap is even more pronounced in Western Europe, where one-bedroom apartments cost around €440,000 in both Paris and Lisbon, more than three times the price seen in Athens.

The difference becomes even greater for larger homes. A three-bedroom apartment carries a median asking price of €280,000 in both Athens and Nicosia, compared with €685,000 in Lisbon, €690,000 in Milan, €845,000 in Berlin and €1.08 million in Paris.

For two-bedroom apartments, the contrast is equally striking. While homes are priced at €205,000 in Athens and Nicosia, equivalent properties cost €380,000 in Madrid, €455,000 in Milan, €527,000 in Berlin, €620,000 in Lisbon and €695,000 in Paris.

Europe’s Most Expensive Property Markets

Global Property Guide’s data also highlights the wide variation in residential property prices across Europe.

Zurich is the continent’s most expensive market for a one-bedroom apartment, with a median asking price of €1.151 million. It is followed by Luxembourg (€669,000), Copenhagen (€601,000), Munich (€548,000) and London (€522,000), while Paris and Lisbon are both priced at around €440,000.

The Most Affordable Cities

At the other end of the market, the lowest asking prices are concentrated in south-eastern and eastern Europe. Median asking prices for a one-bedroom apartment stand at €125,000 in Riga, €118,000 in Podgorica, €110,000 in Bucharest, €103,000 in Sarajevo and €79,000 in Chisinau.

According to the report, Skopje is Europe’s most affordable capital for one-bedroom apartments, with a median asking price of just €55,000.

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