Cyprus Approves National Anti-Fraud Strategy For 2026-2031

Unified Framework For Enhanced Fiscal Integrity

Cyprus has approved its first National Anti-Fraud Strategy for the protection of the European Union’s financial interests, covering the 2026-2031 period. The strategy, approved by the Council of Ministers on May 27, is accompanied by a five-year action plan aimed at strengthening transparency, improving oversight and protecting both EU and public funds.

Comprehensive Measures And Collaborative Oversight

The Strategy establishes a cohesive national framework aimed at preventing, detecting, investigating, recovering, and monitoring fraud-related incidents that impact the EU’s financial interests. Covering both expenditure and revenue elements of the EU budget, the Strategy also targets critical funding areas for the Republic of Cyprus, including the Cohesion Policy, Common Agricultural Policy, Common Fisheries Policy, Migration and Home Affairs, as well as the Recovery and Resilience Facility.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Developed by AFCOS Cyprus with support from the General Accountant of the Republic and technical assistance from the OECD under an EU-funded project, the Strategy leverages coordinated efforts to mitigate fraud risks. Key figures in its implementation include the General Accountant of the Republic, the General Public Prosecutor, the Chief of Police, the Tax Commissioner, and several other high-level officials.

Robust Implementation And Digital Integration

An integral part of the Strategy is a five-year action plan that details specific measures, timelines, performance indicators, and designated authorities responsible for enforcement. Emphasis is placed on risk assessment, enhanced controls, capacity building among involved agencies, and refining procedures for reporting and referring instances of fraud. The plan also outlines the use of digital tools to improve coordination among services, thereby ensuring more effective fraud prevention and response.

Implementation will be closely monitored by AFCOS Cyprus, with biannual progress reviews and an annual report submitted to both the Minister of Finance and the Ministerial Council. This initiative forms a critical step in Cyprus’ broader commitment to strengthening institutional collaboration and ensuring proactive fraud detection.

By adopting its first National Anti-Fraud Strategy, the Republic of Cyprus further cements its commitment to legal integrity, transparency, and the effective stewardship of European funds, setting a benchmark for comprehensive financial governance in the region.

The Future Forbes Realty Global Properties

Cyprus Permit Delays Can Add €61,000 To The Cost Of A New Home

by THEFUTURE.TEAM

August 25, 2026

Housing affordability in Cyprus is being affected not only by property prices, construction costs and interest rates, but also by delays in securing planning and building permits. For developers, years of waiting can add millions of euros to project costs and tens of thousands of euros to the price of an individual home.

Property Prices And Rents Continue To Rise

House prices in Cyprus rose 3.4% year on year in the first quarter of 2026, according to Eurostat, leaving prices about 50% above their 2015 level. Rents have also continued to increase, with the Cyprus Statistical Service reporting annual growth accelerating from 2.5% in January to 4.5% in April.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Strong demand and limited supply are adding pressure to both markets. Delays earlier in the development cycle can further restrict the number of homes reaching the market.

Four-Year Delay Adds €6.3 Million To Project Costs

A recent analysis by Yiannis Misirlis, chairman of the Cyprus Land and Building Developers Association, illustrates the financial impact. The example involves a 125-apartment project with €7 million allocated to land and an estimated €25 million for construction, bringing the initial cost to €32 million.

If permits are secured within six months, the average sale price would be about €307,000 per apartment. A four-year permitting delay, however, would add about €1.7 million in financing costs tied to the land, €800,000 in additional overheads and €3.8 million from construction cost inflation.

Combined, those costs would add about €6.3 million to the project without increasing the developer’s profit. The average apartment price would rise to about €368,000, adding roughly €61,000 to each unit.

Delays Also Affect Rental Supply

Higher development costs can affect renters as well as buyers. When projects are delayed, fewer homes enter the market over a given period, limiting supply while demand continues to grow.

Build-to-rent projects face the same pressures from land costs, financing, overheads and construction inflation. Developers may ultimately pass some of those additional costs through to rents.

Government Moves To Increase Housing Supply

Reducing permitting times would not require weaker planning controls or construction standards. More predictable approval timelines would instead allow developers and investors to plan projects with greater certainty and reduce the costs associated with prolonged delays.

The Ministry of Interior has introduced planning incentives and additional building coefficients that are expected to support the construction of more than 2,500 homes over the next two years. The measures are intended to increase housing supply in a market where demand remains strong.

Permitting Delays Have A Direct Financial Cost

For developers, longer approval periods increase financing and overhead costs while exposing projects to higher construction prices. Those costs can ultimately affect sale prices, rents and the number of homes that reach the market.

Cyprus’ housing affordability challenge therefore extends beyond land and construction costs. The time required to move a project from planning to construction can also determine how much buyers and renters eventually pay.

Breaking news