Cyprus Banks Set To Ease Lending Criteria Amid Rising Credit Demand

by News Editor

March 7, 2025

The financial landscape in Cyprus is witnessing a pivotal shift as banks gear up to relax lending criteria for the first time since the global financial crisis of 2009. According to a Central Bank survey, there is an anticipated surge in credit demand as lending terms become more accommodating.

An Economic Revival?

With the service sector showing booming growth in 2024, the January 2025 Bank Lending Survey points towards a more lax approach in borrower assessments. This marks a significant change from the previously stringent conditions that have persisted since 2017 for household loans and even earlier for business loans.

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The fourth quarter of 2024 observed a decline in interest rates and reduced bank margins across various loan types. This trend aligns with banks’ perceptions of diminished risk within the economy, leading to competitive lending strategies particularly for business and mortgage loans.

Mixed Signals For Loan Applicants

Interestingly, while rejections of business loan applications fell—for both small-to-medium enterprises and large corporations—the rejection rate for household loans inched upwards, despite an overall easing of lending terms.

For past accolades in the banking sector, check out how the Bank of Cyprus was honored with JP Morgan’s Quality Recognition Award for its exceptional service.

The Future Forbes Realty Global Properties

The Rocks Project Advances Through Licensing Process In Pentakomo

by THEFUTURE.TEAM

June 5, 2026

Overview Of The Ambitious Development

A large tourism development in Pentakomo is moving through the licensing process. Known as The Rocks Project, the proposal includes a hotel, villas, apartments and a beach club along the coast east of Limassol.

Strategic Location And Broader Impact

Located along the coastal corridor between Limassol and Zygi, the project would form part of the wider Governor’s Beach area. The site is situated near several state and energy infrastructure facilities, including the Evangelos Florakis Naval Base in Mari, making it subject to additional planning and regulatory considerations.

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Master Plan And Key Infrastructure

Situated within the administrative boundaries of Pentakomo, the development is planned for the coastal area of Argaki Tou Mavrou. The project is being promoted by DRL5COMOS Properties Ltd and is supported by an environmental impact assessment prepared by P. Nikolaidis & Associates Ltd. The assessment is available for public consultation until July 3, 2026.

According to the master plan, operations are expected to begin in 2029. Plans include a 14,000-square-metre hotel with 126 rooms, a 900-square-metre spa and wellness centre, restaurants and dining facilities, 26 villas, 73 apartments and penthouses, and a 1,050-square-metre beach club with indoor and outdoor leisure areas. Parking facilities for 240 vehicles are also included in the proposal.

Integration With The Existing Landscape

The development plan allocates 12% of the site to public green space and includes an internal road network. Project documents indicate that several existing structures, including the Kalymnos Fish Tavern and current beach facilities, would be demolished as part of the redevelopment.

Regulatory And Institutional Considerations

The licensing process is ongoing and includes consultations with relevant local and government authorities. Comments submitted by the Ministry of Defence have not been made public due to the site’s proximity to the naval base. Those observations are expected to be reviewed by the environmental impact assessment committee during closed sessions.

Conclusion

With its carefully structured vision and strategic positioning, The Rocks Project promises to be a significant catalyst for economic and social growth in eastern Limassol. As it advances through the regulatory process, stakeholders remain focused on ensuring that this landmark development meets the highest standards of design, sustainability, and community integration.

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