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Cyprus Building Permits Surge In 2024 Despite August Drop

by THEFUTURE.TEAM

January 24, 2025

The construction sector in Cyprus saw an 8.6% annual increase in building permits issued during the first eight months of 2024, according to the Statistical Service of Cyprus. However, August 2024 recorded a sharp 59.3% drop compared to the same month last year, primarily due to technical challenges with the new “Ippodamos” information system.

In August alone, 183 building permits were authorized, down from 450 in August 2023. These permits accounted for a total value of €87.4 million and a construction area of 66,200 square meters, paving the way for 323 housing units.

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Growth In The First Eight Months

Between January and August 2024, 5,062 building permits were issued, up from 4,662 in the same period in 2023. This represents a 16.3% increase in total value and an 18% rise in total construction area. The number of housing units also climbed by 16.2%, underscoring the sector’s robust performance.

August Decline Explained

The significant drop in August permits stems from the recent transition of authority for issuing permits. As of July 1, 2024, responsibility shifted from municipalities and district administration offices to newly established Local Government Organisations (LGOs). This change, coupled with operational issues in the “Ippodamos” system, led to delays in permit processing.

Despite these temporary setbacks, the overall rise in permits reflects steady growth in Cyprus’s construction sector, reinforcing its importance as a pillar of the national economy.

The Future Forbes Realty Global Properties

FinTech’s Dominance In MENA: Three Strategic Drivers Behind Unyielding VC Success

by THEFUTURE.TEAM

September 11, 2025

Despite facing tightening global liquidity and macroeconomic headwinds, the FinTech sector continues to assert its leadership in the MENA region. In the first half of 2025, FinTech emerged as the most resilient and appealing arena for venture capital investments, proving its worth as a catalyst for financial innovation and inclusion.

Addressing Structural Financial Gaps

In many parts of MENA, a significant proportion of the population remains underbanked and underserved by traditional financial institutions. FinTech companies are uniquely positioned to address these persistent challenges by bridging critical access gaps and driving financial inclusion. With the proliferation of payment apps, digital wallets, and micro-lending platforms, investors have witnessed firsthand how these solutions pave the way for scalable growth and eventual exits. Early-stage momentum in the region is underscored by a doubling of pre-seed deals year-over-year, reinforcing the sector’s capacity for rapid innovation and sustainable expansion.

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Highly Scalable and Replicable Business Models

One of the key factors behind FinTech’s dominance is the inherent scalability of its business models. Once the necessary infrastructure and regulatory approvals are in place, these models have demonstrated robust performance across borders. The first half of 2025 saw a marked acceleration in deal activity, with payment solutions leading the charge with 28 deals in MENA—a significant increase over the previous year. Lending platforms, in particular, experienced a meteoric 500% year-over-year increase in funding, emerging as the fastest-growing subindustry. Such replicability makes FinTech an attractive proposition for investors seeking high-growth opportunities in diverse markets.

Supportive Regulatory And Government Backing

The strategic support offered by key government initiatives in the UAE and Saudi Arabia has been instrumental in propelling the FinTech sector forward. Progressive frameworks, such as the UAE’s open finance and digital asset directives, coupled with Saudi Arabia’s live-testing sandboxes, have materially lowered entry barriers for startups. These measures not only foster innovation but also streamline the path to commercialization. Consequently, the combined efforts of these regulatory bodies have enabled the UAE and Saudi Arabia to account for 86% of MENA’s total FinTech funding in H1 2025.

The resilience of FinTech in MENA is not merely a reflection of contemporary market trends—it signals a fundamental shift in the region’s economic fabric. With an unwavering commitment to addressing real financial challenges, scalable and replicable business practices, and robust regulatory support, FinTech is setting the benchmark for sustainable innovation. As capital markets become increasingly discerning, this sector stands out as a beacon of long-term growth and transformative impact.