Despite headline economic growth figures in Cyprus, a significant portion of the population remains burdened by soaring living and housing costs, according to George Mais, President of the Paphos Chamber of Commerce and Industry.
Robust Tourism And Service Sector Growth
Speaking to the Cyprus News Agency, Mais cautioned that impressive statistics can obscure underlying economic pressures. He highlighted that while the tourism and services sectors have experienced record performance—with unprecedented tourist arrivals and correspondingly higher revenues—the prosperity has not translated into tangible benefits for lower-income households.
Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram
Housing Accessibility And Mortgage Concerns
The prevailing economic narrative is marred by a critical downside: housing affordability. According to Mais, escalating home prices have rendered ownership out of reach for many, prompting an urgent call for the state to implement pragmatic affordable housing policies. Furthermore, he urged financial institutions to introduce more flexible, long-term mortgage solutions to alleviate the burden of high interest rates on first-time buyers.
Diversified Investment Amid Global Uncertainty
In addition to tourism, ongoing investments in technology, energy, and transport continue to bolster economic diversification in Cyprus. Nevertheless, Mais warned that external geopolitical tensions—from Ukraine to broader instability in the Middle East—coupled with increasing domestic fiscal pressures, are undermining overall confidence. These factors collectively pose challenges that require swift and strategic government intervention to sustain long-term growth.
