Breaking news

Cyprus Leads EU Housing Market Growth With 31% Increase In 2023

by THEFUTURE.TEAM

July 10, 2024

In an impressive display of market strength, Cyprus topped the European Union housing market growth charts in 2023, recording a staggering 31% increase in property prices. This growth, driven largely by foreign investment and robust demand, highlights the resilience and attractiveness of the Cypriot real estate market.

Key Drivers of Growth

Several factors have contributed to this remarkable increase. According to the Central Bank of Cyprus, the surge in property prices was significantly influenced by heightened demand, particularly from foreign buyers. These buyers accounted for nearly half of the property purchases in 2022 and the first quarter of 2023. Notably, there has been a considerable influx of professionals and investors relocating to Cyprus, driven by the country’s strategic policies aimed at attracting international headquarters.

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

Regional Performance

The rise in property prices was not uniform across Cyprus. Districts like Limassol and Larnaca saw the most substantial increases. Limassol, for example, experienced a 10.6% annual increase in house prices, while Larnaca saw a 7.7% rise. The demand in these regions has been bolstered by the government’s headquartering policy, which has successfully attracted foreign companies and professionals.

Market Stability and Future Outlook

Despite global economic uncertainties, including the war in Ukraine and fluctuating energy prices, the Cyprus housing market has demonstrated remarkable stability. The construction cost index has begun to stabilize, which has further supported the property market. Additionally, despite rising interest rates driven by the European Central Bank’s monetary policies, the overall demand for properties has remained resilient.

The market’s robustness is also reflected in the Central Bank of Cyprus’s projections, which anticipate continued positive economic momentum. With a GDP growth rate forecasted at 2.4% for 2023, and further increases in the coming years, Cyprus is well-positioned to maintain its appeal to both domestic and international investors.

Kuwaiti Ambassador Advocates For Strengthened Ties Between Cyprus And GCC Nations

by THEFUTURE.TEAM

February 5, 2025

The Kuwaiti Ambassador to Cyprus, Abdullah Musaed Al-Khorafi, has underscored the vital need to deepen dialogue between Kuwait, Cyprus, and the Gulf Cooperation Council (GCC) nations, as well as the broader Arab world. He made these remarks during a luncheon held at his Nicosia residence on February 4, which brought together key diplomatic figures.

The event was hosted in honor of Annita Demetriou, President of the House of Representatives of Cyprus, and was part of a series of high-level diplomatic gatherings organized by the Kuwaiti Embassy in Cyprus. Among the attendees were the ambassadors and heads of Arab diplomatic missions in Cyprus, as well as representatives from the U.S. and Swiss embassies.

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

Ambassador Al-Khorafi took the opportunity to lead an expanded discussion on pressing regional and international developments, focusing particularly on the Middle East. Topics included the ongoing crises in Syria, Lebanon, and Palestine, with a strong emphasis on how these events affect regional stability.

The luncheon also served as a platform for talks on enhancing cooperation between Cyprus and GCC countries, as well as broader Arab nations. The discussions highlighted opportunities to strengthen ties in key sectors such as education, culture, trade, investment, and tourism. The aim is to build closer connections between people and foster mutual benefits.

In his opening speech, Ambassador Al-Khorafi stressed the importance of promoting dialogue at both governmental and societal levels, not only between Kuwait and Cyprus, but across the entire GCC and Arab world. He expressed his gratitude for the presence of President Demetriou, noting that her participation symbolized Cyprus’ commitment to advancing relations with Kuwait and its regional partners.

President Demetriou, in turn, thanked the ambassador for his hospitality, reflecting on the fruitful discussions and shared goals for enhancing Cyprus’ relations with Kuwait and the wider Arab world. She reaffirmed the importance of cooperation and strategic partnerships between Cyprus and the GCC countries, especially in areas of mutual interest and concern.

This meeting, according to Demetriou, was a testament to the strong diplomatic relations between Cyprus and Kuwait, as well as the ongoing efforts to broaden and deepen ties with the Arab world.