Cyprus’ Public Debt Falls: An Economic Breakthrough?

by News Editor

March 28, 2025

As of December 31, 2024, Cyprus achieved a noteworthy decline in its public debt, now standing at €20.92 billion—a reduction from €22.18 billion at the close of 2023. This data is sourced from the latest fiscal report by the Republic of Cyprus. The report, presented to both the Finance Minister Makis Keravnos and the Council of Ministers, offers an in-depth analysis of fiscal operations over the year.

Exclusions And Clarifications

It’s essential to note that the total debt figures exclude intergovernmental borrowing, which increased from €10.73 billion in 2023 to €12.03 billion in 2024.

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Revenue And Expenditure Insights

Despite recording a deficit of €0.32 billion in 2024, improvements from a €0.45 billion deficit in 2023, Cyprus’ total revenues rose impressively to €9.57 billion from the previous year’s €8.72 billion. This increase was primarily driven by taxation, which contributed a significant 84%, equating to €8.06 billion of total revenues.

Personnel-related expenses and social benefits were among the largest expenditure categories, the latter also includes the government’s €0.77 billion contribution to the General Healthcare System (Gesy).

Social Impact And Transfers

Transfers, mainly involving grants and state contributions to various organizations, including EU-directed funds, accounted for €1.53 billion.

Overall, the financial report sheds light on a dynamic economic year for Cyprus—with significant implications for future fiscal strategies and economic health.

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doValue Cyprus Strengthens Market Leadership With New Astrobank Portfolio

by THEFUTURE.TEAM

November 18, 2025

Expanding Market Influence

Loan and real estate management firm doValue Cyprus has significantly reinforced its domestic presence in non-performing loan servicing by acquiring a new portfolio from Astrobank Public Company Limited. This development follows Astrobank’s recent transition, marked by the transfer of key operations to Alpha Bank Cyprus Limited and the subsequent surrender of its banking licence.

Strategic Acquisition And Swift Execution

Finalized on November 3, 2025, the agreement underscores a decisive strategic shift as doValue Cyprus assumes management of Astrobank’s remaining portfolio. The immediate commencement of portfolio management is a testament to the firm’s commitment to delivering specialized, resilient solutions within the non-performing loan market.

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Expertise Driving Market Growth

Chief Executive Officer Varnavas Kourounas emphasized that the latest portfolio acquisition not only expands the firm’s operational footprint but also validates its credibility and deep expertise in the competitive Cypriot financial sector. The strategic move is aligned with the broader growth ambitions of the doValue Group.

Broader Market Implications

Operating as part of the international doValue Group—the largest independent loan and real estate management organization in Southern Europe—doValue Cyprus is well-positioned to leverage its newly expanded portfolio. With approximately €136 billion in assets under management, the group maintains a dominant presence across Italy, Greece, Spain, Portugal, and Cyprus. Moreover, its subsidiary, Altamira Real Estate, runs Cyprus’ largest real estate platform, managing extensive property portfolios alongside the island’s most comprehensive sales network.

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