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.

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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