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Cyprus Real Estate Market Slows in August

by THEFUTURE.TEAM

September 23, 2024

The Cypriot real estate market showed signs of cooling in August 2024, marking a decline in activity after a period of sustained growth. Data reveals a notable slowdown in transactions, with the overall market experiencing a dip in sales and property transfers compared to previous months. This deceleration comes after a strong first half of the year, which saw robust demand in key regions, especially for high-value properties and new developments.

While the market experienced this summer lull, experts remain cautiously optimistic, noting that this trend aligns with historical patterns, as August is traditionally a quieter month for real estate due to seasonal factors. However, the slowdown also reflects broader economic challenges, including rising interest rates and inflationary pressures, which have begun to affect buyer sentiment and investment decisions.

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Market Trends: The Eight-Month Snapshot

Despite the August slowdown, the real estate market over the first eight months of 2024 has largely been positive. Property sales and transfers increased during the initial part of the year, driven by both domestic and foreign investment. Demand for residential properties remained high, with luxury properties and developments in prime locations—such as Limassol, Paphos, and Nicosia—leading the way.

Data from the Department of Lands and Surveys highlights that, while August saw a reduction in transaction volumes, the overall market remained relatively resilient. The first eight months of the year saw a notable rise in the value of properties sold, suggesting that the high-end property segment continued to perform well. Additionally, certain regions, particularly Limassol and Paphos, managed to retain significant market momentum even during the quieter summer months.

Limassol, a hub for foreign investment and a hotspot for luxury developments, has consistently been one of the strongest-performing regions, attracting both individual buyers and investors seeking rental properties or high-end real estate. Paphos, known for its appeal to foreign retirees and holiday home buyers, also maintained steady demand, particularly from non-EU buyers taking advantage of Cyprus’ attractive property offerings and lifestyle benefits.

Regional Interpretation

While the overall market has slowed, certain regions continue to show resilience. Limassol and Paphos, in particular, remain key players in the market, with these areas seeing the highest levels of foreign interest. Limassol’s status as a business and investment hub, coupled with its array of luxury properties, continues to attract international buyers, particularly from the Middle East, Russia, and Europe.

Paphos also continues to hold strong appeal for foreign buyers, especially retirees and those looking for holiday homes. The district’s affordability compared to Limassol, combined with its high quality of life, makes it a popular choice for non-EU investors, who have been a consistent driver of demand in the region.

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Lithuania And Cyprus Forge Enhanced Partnership In Tourism And Defence

by THEFUTURE.TEAM

May 22, 2026

Expanding Cooperation Beyond The Surface

Kristupas Vaitiekūnas highlighted opportunities for closer cooperation between Lithuania and Cyprus during his visit to Nicosia for the informal ECOFIN meeting. Speaking to the Cyprus News Agency, the Lithuanian finance minister said both countries share common challenges and could expand collaboration in areas including tourism, defence and financial services.

Addressing Shared Challenges

Finance Minister Kristupas Vaitiekūnas said Lithuania and Cyprus face similar security and economic pressures despite their geographic differences. Particular attention was given to emerging security threats, including drone-related risks, alongside the importance of maintaining resilient financial sectors. According to Vaitiekūnas, stronger coordination in those areas could deliver long-term economic and strategic benefits for both countries.

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Focus On Fiscal Stability And Energy Security

Discussions at the ECOFIN meeting are expected to focus on Europe’s economic outlook, energy market volatility and fiscal stability. Kristupas Vaitiekūnas warned that instability in the Middle East could continue affecting oil markets and broader economic performance across Europe. Housing affordability was also identified as a growing challenge, with rising property prices in cities such as Vilnius reflecting broader pressures seen across European markets.

Coordinated Energy Strategy And Future Investments

The Lithuanian finance minister also called for a more coordinated European approach to energy and economic resilience. Vaitiekūnas suggested that targeted and temporary policy measures could prove more effective than large-scale structural reforms in addressing short-term pressures. Lithuania continues to increase investment in renewable energy generation and storage infrastructure as part of efforts to strengthen energy independence and begin producing surplus electricity by 2028.

Support For Ukraine And Enhancing Defence Funding

Finance Minister Kristupas Vaitiekūnas reaffirmed Lithuania’s support for Ukraine, describing the war as a broader struggle tied to European security and democratic values. He also backed accelerating Ukraine’s accession process to the European Union, arguing that deeper integration would strengthen regional stability and economic prosperity. Vaitiekūnas welcomed the EU’s SAFE programme, which is expected to support Lithuania’s defence capabilities while contributing additional assistance to Ukraine.

Looking Ahead To A More Unified Europe

Addressing the European Union’s future budget framework, Kristupas Vaitiekūnas said increased funding for security and defence represented a positive development. At the same time, he warned that reductions in cohesion funding and agricultural support could negatively affect purchasing power and long-term European unity. Lithuania is expected to place continued emphasis on Ukraine and regional security ahead of its upcoming EU Council Presidency in early 2027.