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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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AI Agents Are Poised To Reshape Shopping And Payments By 2030

by THEFUTURE.TEAM

September 14, 2026

More than one in 10 consumers could routinely use AI agents to make online purchases on their behalf by 2030, according to a Mastercard report on the future of commerce.

The report, A Short History of the Future of Shopping and Payments, combines Mastercard research with forecasts from four AI and commerce experts.

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From Recommendations To Purchases

AI agents could handle routine purchases such as groceries, medicines and subscriptions, including negotiating prices for consumers. Smart devices such as watches and rings could also provide personalized product information before and after purchases.

“By 2030, buying a product and the shopping experience will not necessarily be the same thing,” said Magnus Lindkvist. “AI agents will take care of the most everyday purchases, leaving the shopping experience to be more closely associated with discovery, inspiration and enjoyment.”

Younger Consumers Are Moving First

Mastercard’s survey of 26,000 parents and teenagers aged 13 to 18 across 13 countries found that teenagers already use AI in purchasing decisions at roughly twice the rate of their parents.

Some 62% said AI will significantly change how their generation shops. Meanwhile, 31% would trust an AI product recommendation more than one from a friend, while 23% would trust AI more than their parents.

Retailers Will Need To Adapt

As AI agents make purchasing decisions, retailers will need to serve both consumers and software acting on their behalf. Product information, reviews, certifications, origin and sustainability data will need to be easy for AI systems to identify and verify.

Trust will be critical as agents gain authority to complete transactions. Businesses and financial institutions will need clear rules covering identification, consent, authorization and responsibility, Lau said.

Cyprus Tests Agentic Commerce

Mastercard said agentic commerce is already being tested in Cyprus. Earlier this year, it carried out what it described as the country’s first agentic transactions in a regulated environment with Alpha Bank Cyprus, Eurobank Limited and Bank of Cyprus.

Using Mastercard Agent Pay, AI agents completed purchases with consumers’ explicit consent. The trials were designed to maintain security, transparency and consumer control.

The tests offer an early example of infrastructure that could support a shift from AI recommendations to AI agents making purchases directly. Scaling the model will depend on both technology and clear rules governing how agents can act.