Breaking news

Cyprus Secures €72 Million EIB Loan For Modern Archaeological Museum In Nicosia

by News Editor

February 28, 2025

The European Investment Bank (EIB) has pledged a significant €72 million loan to the Cypriot government for the construction of a cutting-edge national archaeological museum in Nicosia. This investment is poised to transform the city center into a thriving cultural hotspot, boosting urban regeneration and cementing Cyprus’s position in the global dialogue of archaeology and culture.

A Glimpse Into The Future

The planned Cyprus Archaeological Museum, anticipated to open its doors by 2029, promises to be a beacon of cultural heritage. Located centrally in Nicosia, it will feature expansive exhibition spaces equipped with the latest technologies, showcasing Cypriot history from the Neolithic period to the Christian era. EIB Vice-President Kyriakos Kakouris emphasized the museum’s potential to create a vibrant cultural, recreational, and social nucleus in the heart of Nicosia.

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

Broader Economic And Cultural Impact

The £72 million for the museum is part of a broader initiative by the EIB Group, which has supported Cyprus with €1.3 billion over the last five years, fostering development in universities, infrastructure, and more. In 2024 alone, the group disbursed €225 million, including funds for university-campus developments in Limassol and Paphos and crucial road-network enhancements.

As noted by Finance Minister Makis Keravnos, the museum project is more than just an architectural addition; it’s a crucial step for the Cypriot government and its citizens, affirming the country’s commitment to celebrating its rich historical tapestry.

Explore how Cyprus is turning into a European cultural and digital hub, as highlighted in this fascinating article.

Implications For Real Estate And Urban Development

The ripple effects of the museum’s construction extend into the real estate market and urban planning, offering potential incentives for property investment in the vicinity—an area to watch closely for both locals and foreign investors alike.

The Future Forbes Realty Global Properties

Cyprus Construction Price Index Rises Amid Cost Pressures

by THEFUTURE.TEAM

February 19, 2026

The latest data from the Cyprus Statistical Service (Cystat) shows that the Price Index of Construction Materials in Cyprus reached 118.89 points in January 2026, based on a 2021 average of 100. Compared with December 2025, the index increased by 0.12%, indicating gradual price adjustments across the sector.

Year-Over-Year Growth

On an annual basis, the index recorded a 1.09% increase compared with January of the previous year. The rise reflects ongoing changes in contractor costs and highlights evolving market conditions within the construction industry.

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

Commodity-Specific Movements

The report provides a detailed breakdown by material category. Minerals recorded the strongest annual increase at 2.91%, followed by electromechanical products at 2.55%. Products made from wood, insulation materials, chemicals and plastics rose by 1.19%, while mineral products increased by 0.97%. In contrast, metallic products declined by 0.49%.

Volatility In Sub-Categories

More pronounced changes were observed within specific sub-categories. Mineral aggregates rose by 8.34%, while stones increased by 4.97% compared with January 2025. Electrical fixtures posted a 4.65% increase. Iron and steel products declined by 1.73%, and ceramics and cement continued to trend lower, falling by 1.47% and 1.38% respectively.

Methodological Insights

The index is calculated as a weighted average based on the expenditure share of sampled materials during the 2021 base year. Prices are collected monthly from a range of suppliers, using the 15th of each month as the reference date and excluding VAT. The Construction Costs Index applies specifically to new residential buildings.

This detailed analysis not only sheds light on current market trends but also offers stakeholders a robust framework for understanding the underlying cost dynamics in Cyprus’s construction materials market.