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Cyprus Set To Propel Its Space Ambitions With First Homegrown Satellite Launch

Cyprus is gearing up for a landmark achievement with the planned launch in 2026 of its first domestically developed satellite. Spearheaded by Dimitris Skouridis, Chief Scientist and President of the Foundation for Research and Innovation (ΙΔΕΚ), this ambitious project benefits from the support of both NASA and COSPAR, the global space research organization. This milestone not only underscores Cyprus’ technological progress, but also signals a bold entrance into the international space arena.

International Collaboration And Prestigious Conferences

Dimitris Skouridis inaugurated the sixth global COSPAR conference, “Exploration Of Space 2025: Humanity’s Challenges And Celestial Solutions,” held in Nicosia from November 3 to 7, 2025. The event, organized under the aegis of his office and with the Foundation for Research and Innovation as a major national sponsor, brought together ambassadors, over 40 representatives from international space agencies, leading astronauts, and prominent industry figures including Niklas Hedman, the newly appointed Chief Executive of COSPAR, former deputy director at UNOOSA; John G. Reed of United Launch Alliance; and Jean-Yves Le Gall, former CEO of Arianespace.

Building A National Space Infrastructure

Among the significant initiatives is the establishment of the Cyprus Space Research and Innovation Center (C-SpaRC), described by Skouridis as a cornerstone in advancing national scientific capabilities. With a budget of €2.5 million financed by ΙΔΕΚ, this state-of-the-art facility is managed by the Cyprus Space Exploration Organization (CSEO) and benefits from collaborative ties with NASA’s TRISH, Lockheed Martin, the Sodankylä Geophysical Observatory, and leading Cypriot research institutions. The C-SpaRC’s ultramodern facilities are set to streamline prototype development, production, and space testing, positioning Cyprus as a key participant in European and global space missions.

Enhancing Cyprus’ Regional And Global Influence

Skouridis also highlighted the strategic importance of Cyprus’ integration into the European Space Agency (ESA) as an associate member, along with the nation’s recent signing of the Artemis agreements with NASA in 2024. These developments fortify Cyprus’ role in international space exploration and collaborative research.

Resounding Endorsements And Future Prospects

The conference opened with remarks from George Danos, President of the Cyprus Space Exploration Organization (CSEO), and included addresses by influential figures such as Professor Pascale Ehrenfreund, President of COSPAR, who heralded the event as the beginning of an exciting week of scientific exchange focused on harnessing space observation for global climate research ahead of COP13 in Brazil.

Additional endorsements came from key government representatives and industry leaders. George Komodromos, Deputy Director General of the Undersecretary of Research, Innovation and Digital Policy on behalf of the President of the Republic, pointed to the rapid evolution of Cyprus’ national space ecosystem. Dr. Eric Smith, Director of Optical Detection and Exploitation at Lockheed Martin Space, emphasized the long-standing collaboration between the private and academic sectors, while Marios Tannousis, CEO of Invest Cyprus, reiterated the nation’s commitment to fostering a robust international space network.

A New Era In Space Research

As Cyprus embarks on this exciting journey toward launching its first homegrown satellite, the strategic initiatives and international partnerships being forged promise to elevate the country on the global stage. With expertise spanning government, industry, and academia, Cyprus is poised to become a significant hub for space research, innovation, and crisis management solutions in the Mediterranean region.

Cyprus Residential Market Surpasses €2.5 Billion In 2025 With Apartments Leading the Way

Market Overview

In 2025, Cyprus’ newly built residential property market achieved a remarkable milestone, exceeding €2.5 billion. Data from Landbank Analytics indicates robust activity countrywide, with newly filed contracts reaching 7,819, including off-plan developments. This solid performance underscores the market’s resilience and dynamism across all districts.

Transaction Breakdown

The apartment sector clearly dominated the market, constituting 81.6% of transactions with 6,382 deals valued at €1.77 billion. In contrast, house sales represented a smaller segment, encompassing 1,437 transactions and generating €737.9 million. The record-high transaction was noted in Limassol, where an apartment sold for approximately €15.2 million, while the priciest house fetched roughly €6.2 million.

Regional Analysis

Nicosia: The capital recorded steady domestic demand with 2,171 new residential transactions. Apartments accounted for 1,836 deals generating €349.6 million, compared to 335 house transactions worth €105.5 million, anchoring Nicosia as a core market with average values of €190,000 for apartments and €315,000 for houses.

Limassol: As the island’s principal investment center, Limassol led overall activity with 2,207 transactions. Apartments dominated with 1,936 sales generating €824.1 million, while 271 house transactions added €157.9 million. The district enjoyed premium pricing, with apartments averaging over €425,000 and houses around €583,000.

Larnaca: This district maintained robust activity with a total of 2,020 transactions. The apartment segment realized 1,770 transactions worth €353 million, and houses contributed 250 deals valued at €96.3 million. Average prices hovered near €200,000 for apartments and €385,000 for houses, positioning Larnaca within the mid-market bracket.

Paphos: With a more balanced mix, Paphos completed 1,078 transactions. Ranking second in overall value at €503.2 million, the district saw house sales generate €287.8 million and apartments €215.4 million. Consequently, Paphos achieved the highest average house price at approximately €710,000 and an apartment average of €320,000, emphasizing its premium housing profile.

Famagusta: Distinguished by lower transaction volumes, Famagusta was the sole district where house sales outnumbered apartment deals. Out of 343 transactions, 176 involved houses (yielding €90.4 million) and 167 were apartments (at €32.4 million). The segment’s average prices were about €194,000 for apartments and over €513,000 for houses, signaling its focus on holiday residences and coastal developments.

Sector Insights and Forward View

Commenting on the report, Landbank Group CEO Andreas Christophorides remarked that the analysis demonstrates an ecosystem where apartments are the cornerstone of the real estate market. He emphasized, “The apartment sector is not merely a trend; it is the engine powering the country’s real estate market.” Christophorides also highlighted the diverse regional dynamics: Limassol leads in apartment pricing, Paphos commands premium house prices, Nicosia remains pivotal to domestic demand, Larnaca sustains competitive activity, and Famagusta caters to holiday home buyers.

In a market characterized by these varied profiles, informed monitoring of regional and sector-specific dynamics is crucial for investors aiming to make targeted and strategic decisions.

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