Opens in a new tab

Breaking news

Paralimni Town Centre Redevelopment Gets Planning Approval

Paralimni’s town centre is moving closer to a major redevelopment after the municipality secured planning permission for a project aimed at modernising the area and boosting commercial activity.

Paralimni-Deryneia municipality said the permit was issued on August 10, clearing an important step in its wider development programme. Plans include resurfacing roads, upgrading pavements, adding trees and green spaces, creating service areas and increasing parking capacity.

The project is intended to make the town centre more accessible and functional for residents, businesses and visitors while preserving Paralimni’s local identity, history and traditions.

Revised Plans Retain Vehicle Access

A key change from the original proposal is the decision to retain vehicle access through the centre instead of fully pedestrianising the area. The revised plans were submitted in 2025 following a public consultation on traffic management.

Proposed changes include new one-way systems on Griva Digeni, Constantinoupoleos, Tassou Markou and Kolokotroni streets, alongside improvements to paved areas, greenery, public spaces and parking.

Project costs have also evolved as the plans have been developed. A government programme announced in 2025 allocated €11.2 million for the square and wider town-centre redevelopment, while more recent estimates put the square at €4 million plus VAT and the wider redevelopment at €7 million plus VAT.

Construction cannot begin yet, as the municipality must complete detailed drawings and technical studies before applying for a building permit and securing the remaining approvals.

New Square And Parking Facility Planned

A separate project will create a new public square near the Ayios Georgios church. Plans include an events area, park, monument spaces and extensive greenery, with accessibility a key priority. The municipality aims to launch the construction tender during the first quarter of 2027.

Meanwhile, construction is already under way on a three-storey multi-storey car park on Antonis Papadopoulos Street. The €6.76 million facility will provide 296 parking spaces, including 17 for people with disabilities and three for electric vehicles, as well as a lift.

The car park is being built under an 18-month contract awarded to N. Gavriel & Sons Ltd, with five-sixths of its construction cost financed by the Department of Town Planning and Housing.

Together, the town-centre redevelopment, new square and parking facility form part of a broader programme to transform central Paralimni and strengthen its role as a commercial and social hub.

Cyprus Business Electricity Prices Rank Among The EU’s Highest

Electricity prices for a defined group of non-household consumers in Cyprus reached €0.23 per kilowatt-hour in the first half of 2026, placing the country among the most expensive in the EU, according to Eurostat.

The rate matched Italy and exceeded the EU average of €0.18. Ireland recorded the highest price at €0.27 per kilowatt-hour.

The figures cover non-household consumers with annual electricity consumption of between 500 and 2,000 megawatt-hours, rather than all businesses or households.

EU Electricity Prices Continued To Fall

Across the EU, average prices for this consumer group declined by 2% compared with the second half of 2025 and were 5.4% lower year on year.

The lowest rates were recorded in Finland (€0.09 per kWh) and Sweden (€0.12), followed by Denmark, Spain and Portugal, all at €0.13.

Prices Fell In Most Member States

Electricity prices declined year on year in 19 EU countries during the first half of 2026. Luxembourg recorded the largest fall, at 23.8%, followed by Czechia (11.9%) and Greece (11.8%).

Prices increased in eight member states, led by Sweden (18.8%), Finland (18.7%) and Bulgaria (14.2%). Despite the sharp increases, Finland and Sweden continued to have the lowest electricity prices in the bloc.

eCredo
Aretilaw firm
Uol
The Future Forbes Realty Global Properties

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter