Payment Cards In Cyprus: A Growing Preference For Debit Cards

by THEFUTURE.TEAM

August 5, 2024

Recent data reveals a significant trend in the payment habits of Cypriots, highlighting a preference for debit cards over credit cards. On average, each Cypriot owns two payment cards, reflecting a broader shift towards more financially conservative spending practices.

Key Findings

Card Ownership: The average Cypriot holds two payment cards.
Debit Card Preference: There is a noticeable trend towards favouring debit cards over credit cards. This preference is driven by the immediate deduction of funds from the user’s bank account, which helps in avoiding the accrual of debt associated with credit cards.

Implications

The increasing adoption of debit cards signifies a growing inclination towards financial prudence and risk aversion among Cypriots. This behavioural shift has important implications for the banking and financial services sector, potentially prompting banks to enhance the features and benefits associated with debit cards to meet customer demand.

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Financial Behaviour

The preference for debit cards suggests a conscientious approach to financial management. By relying more on debit cards, Cypriots are prioritising immediate payment capabilities and avoiding the risks associated with deferred payments and interest accrual on credit cards. This shift is indicative of a broader trend towards fiscal responsibility and cautious spending.

Impact on Financial Services

The trend towards debit card usage over credit cards could lead to changes in the financial services industry. Banks and financial institutions may need to adjust their strategies, offering more attractive features and incentives for debit card users. This could include enhanced security measures, rewards programs, and better customer service to cater to the growing demand.

The payment card landscape in Cyprus is evolving, with a clear move towards debit cards as the preferred method of payment. This shift reflects a broader trend of financial prudence and risk aversion, indicating that Cypriots are becoming more cautious with their spending habits. Financial institutions will need to adapt to these changing preferences, ensuring that their services align with the needs of a more financially conservative customer base.

The Future Forbes Realty Global Properties

€50 Million Luxury Resort Planned For Ayia Napa

by THEFUTURE.TEAM

October 22, 2026

Ayia Napa could strengthen its position in the premium tourism market with a proposed €50 million mixed-use resort combining a hotel, serviced apartments, luxury bungalows and a beach club.

Aesara Investments Ltd has submitted an information form to the Department of Environment for a development to operate under the name Atlantica Wavemaster Hospitality. The project is planned for the Limnara area of Ayia Napa, along the coast south of Kryou Nerou Avenue, between the town centre and Cape Greco.

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Hotel, Apartments And Luxury Bungalows

The proposed resort will include a 324-room hotel with capacity for 648 guests, alongside a condo-hotel building containing 20 one- and two-bedroom apartments. Facilities are planned to include restaurants, bars, cafés, a spa with an indoor pool, a gym, shops, a multipurpose hall, a children’s club and a cinema.

A further 33 three-level luxury bungalows, each designed for two guests and featuring a private swimming pool, are planned for the southern part of the site. A beach club with a restaurant and an outdoor pool complex covering more than 6,300 square metres will also form part of the development.

The project includes 321 parking spaces, including 12 for people with disabilities, and 14,196 square metres of landscaped green space featuring local plant species.

Seasonal Hotel Operations And Year-Round Residences

The hotel is expected to operate from March to November, with peak occupancy during the summer season. The condo-hotel apartments, meanwhile, will be available for sale or long-term rental and intended for year-round residence. Owners and tenants will also have access to the resort’s facilities, including its pools, restaurants and fitness areas.

Construction is expected to take 24 months once the required permits are secured. At the busiest stage, the project could employ around 100 workers per day.

Environmental Restrictions Near Cape Greco

The site’s proximity to protected Natura 2000 areas has prompted strict environmental requirements. The Cape Greco Special Protection Area borders the site to the south, while a Special Area of Conservation lies approximately 50 metres away.

Conditions imposed by the Department of Environment include a maximum building height of five floors, or 18.5 metres, and restrictions on permanent structures near the coastline. The project must also use spider-web type glazing and low-intensity lighting to minimise disturbance to local birdlife.

According to the project’s consultants, the design has been prepared to comply with the environmental conditions and the final report on cumulative impacts for the Cape Greco Special Protection Area. The hotel and apartment building are positioned in the central and northern parts of the plot, away from the shoreline.

Within the designated no-build zone, located 40 metres from the boundary of the beach protection zone, only swimming pools are planned. The consultants state that these are not expected to affect protected species in the area.

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