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151. Banks announce measures on interest rates

Since July 2022, lending rates in Cyprus have risen by 3.5%, putting borrowers in a difficult position with dangerously increasing loan repayments....

152. Labor Minister proposes compromise on CoLA issue

Labour Minister Yiannis Panagiotou presented a mediation proposal on the CoLA issue to trade unions and employers' organizations on Friday morning (28/04)....

153. Home prices remain high despite recent dip

House Price Index decreased by 4% in the fourth quarter of 2022 and amounted to 108.03 units, compared to the third quarter, when it was at 112.51, according to a preliminary estimate of the Statistical Service, published on Tuesday....

154. Minister of Labor to submit CoLA mediation proposal

Minister of Labour and Social Insurance Yiannis Panayiotou said on Friday he would submit a mediation proposal to the social partners (trade unions and employers) to reach an agreement on the issue of the Cost of Living Allowance (CoLA)....

155. 43% of motorcyclists who died in Cyprus in 2021 did not wear a helmet

According to a recent report by the European Transport Safety Council (ETSC), 43% of motorcyclists and moped users who died in road accidents in 2021 did not wear a helmet. ...

156. CBC estimates GDP growth at 2.6% in 2023

The Central Bank of Cyprus (CBC) has marginally upgraded its projections for GDP growth this year citing the slightly improved prospects in the external economic environment and the anticipated lower energy prices, amid the continued war in Ukraine....

157. High prices continue to plague the market

158. Construction materials up by 10.73% in February 2023

The Price Index of Construction Materials for February 2023 reached 136.10 units (base year 2015=100), recording an increase of 10.73%, according to data published by the Statistical Service of Cyprus on Monday....

159. One in two Cypriots considers it easy to start a business

Approximately one in two Cypriots considers it easy to start a business in Cyprus, according to the Global Entrepreneurship Monitor (GEM) Cyprus Report 2021/2022...

160. Inflation sees downward trend for 7th month in a row

The cost of living in Cyprus has decreased for the seventh month in a row, with the rate of inflation dropping to 6.7% in February. This is down from a peak of 10.6% in July 2022. ...

161. Banks around the world feel force of SVB fallout

U.S. President Joe Biden vowed to do whatever was needed to address a threatened banking crisis after the collapses of Silicon Valley Bank and Signature Bank forced regulators to step in with emergency measures....

162. Nicosia among small European cities of the future

Nicosia ranks first in the category of small European cities of the future for human capital and lifestyle, according to the results of the European Cities & Regions of the Future 2023 global ranking....

163. Tourists are spending 13% more in Cyprus

If there is one thing that has changed in the past year's data on the tourism industry, it is the realization that, even though there are fewer visitors coming in than in 2019,...

164. Economic sentiment improved in February

Economic sentiment improved in February, with the Economic Sentiment Index (ESI) rising by 1.9 points compared to January....

165. Thinking of investing in real estate? Don’t do it.

A lack of financial literacy can lead people to consider investing in direct real estate. This a provocative statement to say the least, so let me explain....

166. Building materials at their highest since 1986

The Price Index of Construction Materials for January 2023 reached 136.01 units (base year 2015=100), recording an increase of 12.25% compared to the same month of the previous year, according to data published by the Statistical Service on Friday....

167. Turkey orders arrests over collapsed buildings in earthquake

Turkey vowed on Sunday to investigate thoroughly anyone suspected of responsibility for the collapse of buildings in the country's devastating earthquakes nearly one week ago and has already ordered the detention of 113 suspects...

168. Apartment prices continued its upward momentum in Q4 2022

Apartments continued to drive the rising real estate prices in the fourth quarter of 2022, data published by the Aks WiRE Index show....

169. Death toll surpasses 11,000 as Erdogan visits quake ravaged areas

President Recep Tayyip Erdoğan has visited the region of southern Turkey devastated by this week’s earthquake as the death toll rose above 11,000 and acknowledged that his government faced problems getting aid to victims....

170. Half a billion euro investment in digital transformation

Over the next five years, a little more than half a billion euros (€512 million) will be set aside for digital transformation. ...

171. CBC: Household debt at 77% of GDP

The household debt ratio stood at 77% of the Gross Domestic Product (GDP) at the end of September 2022, marking a slight decrease compared to the previous quarter, due to the increase in GDP, according to data published by the Central Bank of Cyprus on its website on Tuesday, in the "Quarterly Financial Accounts" edition, for the reporting quarter ending September 2022. ...

172. Terracotta roof tiles that act as invisible solar panels

In the historic Italian city of Vicenza, Veneto, a typically-Italian family business of artisans is handmaking not-so-typical solar panels....

173. Banks are revising lending rates

Cypriot banks are preparing new loan rates in an effort to redesign the pricing of loans. In the first half of 2023, Cypriot banks will see significant changes in the pricing of new loans, accompanied by increases in interest rates, ...

174. School exams rescheduled to accommodate major strike

Unionized teachers in the Republic of Cyprus have secured a time change for school exams on Thursday so that members can take part in a major strike to demand restoration of pre-crisis wage indexation mechanisms for union workers...

175. Construction materials at their highest costs in 2022

Construction material prices historically reached their highest level in 2022, surpassing the previous record set in 2021, with prices increasing by more than 11% year on year in December alone....

176. Cyprus Banks: Vulnerabilities remain despite progress, says SSM

Cypriot banks have made progress, according to a report by the Single Supervisory Mechanism (SSM), but there are still many issues. ...

177. Home prices increased 5.3% in 3rd quarter of 2022

The House Price Index for the third quarter of 2022 registered an annual increase of 5.3% to 112.51 points, according to a preliminary estimate published by the Statistics Office on Tuesday....

178. Looking ahead to 2023: House prices in Cyprus

The end of 2021 saw Europe’s and Cyprus’ economies gradually recovering from the two-year rollercoaster ride of lockdowns, the stock market at record highs, and inflation increasing....

179. EY Future Consumer Index: consumers opt for caution this holiday season

EY Future Consumer Index: consumers opt for caution this holiday season to cope with rising cost-of-living and environmental concerns, new data finds ...

180. 1,100 euro rental cap on thousands of homes in the Netherlands

The Dutch government will impose limits on rents for more than 300,000 homes in order to provide affordable housing in the face of a shortage in the country's housing problem....