Cyprus Business Now: property, tourism, Ethiopian ties, foreclosures, banks
The minister stressed that decisions on foreclosures must be reasonable and balanced, warning against measures that could create further economic problems.
“We are being monitored by rating agencies, we are being monitored by the European Union and the institutions from which we have borrowed and which assess us,” he said.
He made clear that broad interventions regarding foreclosures are currently off the table, specifically ruling out any attempt to implement a universal freeze.
“Therefore, horizontal issues regarding foreclosures, with a freeze of foreclosures at this time, should not be discussed,” he said.
Instead, Keravnos emphasised the need to strengthen the existing institutional framework governing the handling of distressed loans and property repossessions.
The event saw investors, officials and business leaders discussing opportunities across sectors, ranging from agribusiness and energy to shipping, tourism and financial services.
The high-level forum was organised by the Embassy of Ethiopia to Cyprus in collaboration with the Honorary Consul of Ethiopia to Cyprus, on March 13, bringing together entrepreneurs, diplomats, institutional representatives and senior government officials from both countries.
Participants examined prospects for cooperation in agribusiness, critical minerals, pharmaceuticals, energy and renewable resources, information and communication technologies, tourism and hospitality, infrastructure and construction, shipping and maritime services, as well as financial and professional services.
Another key point conveyed during the conference included a warning that bureaucracy, infrastructure gaps and housing distortions continue to weigh on the market.
Opening the conference, Cyprus Property Developers Association president and Imperio Group president Yiannis Misirlis said the sector can no longer be seen only as a barometer of economic activity, but increasingly as a force shaping the way people live.
“We are currently in a period of transformation,” Misirlis said, adding that the market and construction sector now serve not only as indicators of economic activity, but also as “tools of development, social policy and urban planning.”
Speaking at the ‘Real Estate, Property Development and Construction’ conference in Nicosia, the minister stressed that affordable housing remains a top priority for Cyprus, particularly during its Presidency of the Council of the European Union.
“The interventions of the government move along four axes to address the housing issue,” he said.
“Through the proposed actions, emphasis is placed on increasing supply, reducing bureaucracy, strengthening investments in the housing sector and supporting the most vulnerable groups of the population,” he added.
Presenting an analysis of 2,500 registered projects, Ask Wire chief executive Pavlos Loizou said the market is showing clear changes in buyer behaviour, with newer properties continuing to attract the strongest interest.
At the same event, association of Cyprus building contractors (Oseok) president and N. Gavriel & Sons managing director Stelios Gavriel said the future of construction in Cyprus will depend on credibility, innovation and stronger cooperation across the industry.
According to an announcement by the Famagusta regional tourism board (Etap), the organisation maintained a strong presence in international tourism markets through its participation in key tourism exhibitions in Serbia and Germany, as well as in the roadshow held in Poland by the Deputy Ministry of Tourism.
During the exhibitions and accompanying business meetings, Etap Famagusta representatives held contacts with hundreds of tour operators, tourism bodies and potential visitors from Serbia, Germany and Poland, while also engaging with stakeholders from other important markets including the United Kingdom, Austria and Switzerland.
Released in December 2023, LUDUS had been consistently growing, reaching about $3 million in monthly revenue by March 2025.
By December 2025, LUDUS had surpassed 8 million installs worldwide, reflecting the game’s increasing popularity.
The company attributed the annual growth to strategic scaling of user acquisition efforts, diversification of traffic sources, and the active adoption of rewarded channels.
According to the balance sheet as of February 28, 2026, the largest single component of the institution’s assets was intra-Eurosystem claims, which amounted to €18.33 billion.
The bank reported that its holdings of gold and gold receivables were valued at €1.64 billion at the end of the February period.
Claims on residents outside the euro area denominated in foreign currency stood at €1.10 billion, while euro-denominated claims on the same group reached €0.59 billion.
Specifically, profitability among Cyprus banks dropped by €165 million, a decrease of 13.9 per cent year-on-year, falling to €1.02 billion from €1.18 billion in 2024.
According to the CBC, this decrease was primarily driven by a reduction in net interest income (NII) across the sector.
At the same time, the figures revealed that total assets in Cyprus’ banking sector increased by €4.35 billion, representing a rise of 6.6 per cent.
The chamber, as one of the key partners of the project, was represented by its officers Stefanos Hadjioannou and Natasa Demetriou.
The chamber reported that a total of 11 partners from various European countries are participating in the project.
The initiative emphasises that eno-culinary heritage should be preserved and promoted, as it provides a solid foundation for the development of experiential and sustainable cultural tourism in the fields of wine and gastronomy tourism (WGT) across European wine-growing and agricultural regions.
For the first two months of the year, arrivals totalled 268,141, compared with 245,860 in January-February 2025, marking an increase of 9.1 per cent.
The United Kingdom was the biggest source of tourism in February, accounting for 19.3 per cent of total arrivals with 28,217 visitors.
It was followed by Poland with 27,003 arrivals and a share of 18.4 per cent, Israel with 18,530 or 12.6 per cent, Greece with 13,604 (9.3 per cent), and Germany with 9,723 (6.6 per cent).
Specifically, the Cyprus Statistical Service, using preliminary data, found an increase in hourly labour costs during the fourth quarter of 2025.
The figures indicate that hourly labour costs recorded an annual increase of 2.7 per cent in the fourth quarter of 2025 compared with the same quarter of the previous year.
This rise reflects changes in both key components of labour costs, namely wages and salaries per hour worked and non-wage labour costs per hour worked.
According to an official announcement from the company, the event took place on March 11 and formed part of its ongoing investment in prevention, responsibility and sustainable development initiatives.
Moreover, the event was organised as part of the company’s long-standing cooperation with the Department of Labour Inspection of the Labour Ministry and the Cyprus Health and Safety Association.
The initiative was held as part of the bank’s #VolunteersChallenge volunteer action, which continues for another year with strong participation and engagement.
During the event, children between the ages of six and twelve took part in an interactive first aid training experience, where learning was combined with practical demonstrations and activities.
The initiative was organised by Eurobank’s human resources unit in cooperation with the State Health Services Organisation (Okypy) ambulance service directorate and training office.
The developments were outlined in two separate circulars which together address cloud outsourcing arrangements for certain depositaries and requirements for fund managers.
In the first circular, CySEC explained that it has adopted the latest European standards for outsourcing to cloud service providers, which apply to specific entities operating in Cyprus’ investment sector.