The government on Monday announced the launch of a fast-track process for the issuance of building licences for certain types of residential units, saying the step would also go some way toward addressing the issue of home ownership.

Presenting the details, Interior Minister Constantinos Ioannou spoke of a “new, more flexible and more efficient system” cutting back on red tape and reducing to just 40 days the time required for issuing a final building permit.

It applies to single dwellings and to duplex houses designated as ‘low risk’ – defined as developments on registered land parcels or parcels in the process of being registered.

The fast-track process in general got underway last October.


Cyprus’ cruise sector is set for a significant upturn, expecting a 30 per cent surge in ship arrivals this year, according to Deputy Shipping Minister Marina Hadjimanolis.

In addition, 139 vessels are slated to dock at Limassol port, including 26 that will call it their home port, .

Hadjimanolis marked the upcoming season’s kickoff with Marella Cruises on April 2, 2025.

“Choosing Limassol as a home base for embarking and disembarking is a strong vote of confidence in what Cyprus has to offer,” Hadjimanolis said.


The protection of borrowers hinges not only on legal compliance but also on the social responsibility of banks and credit acquisition companies (CACs), according to Costas Melas, president of the Cyprus Borrowers Association (Syprodat).

Speaking to the Cyprus News Agency (CNA), Melas said that while these companies adhere to the directives and code of conduct set by the Central Bank of Cyprus (CBC), their “practical implementation remains questionable”.

Melas said there is a need for a sustainable framework to “stabilise the economy and prevent further financial disruptions”.

He acknowledged that “borrowers today are in a much better position compared to two or three years ago”.


Deputy Minister of Innovation Nicodemos Damianou will meet with the Greek Minister of Digital Governance Dimitris Papastergiou in Athens this week, according to an announcement released on Monday.

The two officials will discuss enhancing digital governance through the integration of national digital applications.

The talks, set for Tuesday, February 4, will explore the next steps for connecting Cyprus’ ‘Digital Citizen’ with Greece’s ‘Gov.gr Wallet’, aiming to streamline public services and system interoperability between the two nations.

What is more, the meeting will also address individual cooperation issues in the digital realm.


The National Bank of Greece (Cyprus) recently presented its activities in the Cypriot business environment during a conference held in Athens.

In a speech delivered at the event, Marilena Sevastidou, Head of Corporate Banking, highlighted the “exceptionally positive momentum” currently characterising Greece-Cyprus bilateral relations.

She explained that this “fosters a mutually beneficial growth environment” and provided an in-depth analysis of the Cypriot economic and business landscape.

Moreover, she focused on recent European Central Bank (ECB) projections, which foresee continued positive economic growth for 2025 and 2026, exceeding the European average.


Non-profit social venture and think tank CyprusInno, powered by SocialTech Lab, has successfully concluded the 2024 Academy for Women Entrepreneurs (AWE) in Cyprus, according to an official announcement.

Now in its second year of support from the US Embassy in Nicosia and, for the first time, backed by Chevron, the programme provided free training to aspiring and established women entrepreneurs to help them launch or scale their businesses.

More than 40 women graduated from the programme, having received hands-on mentoring and training at The Base by CyprusInno.


Cyprus’ industrial producer prices decreased by 1.9 per cent in 2024 compared to the previous year, according to the latest data from the state statistical service.

The Producer Price Index (PPI) for December 2024 reached 122.3 points, with 2021 acting as the base year set at 100 points, marking a slight increase of 0.1 per cent compared to November 2024.

When compared to the same month in 2023, the December PPI recorded a decrease of 1.5 per cent.

The report highlighted that the mining and quarrying sector and the electricity supply sector remained stable between November and December 2024.


The Cyprus Stock Exchange (CSE) ended Monday, February 3, with losses.

The general Cyprus Stock Market Index stood at 224.50 points at 12:26, reflecting a drop of 1.04 per cent.

The FTSE / CySE 20 Index was at 136.41 points, representing a decrease of 1.05 per cent.

The total value of transactions came up to €248,199, until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 1.19 per cent, 0.47 per cent and 1.83 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Cyprus Cement Company (-3.41 per cent), Salamis Tours (+1.43 per cent), the Bank of Cyprus (-1.79 per cent), Hellenic Bank (-0.63 per cent), and Demetra (-1.79 per cent).