The Finance Ministry on Thursday expressed satisfaction with the findings of the European Commission included in the 2025 Spring Package for Cyprus.

In a statement, the ministry said that the report “clearly confirms the steady progress, resilience, and dynamism of the Cypriot economy“.

Moreover, the ministry underlined that these findings are particularly noteworthy given the current climate of international uncertainty and geopolitical unrest, as noted by the commission itself.

At the same time, the ministry reaffirmed its “commitment to the government’s economic policy, which it said aims to accelerate reforms and build a modern, competitive, and resilient economy that creates opportunities and prospects for all citizens”.

Cyprus’ housing market recorded a strong start to 2025, with residential property sales rising sharply in both volume and value during the first quarter, according to a report released on Thursday by Landbank Analytics.

The analysis, based on contracts of sale submitted to the Department of Lands and Surveys, showed a notable increase in demand for off-plan and under-construction homes.

Between January and March, 1,368 contracts were filed for new apartments and houses, marking a 24.8 per cent rise year-on-year.

The total transaction value climbed to €391 million, compared with €299 million in the same period of 2024.

Paphos solidified its position on the global tourism map in 2024, Deputy Minister of Tourism Kostas Koumis said during this week’s general meeting of the Paphos regional tourism board (Etap).

He highlighted the strong partnership between Etap and the Deputy Ministry, which has driven targeted promotional efforts.

Koumis also commended initiatives aimed at enhancing the overall quality of the tourism experience in the region.

Notably, a digital campaign launched in 2024 targeted 14 markets, particularly the UK, Germany, Poland, and France, reaching more than 8 million unique users.

Alongside promotional efforts, Koumis also referred to key improvements in the tourism offering.

Cypriots are speaking out about their most painful financial mistakes as part of a new campaign launched on Thursday by the Cyprus Securities and Exchange Commission (CySEC) and the department of accounting and finance at the University of Cyprus (UCy).

From rushed decisions made under emotional stress to falling for dubious schemes promising quick profit, the campaign sheds light on the real-life consequences of poor financial judgement.

“I thought I was making a smart investment, but I lost everything,” one person said.

Stories like this form the core of the campaign, which aims to emphasise how personal financial decisions can lead to long-term damage to both financial well-being and quality of life.

PwC Cyprus this week recognised the outstanding academic achievements of three ACA trainee accountants during a special award ceremony held at the PwC Experience Centre.

The event was attended by Philippos Soseilos, CEO of PwC Cyprus, and Anna Loizou, Partner and Chief People Officer.

Also present was Anna Maria Piperidou, Senior Student Engagement and Stakeholder Executive for Europe at the Institute of Chartered Accountants in England and Wales (ICAEW).

The ceremony was dedicated to celebrating the hard work and academic distinction of the three ACA trainees who excelled in the Professional Level examination of the ICAEW, in the subject of Financial Accounting and Reporting.

Both deposit and lending interest rates in Cyprus recorded a decline in April 2025, according to data released this week by the Central Bank of Cyprus (CBC).

At the same time, total new loans saw a sharp month-on-month decrease of €282 million, mainly due to a significant drop in new lending to non-financial corporations for amounts exceeding €1 million.

The interest rate for household time deposits with a maturity of up to one year fell to 1.26 per cent, compared with 1.41 per cent the previous month.

For deposits from non-financial corporations, the corresponding rate rose slightly to 1.37 per cent from 1.31 per cent.

What is more, consumer loan rates also decreased, dropping to 7.06 per cent from 7.40 per cent in March.

Inflation in Cyprus recorded a decrease of 0.2 per cent in May 2025, according to data released by the state statistical service on Thursday.

Although the Consumer Price Index (CPI) rose slightly, the rate of inflation eased, indicating that prices increased at a slower pace compared to previous periods.

Specifically, the CPI rose by 0.26 points, reaching 117.57 units compared to 117.31 units in April 2025.

Compared to May 2024, the largest increases by economic category were observed in agricultural products, which rose by 4.7 per cent, and services, which increased by 3.5 per cent.

Twenty-four consumer organisations from 21 countries, including the Cyprus Consumers Association, filed an official complaint with the European Commission against the online retail platform Shein on May 30, 2025.

The organisations involved also submitted an external alert to the Consumer Protection Cooperation (CPC) Network against the same company.

According to a statement by the Cyprus Consumers Association released on Thursday, the complaint is based on a new study by the consumer organisations which found that Shein “uses various misleading techniques in its online interfaces to push consumers to buy more“.

These so-called “dark patterns” include fake countdown timers, emotionally manipulative games, infinite scrolling, warning messages about limited stock, aggressive marketing tactics, and similar methods that violate the European Directive on Unfair Commercial Practices.