A total of 500 new housing units for rent or sale will be created in Nicosia, Larnaca, Limassol and Paphos, President Nikos Christodoulides said on Tuesday.

“This is an important measure that will help to ease the pressure caused by rising housing demand and will significantly contribute to reducing housing costs. It is a plan long requested by social partners and developed in cooperation with them,” he said.

The housing units, he added, will be offered at affordable prices and will be available for families or singles and primarily target young people based on specific criteria.

In Nicosia, units will be built in the municipality of Latsia-Geri and in Limassol in the areas of Curium-Episkopi, Moni and Amathountas-Ayia Paraskevi. Further units will be created in Oroklini in Larnaca and in Acheleia in the Paphos region.

Construction costs for the projects, built on state-owned land worth more than €7 million, are estimated at around €70 million.

Piraeus remains Europe’s fifth-largest container port, holding its position despite the severe disruption caused by attacks in the Red Sea and the extensive rerouting of vessels around Africa.

Although the diversion temporarily weakened its long-standing advantage of proximity to the Suez Canal, the port’s overall performance proved resilient, and shipping lines are expected to restore Red Sea transits gradually in the coming months. 

Across northern Europe, the three largest hubs, Rotterdam, Antwerp-Bruges and Hamburg, continue to dominate by a considerable margin.  

According to PortEconomics, Hamburg delivered the strongest performance among them in early 2025, recording a rise of roughly 9.3 per cent in container throughput and overtaking both Rotterdam and Antwerp-Bruges in growth terms.  

The shift reflects how evolving shipping alliances and renewed flows from Asia have favoured ports with deep hinterland connections and flexible inland rail links. 

Sales of property to foreign buyers surged in the third quarter of 2025, according to the Residential Property Price Index (RPPI) report published on Tuesday by the Central Bank of Cyprus (CBC).

The total number of sales documents recorded by the Department of Land and Surveying (DLS) during the third quarter of 2025 showed an annual increase from both domestic and foreign buyers.

Specifically, the number of properties sold to foreign buyers increased by 9.3 per cent year-on-year, rising from 1,672 in the third quarter of 2024 to 1,827 in the quarter under review.

Sales to domestic buyers also contributed to the overall market strength, recording an annual increase of 8.6 per cent, rising from 2,409 to 2,617.

Overall, the total number of sales documents, which covers all property types, recorded an 8.9 per cent annual increase to 4,444 in the third quarter of 2025, compared with 4,081 in the third quarter of 2024.

Cyprus is moving to strengthen infrastructure, regulation and environmental standards as part of a new strategy to turn diving tourism into a core pillar of its tourism offering, according to a specialised study prepared by the Cyprus Marine and Maritime Institute (CMMI) for the Deputy Ministry of Tourism.

The study was presented in Limassol, where Deputy Tourism Minister Costas Koumis noted, through remarks delivered by the ministry’s new director general, Neophytos Papadopoulos, that diving tourism offers “significant room for development”, which the CMMI study also confirms.

He said the technical study will act as a starting point for preparatory actions, “which will serve as a springboard to highlight Cyprus as a leading force in diving tourism in the Mediterranean”.

As the study outlines real data, scientific knowledge and the sector’s development prospects, Koumis said the Deputy Ministry is placing particular emphasis on specialised forms of tourism, which are gaining ground globally as visitors increasingly seek experiences that are competitive and sustainable.

Cyprus’ business community urged the government this week to accelerate economic modernisation, as the Cyprus chamber of commerce and industry (Keve) outlined a wide set of proposals at its 98th annual General Assembly, attended by President Nikos Christodoulides.

Keve’s president Stavros Stavrou said Cyprus is navigating “a period of intense upheaval”, referring to the war in Ukraine, the peace agreement in Gaza, shifting energy dynamics and the rapid entry of artificial intelligence into daily life.

These global pressures, he noted, make the Chamber’s mission “more complex and its work more demanding”.

Turning to geopolitics, he said the chamber believes “another effort will soon be made” to resolve the Cyprus problem, pointing to the regional climate, the government’s diplomatic initiatives and recent energy developments.

Cyprus air travel saw significant monthly passenger traffic throughout the summer of 2025, according to data on air transport published by Eurostat this week.

The report showed that the total number of passengers travelling by air across the European Union surged by 8.3 per cent in 2024 compared with the previous year.

Specifically, the total number of passengers travelling by air in the EU reached 1.1 billion in 2024, marking a substantial increase from the 973 million recorded in 2023.

Data shows that all EU countries registered an increase in the number of passengers carried by air compared with 2023.

The digital euro is a public option digital payment method which will allow people to make digital payments in an alternative way

One of the lesser known but more ambitious targets set by the Cypriot government in its programme for its six-month term as the holder of the Council of the European Union’s rotating presidency in the first half of next year is the aim of finalising the EU’s “single currency package”.

“One of the priorities of the Cyprus presidency will be the finalisation of the single currency package, acknowledging that the introduction of the digital euro represents a step towards the digital age, and will assist the provision of a secure and efficient means of payment,” the programme, which was seen by the Sunday Mail in October, reads.

It adds that the digital euro will strengthen the EU’s competitiveness in global financial markets, and that as such, Cyprus will during its six-month term “continue to work on the introduction of the digital euro”.

Greek retailer Jumbo Group maintained its growth trajectory in November 2025, even as it operated against last year’s exceptionally strong comparison base.

Despite that, the company recorded a sales increase of around 6 per cent year-on-year, reinforcing the steady consumer demand it has seen across all markets.

Over the January–November period, growth remained close to 8 per cent year-on-year, suggesting that the group’s momentum has held firm as it moves into the decisive final weeks of the year.

At the same time, the company continued to strengthen its international footprint through its franchise partners.

The Cypriot banking sector’s non-performing loan (NPL) ratio remained stable at 5.5 per cent at the end of August 2025, according to the Central Bank of Cyprus (CBC), confirming the financial system’s continued stability despite geopolitical upheaval.

However, the NPL ratio, applying the European Banking Authority’s (EBA) Risk Dashboard methodology which includes loans and advances to Central Banks and Credit Institutions, saw a decline, dropping to 2.8 per cent at the end of August 2025, down from 2.9 per cent recorded at the end of July 2025.

The coverage ratio of non-performing loans with provisions showed an increase, reaching 62.6 per cent at the end of August 2025, compared with 62.2 per cent recorded at the end of July 2025.

Cyprus-based Columbia Shipmanagement has renewed its commitment to advancing gender diversity at sea, following a full day of dialogue and reflection at the She Beyond Conference in Manila, where female seafarers from across the Columbia Group’s global fleet gathered to share experiences and shape future priorities.

Women remain just one per cent of the world’s seafaring workforce, a figure that continues to underline the need for stronger and more coordinated action.

Against this backdrop, Columbia’s She Beyond initiative aims to broaden opportunities, deepen support systems and, crucially, ensure that women feel valued and respected throughout their maritime careers.

The conference brought together participants from the deck, engine and hotel departments, signalling the steady rise in women taking on operational roles on board.

Cyprus’ startup community will gather in Nicosia on December 16, for the second session of From Zero, an event designed to explore what it takes to grow, exit, and rebuild a company as part of a broader effort to support founders who are building from the ground up.

From Zero is a growing event series and community that brings together founders, technologists, creatives and aspiring entrepreneurs with the aim of creating a space where the realities of startup life are shared in a raw and unfiltered way.

The second session follows an earlier focus on resilience in startups and will examine the full trajectory of an exit, including strategy, timing and the emotional and operational challenges that arise before, during and after a sale.