Deputy Tourism Minister Costas Koumis described the revision as a positive development, saying Cyprus tourism is now moving towards a period of normalisation after months of disruption linked to regional tensions.
Speaking to CyBC’s, Koumis said “the British market has long been Cyprus’ largest source of tourists, even though arrivals from the UK recorded a significant decline in the first four months of the year because of developments in Akrotiri.”
He added that May ended with only a very small decrease in passenger traffic, expressing confidence that the sector is now on a more stable path.
The revision of the travel advisories was also welcomed by tourism stakeholders, although industry figures remain cautious over how quickly the change will feed through into bookings.
Speaking to the Cyprus News Agency (CNA), Papacharalambous said the downgrade of Cyprus’ travel guidance to level 1 by both countries had helped restore confidence in the destination, although the impact of the previous warnings had already been felt.
“On the contrary, three months have already been lost. Within these three months, I believe that, more or less, the image of the country that nothing is going on has been restored,” he said.
Referring to the latest figures on tourist arrivals, the Acta president said the decline was gradually easing.
“As time goes by, the decrease in arrivals is decreasing,” he said, adding that “I believe that this will continue until the end of the season”.
According to figures from the department of lands and surveys, a total of 8,043 sales documents were filed at district land registry offices between January and May, compared with 7,185 in the same period of 2025.
At the same time, the market remained well above pre-pandemic levels. In the first five months of 2019, 4,846 sales documents had been filed, meaning this year’s total was 66 per cent higher.
Limassol holds lead as Larnaca posts strongest long-term rise
Limassol remained the largest market in absolute terms, with 2,537 sales documents filed in the January-May period, compared with 2,281 a year earlier and 1,768 in 2019.
This marked an annual increase of 11.2 per cent, while sales were also 43.5 per cent higher than in the same period before the pandemic.
According to the service director Constantinos Karagiorgis, diesel prices have fallen by around 9 cents per litre on average in the retail market since May 10.
By contrast, 95 octane petrol has recorded an average increase of around 5 cents per litre over the same period.
Karagiorgis told the Cyprus News Agency (CNA) that, should the downward trend in Platts prices recorded over the past fifteen days continue, further reductions are expected in the retail price of diesel, as well as in 95 octane petrol.
However, he said the current stage of hostilities involving Iran does not allow for safe conclusions, as uncertainty in international energy markets remains high.
The continuation of the conflict and the absence of a final agreement in the region continue to affect international energy markets, he added, with the impact reflected directly in fuel price fluctuations.
“Therefore, reliable estimates cannot be made about the future course of prices, as any development in the geopolitical environment may directly affect the cost of petroleum products,” Karagiorgis said.
The increase placed Cyprus above the euro area average, where inflation is expected to reach 3.2 per cent, compared with 3 per cent the previous month. Eurostat said the full set of HICP data for May will be released on June 17.
Across the euro area, price pressures continued to be driven mainly by energy, which recorded the highest annual rate among the main components. Energy inflation is estimated at 10.9 per cent in May, almost unchanged from 10.8 per cent in April.
Services also gained pace, rising to 3.5 per cent from 3 per cent, while non-energy industrial goods edged up to 0.9 per cent, compared with 0.8 per cent the previous month.
The project, titled ‘Artificial Intelligence eXplainable and Responsible trAining for Youth – AI-XRAY’, focuses on explainable and responsible artificial intelligence, with particular emphasis on ethical use, the elimination of bias and informed digital participation.
The initiative forms part of Cyta’s broader digital inclusion programme, ‘I Am Equal Here’, which seeks to strengthen equal access to knowledge, digital skills and the opportunities created by technology.
According to the announcement, the aim of AI-XRAY is to help cultivate a new generation able to use AI tools safely, critically and responsibly, while being fully aware of both the benefits and potential risks linked to the fast-growing technology.
In a written statement issued this week, Keravnos, speaking in his capacity as Cyprus’ Finance Minister and President of the Economic and Financial Affairs Council (ECOFIN), said the initiative forms part of wider European efforts to mobilise private capital, promote the savings and investment union (SIU) and reduce fragmentation across the EU.
According to Keravnos, strengthening the EU’s strategic autonomy has been a key objective of the Cyprus Presidency, which he said has pursued the issue “with consistency and intense activity” over the past five months.
The warning came during the 10th Capital Link Maritime Leaders Summit, held in Athens on June 1 as part of Posidonia 2026, where leading Greek shipowners described a market increasingly shaped not by traditional supply and demand, but by wars, regional crises, energy disruption and regulatory uncertainty. The summit was listed among Posidonia’s official conference events, taking place at the Athenaeum Intercontinental Athens.
The timing of the discussion gave their comments added weight. Posidonia opened as ship operators were again focused on the Strait of Hormuz, one of the world’s most important energy routes, where recent disruptions have forced companies to reassess risk, routing and costs.
Reuters reported this week that oil product tankers and an LNG carrier had made rare movements through the area, underlining both the strategic importance of the route and the uncertainty still surrounding normal operations.
The event will take place on June 11, 2026, bringing together people from across Cyprus’ tech and innovation ecosystem for an evening of discussion, networking, drinks and bites.
Under the theme ‘Modern DevOps: Are We Over-Engineering It?’, the meetup will explore how modern software development practices have evolved, and whether today’s growing complexity is always helping teams move faster, collaborate better and build stronger products.
According to the figures, accommodation and food service activities rose by 3.9 per cent, while transport and storage activities increased by 3.5 per cent.
Professional, scientific and technical activities were up by 3 per cent, followed by real estate activities, which rose by 2.8 per cent.
Administrative and support service activities also recorded growth, increasing by 0.8 per cent, while information and communication activities edged up by 0.2 per cent.
In terms of index levels, information and communication remained the highest among the main sectors, reaching 184.2 points in the first quarter of 2026, compared with 184 points in the same period last year.
The drop marked a reversal from March, when deposits had recorded a net increase of €426.8m.
Despite the monthly decline, total deposits remained at high levels, reaching €57.6 billion at the end of April.
At the same time, the annual growth rate of deposits slowed to 4.5 per cent, compared with 5.6 per cent in the previous month.
According to the CBC, deposits from Cypriot residents increased by €30.1m during the month.
Households made the largest positive contribution, with deposits rising by €122.6m, while deposits from non-financial corporations increased by €63m.
The application period runs from June 3 to July 15, 2026, with the schemes covering eligible actions taking place during 2026.
According to the ministry, the Council of Ministers approved the schemes on May 19, 2026, following a proposal by Energy Minister Michalis Damianou.
The schemes fall under de minimis aid and cover Cypriot enterprises active in three areas, which are the processing and/or trading of industrial products, the processing and/or trading of agricultural products, and the provision of services.
“With a total budget of €1.7m for the three-year period 2024-2026, the ultimate goal of the implementation of the three schemes is to strengthen the extroversion of Cypriot enterprises, their penetration into international markets and the increase of their exports,” the ministry said.
Click here to change your cookie preferences