Construction prices for new residential buildings in Cyprus climbed to their highest level on record in 2025, according to new Eurostat data, reflecting a broader increase in building costs across the European Union over the past decade.

The numbers were published in the 2026 edition of Eurostat’s Key Figures on European Business, which brings together data on business activity, investment, productivity, technology, globalisation and tourism across the bloc.

Moreover, the figures focused on the producer price index for the construction of new residential buildings, excluding communal residences.

The indicator measures construction prices from the perspective of builders and is based on the prices paid by clients to contractors.

In Cyprus, the index reached 118.0 points in 2025, up from the base level of 100 points in 2021.

This means that the cost of constructing new residential buildings in Cyprus increased by approximately 18 per cent over the four-year period.

Drivers will continue to benefit from reduced fuel excise duties after the House unanimously approved a two-month extension of the measure on Thursday.

The House passed the amendment with 38 votes in favour under an emergency procedure, extending the reduced rates until August 31, for the measure had been due to expire at the end of this month.

The legislation preserves the existing reductions of 8.33 cents per litre on petrol and six cents per litre on diesel.

The government estimates the extension will cost approximately €12 million.

Interior Minister Constantinos Ioannou on Wednesday evening said that licensing reform had become one of the government’s most important tools for speeding up development and supporting housing policy.

Addressing the annual official dinner of the Cyprus’ real estate developers association in Limassol, Ioanou said that the reform of development licensing was among the most important interventions implemented in recent years.

The event, which the association described as one of the most important institutional gatherings of Cyprus’ business community, was attended by Ioannou on behalf of President Nikos Christodoulides. 

In his address, the minister congratulated the association for “its long-standing and substantial contribution to one of the most important and productive sectors of the Cypriot economy”, saying land and real estate development played a crucial role in the modernisation of cities and communities, the upgrading of infrastructure, job creation, the attraction of strategic investment and the strengthening of Cyprus’ competitiveness. 

His comments came at a time when the property sector remains one of the island’s strongest economic drivers, but also one of the most closely watched, as rising prices, tight supply and affordability concerns continue to dominate the housing debate. 

Consumers in Cyprus ordering goods from outside the European Union will begin paying a temporary €3 customs duty per product category from July 1, 2026.

Due to this change, the Customs Department has issued some practical examples to explain how the new rules will work in practice.

The guidance comes ahead of the implementation of a new European Union customs framework that abolishes the longstanding exemption from customs duties on low-value consignments worth less than €150 arriving from non-EU countries.

Under the new system, a temporary flat-rate duty of €3 per product category included in a shipment will apply to goods purchased online from third countries.

The measure will remain in force until July 1, 2028, after which standard customs duties based on the specific classification of goods will be introduced.

The Paphos regional board of tourism (Etap Paphos) has reported strong uptake of its smart signage initiative aimed at upgrading visitor information across the district.

The board expressed satisfaction with the results of its ongoing digital transformation programme, which replaces static information boards with smart, environmentally friendly and interactive signage.

According to data collected through QR codes between January and June 2026, more than 43,000 scans were recorded across 150 smart signs installed throughout the district.

For the full year 2025, the system recorded more than 140,000 scans between January 2025 and December 2025, indicating sustained visitor engagement with the platform.

Cyprus’ shipping industry has joined the global maritime community in marking this year’s Day of the Seafarer, paying tribute to the people who keep goods, energy and food moving across the world while often carrying the heaviest risks out of public view. 

The Cyprus Shipping Chamber (CSC) said seafarers remain at the centre of global supply chains, even if their role is rarely visible in everyday life. 

“Behind every shipment delivered, every supermarket stocked and every economy connected, there is a #Seafarer making it possible,” the chamber said. 

This year’s theme, ‘Carrying world trade. Carrying the risks’, comes at a particularly difficult moment for the industry, as crews continue to face long periods away from home, demanding working conditions, security threats at sea and the wider impact of geopolitical tensions on global shipping. 

For the chamber, the day is therefore not only about recognition. It is also a reminder that the people who keep trade moving should not be left to carry these pressures alone. 

Greek Maritime Affairs and Insular Policy Minister Vassilis Kikilias emphasised the growing cooperation between Greece, Cyprus, Italy and Malta in shipping, following a meeting with his Mediterranean counterparts on the sidelines of the International Chamber of Shipping summit in Rome. 

The meeting brought together Kikilias, Cyprus Shipping Deputy Minister Marina Hadjimanolis, Italy’s Deputy Minister for Infrastructure and Transport Edoardo Rixi and Malta’s Minister for Sustainable Mobility Chris Bonett. 

Writing on his personal platform, Kikilias said the discussion had taken place “in a particularly warm atmosphere”, noting that cooperation between the four countries had now become an established tradition. 

“Our countries are leading European shipping and share a unique common understanding due to their location in the Mediterranean,” he said. 

Seven years after a preliminary decision was taken to relocate Limassol’s Citizen Service Centre (CSC) from the seafront to the city centre, the project remains under evaluation as authorities await key findings on the future of the former Cooperative Bank building on Gladstonos Street.

The latest details were published in Entrepreneurial Limassol, a periodical issued by the Limassol Chamber of Commerce and Industry (Evel), which examined the current status of the long-discussed relocation project.

The move was initially approved in principle in 2019, with the former district offices of the Cooperative Bank near Pentadromos identified as the preferred location for the new CSC.

However, final decisions regarding the property’s future remain pending as government departments reassess the building’s condition and the financial implications of either upgrading or replacing it.

Hermes Airports chief executive Eleni Kaloyirou joined European aviation leaders in Prague for a debate on the fast-changing Eurasian aviation market, at a time when Cyprus is trying to protect its air links while opening up new routes beyond its traditional source markets.

Kaloyirou took part in a panel discussion at the ACI Europe annual congress and general assembly, hosted by Prague Airport from June 22 to 24, which brought together more than 500 airport executives, policymakers and aviation stakeholders. 

The discussion, titled Eurasian markets, focused on the way shifting traffic patterns, geopolitical pressure and new demand are redrawing the aviation map across Europe, Central Asia and the wider region. 

For Cyprus, the debate comes at a delicate but important moment. 

Although Larnaca and Paphos airports recorded an all-time high of 13.75 million passengers in 2025, the island’s air connectivity has been tested this year by instability in the Middle East, changes in airline capacity and a more cautious travel market. 

The Cyprus Securities and Exchange Commission (CySEC) has awarded €1,000 in prizes to two university students for outstanding academic research in finance and securities markets during the 2025–2026 academic year, as part of its long-running annual student awards initiative.

The awards, which recognise excellence in academic research and innovation, were presented to students whose work was judged the best in fields related to finance and capital markets.

CySEC explained that the initiative aims to reward outstanding academic achievement, encourage research efforts and promote innovative thinking among young scholars.

The regulator also said that the programme seeks to strengthen ties between the academic community and the financial sector, particularly in matters concerning capital markets.

The awards are presented each year in memory of Frixos Sorokos, CySEC’s first chairman, who played a key role in the establishment and development of the supervisory authority.

Lordos Hotels (Holdings) Public Ltd has warned that its results for the first half of 2026 are expected to fall below last year’s levels, as geopolitical tensions in the Middle East continue to affect Cyprus’ tourism sector.

The listed hotel group said the weaker performance was linked to lower occupancy rates at its hotel units, reflecting the pressure felt by parts of the industry as regional instability weighs on travel demand.

“The results for the first half of 2026 are expected to be lower compared to those for the same period last year,” the company said, citing “lower occupancy rates at the group’s hotel units as a result of geopolitical tensions in the Middle East and their impact on Cyprus’s tourism sector.”

The update comes after a stronger performance in 2025, when Lordos Hotels benefited from higher occupancy levels and increased revenue per room across its properties.

However, despite the weaker first-half outlook, shareholders at the company’s annual general meeting, held on Wednesday, June 24, approved the payment of a dividend of €0.04 per share, in line with the board of directors’ proposal.

Eurobank has become one of the first 41 companies in Greece to receive the Diversity Seal, a new state-backed distinction recognising businesses that actively implement equality, diversity and inclusion policies in the workplace.

The award was granted under an initiative launched by Greece’s Ministry of Social Cohesion and Family to acknowledge private sector organisations that integrate the principles of equal opportunities, diversity and inclusion into their operations.

The distinction was presented on June 18, 2026, during a special ceremony held at the Byzantine and Christian Museum in Athens.

Eurobank was represented at the event by Group Chief Human Resources Officer Natassa Paschali.

The Diversity Seal is regarded as the first organised state initiative in Greece aimed at evaluating and rewarding companies for implementing equal opportunity policies and preventing discrimination in the workplace.

Assessment is carried out through a structured process based on both qualitative and quantitative criteria.

Alpha Bank S.A. on Thursday announced that it has secured a controlling 69.61 per cent stake in Alpha Trust Holdings S.A., fulfilling the key condition required for the completion of its voluntary public takeover offer.

The announcement relates to the voluntary public offer submitted by Alpha Bank to all holders of ordinary registered voting shares of Alpha Trust Holdings, under the terms set out in the information circular published on May 27, 2026.

Alpha Bank stated that on June 24, 2026, during the acceptance period of the public offer, it proceeded with an over-the-counter acquisition of shares held under a Share Purchase Agreement, as defined in the information circular.

The transaction involved the acquisition of 2,193,345 shares, representing 69.61 per cent of the total paid-up share capital and voting rights of Alpha Trust Holdings.

Cypriot lawyer Stavros Pavlou was appointed as a new member of the International Court of Arbitration of the International Chamber of Commerce (ICC) following a proposal by the ICC Cyprus National Committee, the Cyprus Chamber of Commerce and Industry (Keve) has announced.

The appointment of Pavlou was confirmed by the ICC World Council, which met on June 11, 2026, with the court itself being based in Paris.

Pavlou, who specialises in cross-border transactions involving corporate and commercial matters, is a member of the ICC Cyprus National Committee and a nominated representative on the ICC Commission on Arbitration and Alternative Dispute Resolution.

He is also a member of the Chartered Institute of Arbitrators and the Asian Institute of Alternative Dispute Resolution, as well as other international organisations and associations in the field of arbitration.