The European economy is now in its seventh consecutive year of growth and is forecast to continue expanding in 2020 and 2021. Labor markets remain strong and unemployment continues to fall. However, the external environment becomes much less supportive and uncertainty is running high. As a result, the European economy looks to be heading towards a protracted period of more subdued growth and muted inflation.
The real estate sector plays a pivotal role in the Cypriot economy and during the last few years it has experienced a steady growth, reaching in 2018 a nine-year peak in sales transactions. A KPMG survey titled “Cyprus Real Estate Market Report - The Insights” which provides insightful leads into the Cypriot economy and the local real estate market, showed that sale transactions surpassed those of 2017 by 6%. Limassol had the highest share (37%) of the market for 2018, same as in 2017, followed by Paphos (24%) while Nicosia exhibited the largest year-on-year increase (+10%) in sales.
The Cyprus Council of Ministers is expected to issue exploitation licenses for the Aphrodite gas reservoir paving the way for the monetization of Cyprus’ so far only commercial discovery, Minister of Energy Giorgos Lakkotrypis said in Paralimni on Sunday.
The Cyprus Securities and Exchange Commission(CySEC) and the Institute of Certified Public Accountants of Cyprus (ICPAC) signed a MoU to tackle money laundering and terrorist financing.
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