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.
Cypriot businesses are adequately prepared for Brexit, even a no-deal Brexit, according to the General Director of the Employers and Industrialists Federation(OEV) Michalis Antoniou.
Five years after the bail-in agreement and the enforcement of the Economic Adjustment Program that compelled Cyprus into turning a page, the island is now expecting to record a 2.7 per cent fiscal surplus this year compared with a target of 1.7 per cent in the April 2018 Stability Programme Update. Indicative of the country’s positive performance is the fact that it recently returned to the investment grade, following evaluation by some of the most important credit rating agencies.
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