Cyprus Business Now: economic climate, bank association, tourism revenue

Rental prices across Cyprus have surged, impacting not only upscale areas but also more affordable neighbourhoods, prompting the Interior Ministry to take action.

The ministry will use data from the Department of Lands and Surveys, covering the period up to September 1, 2024, to set affordable rental benchmarks. The aim is to ease financial strain for Cypriots and other permanent residents.

Under the ministry’s new initiative, property owners may receive up to €35,000 for renovations...