Cyprus Business Now: tourism, banks, rising rents, digital euro, wages
Cyprus is facing rising rental costs, with many households struggling to afford rent or mortgage payments. The country's economy is also seeing developments in tourism and banking.
Cyprus is experiencing rising rental costs, with data showing that average salaries are often insufficient to cover rent or mortgage payments, electricity, food, and other essential expenses. According to the statistical service, 36.5% of employees in Cyprus earn less than €1,500 gross per month. The tourism sector is expected to receive a boost with the resumption of flights from Israel, which is Cyprus' second-largest source market. The Bank of Cyprus has won an award for its commitment to serving high-net-worth individuals, marking its fourth consecutive year receiving this recognition. A tender has been issued for a six-year contract to manage restaurants and bars in Limassol's Old Port. The digital euro is also being explored, with an updated cost study sent to Greek banks.
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