Less than ten years after the bursting of the Cypriot property market bubble, the sector has entered a tentative recovery phase, with the exception of Limassol, where it is already booming with prices and rents driven upwards at a fast rate which experts expect to continue in the foreseeable future.

In Cyprus, seasonally adjusted GDP rose by 0.9% on a quarterly basis and by 3.9% on an annual basis during the 3rd quarter of 2017, according to a flash estimate published by Eurostat, the statistical office of the European Union.

Cypriot households and non-financial corporations saw their cumulative debt fall in the first quarter of the year, to 265.4% of economic output, from 268.3% at the end of 2016, the Central Bank of Cyprus said.

The ship management sector’s revenue rose 3% in the first half of the year to €472m compared with the previous six-month period and an annual 7.8%, amid a global oversupply in vessels, the Central Bank of Cyprus said.

Home prices rose for the sixth consecutive quarter in April to June 2017 after reaching their lowest point in the fourth quarter of 2015 accompanied by a recovery of commercial real estate prices pushing rents upwards, the Cyprus branch of the Royal Institute of Chartered Surveyors (RICS) said.

Moody’s rating agency warned recently that the slow pace of loan restructurings in the Cypriot banking system may create a need for additional provisions which would erode the banks’ capital.

The European Bank for Reconstruction and Development (EBRD) and the Ministry of Energy recently launched an Advice for Small Businesses Facility in Cyprus.

The Department of Agriculture of the Ministry of Agriculture, Rural Development and Environment, as the National Rural Network, in cooperation with the European Network for Rural Development (ENRD), are organising the 9th Meeting of representatives of National Rural Networks of the EU member states.

In 2016, flows of money sent by residents of the European Union (EU) to non-EU countries, referred to as personal transfers, amounted to €30.3bn, compared with €31.3bn in 2015.

Home prices rose in the second quarter 1.1% compared with the respective quarter of 2016 and a quarterly 0.5% as flat prices pick up, the Central Bank of Cyprus said.