Cypriot Nobel laureate Christopher Pissarides said that while uncertainty over the impact of Brexit on the Cypriot economy will persist over the next three years, Cyprus should get its act together and pass reforms which will help it benefit from the fallout caused by the decision of British voters to leave the European Union.

The primary goal of the Cyprus Investment Funds Association (CIFA) is the promotion and development of the Cyprus funds and asset management industry in order for Cyprus to become a jurisdiction of choice for international funds.

Cyprus had the lowest annual inflation rate in the EU28, for the month of June 2016, rated at -2.0% according to Eurostat, followed by Bulgaria (-1.9%) and Croatia (-1.2%).

Property transactions rose in June 42% to 657 compared to the respective month of 2015, which is the highest since May 2012, the department of lands and surveys said.

Revenue from tourism rose in April 2016 5.7% to €137.9m compared to the respective month of 2015, the statistical service said.

Cyprus is considered a moderate innovator, along with Croatia, the Czech Republic, Estonia, Greece, Hungary, Italy, Latvia, Lithuania, Malta, Poland, Portugal, Slovakia, and Spain, according to the 2015 innovation scoreboard, published by the European Commission.

The skyline of Ayia Napa is set to change forever, with two huge skyscrapers earmarked for construction – providing luxury apartments, a hotel and suites.

The harmonised consumer price index in Cyprus fell an annual 2% in June 2016 after falling 1.9% the month before, the statistical service said.

Home prices fell on average 1.2% in the first quarter of 2016 compared to the respective period of 2015, the statistical service said recently.

Cyprus is one of the EU countries most exposed to Brexit, mainly because of its reliance of UK tourism, the share of its portfolio investment in the UK, and its excessive government debt, Moody’s Investors Service said.