Building activity declined slightly, slowed by rising costs in the first six months of 2022 compared to the same period last year, official data shows.

Despite building materials falling in price, the ongoing energy crisis has Cyprus developers unwilling to greenlight new projects until they have a clearer picture of where building costs are heading.

A correction was issued on Wednesday to an earlier Reuters report quoting Italian gas giant Eni’s chief operating officer (COO) as saying that the EastMed pipeline would be fully completed by 2025.

The cabinet on Wednesday approved a one-off subsidy of €50 to €80 per child for children aged between 4 and 18, it said.

Employment in Cyprus increased by 1.9% in the second quarter of 2022, in comparison to the corresponding quarter of the previous year, reaching 458,706 persons. However, actual working hours increased by 5.2% in the same period and are estimated at 207,154, according to data published by the Statistical Service.

Another headlining story for property developer Cybarco, Trilogy Limassol Seafront is the ultimate live-work-play destination in Cyprus. A pioneering game-changer on the city skyline, sales and reservations for the upcoming hotspot’s premium beachfront apartments and offices have already topped €385 million.

Cyprus banks have tightened credit standards in the second quarter of 2022, while net new lending demand subsided, reflecting the geopolitical tensions and the uncertainty in the global economic environment, the Central Bank of Cyprus Bank Lending Survey for the second quarter says.

Interested parties have changed their mind again when it comes to the granting of reduced VAT on the purchase of primary residences in Cyprus.

The only bi-communal Europe Direct Centre in Cyprus starts its operation in the Ledra Palace Area on September 8.

The EastMed pipeline will be fully completed by 2025, ENI Chief Operating Officer Guido Brusco said on Tuesday during an event in Milan, Italy.