MPs are undecided on whether to pass a European Union directive reducing the size of homes entitled to lower 5% VAT or face hefty financial penalties, while the construction industry wants authorities to ignore it.

Cyprus’ drive to attract high-tech companies, combined with increased interest from firms to relocate, moving from geopolitically unstable regions, is expected to boost demand for real estate.

The percentage of flights affected in Cyprus by travel delays at European airports is milder, but Tourism Minister Savvas Perdios advised Cypriots to avoid travelling abroad during the holiday peak of July-August.

Cyprus’ first deputy minister for culture Yiannis Toumazis on Monday was sworn in during a special ceremony at the Presidential Palace.

Monthly passenger traffic at Cyprus airports in June surpassed the one million mark for the first time in 33 months, said Larnaca and Paphos operator Hermes Airports.

Employees around the world now hold more sway in the global job market, with two-fifths (43%) of respondents saying they are likely to quit in the next 12 months – driven mostly by a desire for higher total pay, better career opportunities and flexibility amid rising inflation, a shrinking labor market and an increase in jobs offering flexible working – according to the EY 2022 Work Reimagined Survey.

Larnaca hoteliers are ‘relatively satisfied’ with occupancy rates in June, especially in view of the loss of tourists from two of their main markets — Russia and Ukraine, the Larnaca Tourism Board said on Thursday citing the results of a survey.

Cyprus’ Central Bank on Tuesday hailed the adoption by the Cabinet of the report of an ad hoc committee on financial literacy, saying that this is a step forward for the citizens’ financial well-being.

Finance Minister Constandinos Petrides met with political party leaders on Wednesday to present the comprehensive and holistic framework for the management of non-performing loans as well as protection measures of primary homes of vulnerable households.

The Governor of the Central Bank of Cyprus, Constantinos Herodotou, said he was in favor of the ECB gradually increasing key interest rates while keeping its options open, stressing that the European Central Bank should consider the impact of each increase and act accordingly.