Author: Mikaela Kantor, Senior Associate - Prountzos & Prountzos LLC

With Limassol’s seafront peppered with luxury towers and new developments, there is almost no room for new projects, so investors are heading outwards to the area between the new marina and the old port.

Cyprus tourism is gearing up for a full rebrand of its image to better reflect the various aspects of its offering to promote special interest tourism, such as wellness, conference and rural tourism, and to tap into new markets through better connectivity.

The tourism ministry has reached agreements with neighbouring countries regarding joint excursion packages, it was announced recently.

Revenue from tourism decreased by 5.8% in May 2019 compared to the corresponding month last year, the statistical services announced recently.

Cyprus and Israel are ramping up their exploration of East Med natural gas reserves with the licensing of more blocks for international companies to exploit offshore energy wealth.

Standard & Poor’s affirmed its 'B+/B' long- and short-term issuer credit ratings on Bank of Cyprus noting that the outlook is stable but there are obstacles ahead.

Ayia Napa has officially inaugurated its first casino in the popular holiday resort, which is seen as an additional tourist leisure attraction.

New loans issued in H1 2019 were up 11.5% compared to the same period last year, while the thorny issue of non-performing loans is dissipating as toxic mortgages dropped about 30% of all loans, significantly down from the 50%-plus during the financial crisis in 2012.

Central Bank of Cyprus (CBC) governor Constandinos Herodotou recently met with the chief officers of banks licensed in Cyprus, mainly discussing lenders’ approach to borrowers with non-performing loans.