Luxury apartments, detached houses, holiday homes and hotels and land for development are in the market for buyers, particularly expensive real estate which is aimed at third country nationals seeking to acquire Cyprus citizenship.

The 12 month period since July 2017 was the best ever for Cyprus tourism with arrivals reaching 3.842 million, the Cyprus Tourism Organisation said.

Record-breaking numbers of incoming tourists for the month of July were recorded this year, with the United Kingdom remaining steadily in the lead as the main source of visitors.

Cyprus’ economy grew 3.9% year-on-year in the second quarter of 2018, according to a flash estimate published by the statistical service recently.

Low-cost airline Level launched its new Larnaca-Vienna route with its first flight on August 11 2018, it was announced recently.

Cyprus had to attract 7.6% more visitors from abroad during May 2018 in order to increase its revenue from tourism 1.1% to €294.7m compared with the respective month of 2017, a clear sign that the economy’s benefits from tourism was decreasing, the statistical service said.

Property transactions rose 21% year-on-year in July 2018, to 896, the highest since December 2017, mainly on a strong performance of the real estate market in Nicosia and Paphos, the Department of Lands and Surveys said.

Non-performing loans fell marginally in April 2018, the month in which the government stepped in to support anew the crumbling Co-op bank, remaining at the same levels as the previous month, at €19.9bn, the Central Bank of Cyprus said.

Cyprus’ trade deficit fell by €334.7m, or an annual 15%, in the first half of the year, to below €2bn on a strong increase in exports which more than offset rising imports, the statistical service said.

AstroBank said recently that it signed an agreement to acquire the operations of USB Bank, including its staff but excluding certain unspecified assets for an unspecified consideration.