Cyprus is the fourth most popular tourist destination among Russians this summer according to a survey carried out by the new agency Ria Novosti — up two places from sixth in 2017.

Almost a decade after the 2008 real estate bubble burst, Cyprus’ ratio of non-performing loans in the real estate and construction sector remain among the highest in the European Union (EU) and European Economic Area (EEA), the European Banking Authority said.

Cyprus ranks third in the Eurozone in terms of the percentage of secured deposits (up to €100,000) in its banking system, marking the size of risk in a potential banking crisis, according to a feature by rating agency DBRS.

Moody’s Investors Service said that the decision of the Cypriot parliament to also exempt the sale of real estate from the capital gains tax when the generated cash goes to the repayment of loans, is a credit positive for banks.

The harmonised consumer price index rose in June 1.7% compared to the respective month of 2017 mainly on higher energy prices, the statistical service said.

Cyprus’ Nissi beach is worth £25m (approximately €28m), according to a study carried out by UK based Canvas Holidays.

Worldwide luxury hotel chain Sofitel is set to build a 5-star resort in Limassol investing some €300m in the island.

Fitch Ratings said that the sale of the Co-op’s operations to Hellenic Bank and the related increase in government debt will not alter the public debt’s reduction over the medium term from 2018.

The number of tourist arrivals in June 2018 rose 8.2% to 511,073 compared to the respective month of 2017 on a strong performance of the UK market amid signs of fatigue shown by secondary markets, the statistical service said.

Paphos is stepping up efforts to promote sports tourism as it seeks to attract more visitors particularly in the low season between November and April.