The International Monetary Fund (IMF) said that it expects economic growth in Cyprus to pick up at 4% this year and 4.2% next year even as risks related to the high-stock of NPLs undermine the economy’s prospects.

Building permits increased an annual 27% in the first quarter of 2018 and 30% in terms of construction area and value, to 378,933 square meters and €410.4m respectively, driven by investment in commercial projects, the statistical service said.

The number of property transactions rose an annual 10% in May, to 828, the highest in 2018, on a strong increase in Nicosia and Famagusta, the land department said.

Hellenic Bank said that it completed the sale of a €144m non-performing loans portfolio to B2Kapital Cyprus Ltd, a unit of Norway’s B2Holding, at an unspecified consideration.

Revenue from tourism rose 28%, to €110m, year-on-year in March, far below the overall 36% increase in arrivals, as Cyprus continued to attract more tourists with smaller travel budgets, the statistical service said.

RCB Bank said recently it recorded a net profit of €97.2m in 2017, up 19% from 2016, on increased non-interest income and domestic operations and improved efficiency.

A company that says it has helped changed the face of Limassol is now in the midst of constructing a trio of towers in the heart of the city.

Hellenic Bank, the island’s third largest lender said that it generated in the first three months of the year an after-tax profit of €28.6m compared to a net loss of €10.1m a year before mainly on reduced provisions.

The economic sentiment index fell in May 2018 by 2.9 points, to 116.1, in a month on worsening confidence in the sectors of services, industry, and among consumers, the University of Cyprus said.

Cyprus’ unemployment rate dropped below 9% in April 2018, the first time since December 2011, slightly above the euro area’s average, the European Commission’s statistical office said.