The number of property transactions rose 27% in August 2017 to 572 compared to the respective period last year mainly on a strong performance of the Limassol property market, the Department of Lands and Surveys said.

September 2017 could be another milestone for Cyprus’ energy plans, as ExxonMobil and Qatar Petroleum consortium is about to announce its exploration programme in Block 10.

Finance Minister Harris Georgiades has said that he is satisfied with the state of the economy, noting that the growth rate in 2017 would reach 3.5%.

The island’s main airports in Larnaca and Paphos could undergo significant upgrades due to the increasing number of passengers travelling.

Industrial producer prices in Cyprus increased by 0.8% in July 2017 compared with June 2017 and by 3.4% compared to July 2016, according to Eurostat, the statistical office of the European Union, while in the euro area (EA19) remained stable and in the EU28 increased by 0.1% in monthly basis.

In line with our continuous development and investment in our human resources we are pleased to announce the strengthening of our Nicosia office with the appointment of a new partner and a new senior associate.

The Cyprus Tourism Organisation has revealed that applications for the construction of 62 new hotels were approved during 2017 and concern primarily the Famagusta and Paphos districts.

The downward trend in lending and deposit rates continued in July, with marginal reductions in borrowing costs for housing and consumer loans.

Hellenic Bank, the island’s third largest lender, has said that it expects to post a €13m after tax loss in April to June 2017 on a €51m increase in provision of impairments for loan losses.

The state-owned Cyprus Cooperative Bank expects to reduce its non-performing loans stock of €7.2bn by over €1bn before the end of the year, the press reports without citing a source.