In 2016, flows of money sent by residents of the European Union (EU) to non-EU countries, referred to as personal transfers, amounted to €30.3bn, compared with €31.3bn in 2015.

Home prices rose in the second quarter 1.1% compared with the respective quarter of 2016 and a quarterly 0.5% as flat prices pick up, the Central Bank of Cyprus said.

The trade deficit in the first nine months of the year widened by €162.4m to €3.2bn compared with a year before, mainly on increased imports, the statistical service said.

Building permits for residential buildings rose in January to August 2017 an annual 43% in terms of construction area to 683,246 square meters and 52% in terms of value to €699.2m, the statistical service said.

Capital Intelligence, the Limassol-based rating company, said that it revised Bank of Cyprus’ outlook from stable to positive and affirmed the financial strength rating of B+ citing an expected reduction in the bank’s delinquent portfolio as the economy improves.

Energy Minister Yiorgos Lakkotrypis presented the benefits of Cyprus as an investment destination during a business event organised in London.

The European Bank for Reconstruction and Development (EBRD) has upgraded its forecast of Cyprus' economic growth to 3.5% and 2.5% in 2017 and 2018, local media reported recently.

Non-performing loans in the Cypriot banking system fell by €57.8m in July 2017 compared with the month before to €22.4bn as the pace of restructurings dropped, the Central Bank of Cyprus said.

Around 2011, and while attending a conference about real estate in Beirut, I heard a comment that struck my attention and that I still refer to today; when asked about how to forecast future demand, one of the large developers, speaking on a panel of experts, replied using two simple words: “gut feeling”.

According to a recent report from Cyprus Investment Funds Association (CIFA), Cyprus is fast becoming a location of choice for many promoters and fund managers, with the regulatory and government bodies actively promoting Cyprus as a center of excellence for the international fund and asset management industry.