The number of property transactions rose 29% in January to 423 compared to the respective month of 2016, the Department of Lands and Surveys said.

Building permits rose in January to November 2016 an annual 17% in terms of construction area and 12% in terms of value to 933,771 square meters and €1bn respectively, the statistical service said.

The Israeli market is being actively targeted as part of an ongoing tourism plan to encourage travellers between Paphos and Tel Aviv in 2017.

Speaking to state radio recently Energy Minister Giorgos Lakkotrypis said that there are discussions over whether natural gas can be used to produce electricity on the island.

Favourable prospects in the tourism sector worldwide, growing competition, and an increasing uncertainty in the region will be discussed at the Cyprus Hotel Association annual conference in Nicosia on February 14, 2017.

Transport Minister Marios Demetriades met recently with the new container operator at Limassol port, a week after the latter took over and following several days of teething problems.

Greece, Cyprus and Malta discussed maritime issues in Athens recently and have decided to meet again on March 29, 2017 to sign a declaration of intent.

According to the Cyprus Statistical Service, the unemployed persons registered at the District Labour Offices on the last day of January 2017 reached 42,839 persons.

The Central Bank of Cyprus said recently the Cypriot banks should set up a common non-performing exposures (NPEs) management unit, as bad loans in the Cypriot banking system hovers around €24 billion.

Marios Skandalis, Director of the Group Compliance Division of the Bank of Cyprus Group, has been awarded the '2016 Banker of the Year-Cyprus' award by the internationally-acclaimed magazine Acquisition International of the Al Global Media Group.