Property transactions rose in June 42% to 657 compared to the respective month of 2015, which is the highest since May 2012, the department of lands and surveys said.

Revenue from tourism rose in April 2016 5.7% to €137.9m compared to the respective month of 2015, the statistical service said.

Cyprus is considered a moderate innovator, along with Croatia, the Czech Republic, Estonia, Greece, Hungary, Italy, Latvia, Lithuania, Malta, Poland, Portugal, Slovakia, and Spain, according to the 2015 innovation scoreboard, published by the European Commission.

The skyline of Ayia Napa is set to change forever, with two huge skyscrapers earmarked for construction – providing luxury apartments, a hotel and suites.

The harmonised consumer price index in Cyprus fell an annual 2% in June 2016 after falling 1.9% the month before, the statistical service said.

Home prices fell on average 1.2% in the first quarter of 2016 compared to the respective period of 2015, the statistical service said recently.

Cyprus is one of the EU countries most exposed to Brexit, mainly because of its reliance of UK tourism, the share of its portfolio investment in the UK, and its excessive government debt, Moody’s Investors Service said.

Energy Minister Giorgos Lakkotrypis said recently he was satisfied with the interest shown by oil companies in the third round of licensing for hydrocarbon explorations in Cyprus' exclusive economic zone.

As part of the strategic expansion of its global footprint, Toll Global Forwarding (TGF), has established a presence in Cyprus with a franchise office fully operational as of 1 July 2016.

The government has ordered a study to be carried out to look into ways of importing Liquefied Natural Gas (LNG) for power generation but also broadly for industrial purposes.