The Cypriot economy continued its recovery in December, carrying on with the trend of the two previous months, according to a report by the University of Cyprus Economic Research Centre released on Tuesday.

Property sales in the Larnaca district nearly reached €3 billion in value over the past five years, a report from independent real estate asset management and advisory firm WiRE has shown.

The credit profiles of Cyprus’ two largest banks are improving due to significant progress with plans to offload non-performing exposures (NPEs), Fitch Ratings said.