natural gas — Cyprus has discovered sizeable quantities of natural gas in blocks Pegasus and Glaucus, as announced by Energy Minister George Papanastasiou. The president previously revealed in New York that between 8 and 9 trillion cubic feet had been located in these blocks.
- As Cyprus continues to navigate its economic landscape, the interplay between energy discoveries, consumer rights, and real estate demand paints a dynamic picture of the region's future.
Minister Papanastasiou highlighted the need to compare these newly found quantities with existing commercialised reserves. While the 4 trillion cubic feet in the Aphrodite field was previously regarded as significant, the new finds are positioned as even more viable, especially when considering the commercialisation of the Kronos field, which contains 3 trillion cubic feet.
In a separate development, the Consumer Protection Service (CPS) has officially named EFI Strakottou Travel & Tours Limited as the travel agency under scrutiny following numerous consumer complaints. This agency is now deemed insolvent and is unable to fulfil its travel service commitments. The CPS calls upon affected travellers to file claims with the Association of Cyprus Travel & Tourism Agents (ACTTA) by October 24, 2025.
The momentum in Cyprus’ real estate market continues to build, with Paphos leading the way in property applications from third-country nationals. Over the past five years, the district recorded 5,477 applications, followed by Limassol and Larnaca. By July 7, 2025, a total of 53,100 property transfers to non-citizens were completed, with Paphos and Limassol accounting for the majority.
In the financial sector, the Cyprus Borrowers Association (Syprodat) described the CPS’s recent fines imposed on the Bank of Cyprus and Eurobank as a turning point in consumer rights. The fines, amounting to €800,000 for the Bank of Cyprus and €600,000 for Eurobank, were levied for unfair clauses in their mortgage agreements, affecting over 22,000 contracts.
Logicom Public Ltd has reported a profit after tax of €29.7 million for the first half of 2025, marking an 87.4% increase from the previous year. However, gross sales dropped by 8.2%, reflecting challenges in their distribution and software divisions.
Paphos celebrated World Tourism Day with a commitment to sustainability and digital transformation in tourism. The Paphos Regional Tourism Board outlined its efforts to create an environmentally conscious and accessible travel experience for all.
Bank deposits in Cyprus saw a net increase of €44.3 million in August 2025, indicating a stable financial environment, although loans decreased by €60.8 million during the same period. Total deposits reached €56.5 billion.
The National Betting Authority reported steady revenues in Cyprus’ betting sector for the first quarter of 2025, maintaining levels from the previous year while showing significant growth compared to 2023. Total gross revenues reached €320.9 million, with online betting continuing to dominate.
In the construction sector, Kythreotis Holdings reported a 28% rise in profit due to increased sales in ready-mix concrete. Meanwhile, Agros-based Proodos Public Ltd appointed Karan Chainrai to its board, aiming to enhance its corporate governance.
As Cyprus continues to navigate its economic landscape, the interplay between energy discoveries, consumer rights, and real estate demand paints a dynamic picture of the region’s future.
