Nicosia, Cyprus. Bank of Cyprus was named ‘Best Private Bank Cyprus 2026’ in the Global Banking & Finance Awards, as new data highlighted growing housing affordability pressures and tourism officials said flights from Israel are expected to resume this week.
Bank of Cyprus recognised in Global Banking & Finance Awards
Bank of Cyprus (BoC) was named ‘Best Private Bank Cyprus 2026’ in the Global Banking & Finance Awards, organised by Global Banking & Finance Review, according to an announcement from the bank. The bank said the recognition reflects its standing in private and affluent banking and its focus on personalised and innovative financial solutions.
The bank said the award recognises its commitment to serving high-net-worth individuals through a broad range of banking and investment products and services. It added that this is the fourth consecutive year it has won the award.
The bank said its PrivilEDGE value proposition is tailored to changing client needs through personalised relationship management, exclusive investment solutions and lifestyle privileges aimed at enhancing the overall banking experience.
Housing affordability pressures highlighted
Finding a home at a reasonable price in Cyprus is becoming increasingly difficult, with rents continuing to absorb a growing share of household income, especially for low-income earners, according to data presented by Philenews.
The figures indicated that an average salary for many households must now cover rent or a mortgage payment first, before electricity, food and other essential expenses are taken into account. In some cases, rental costs appeared to exceed what an average earner can realistically afford.
Figures from the statistical service (Cystat) show that 36.5 per cent of employees in Cyprus, both Cypriots and non-Cypriots, earn less than €1,500 gross per month, while 39.7 per cent receive between €1,500 and €2,999. Another 12.7 per cent earn between €3,000 and €4,499, and 6 per cent receive between €4,500 and €5,999.
Israel flights expected to resume
Flights from Israel to Cyprus are expected to resume this week, according to Cyprus Hoteliers Association (Pasyxe) director general Christos Angelides.
What impact do you think the expected resumption of flights from Israel could have on Cyprus’s tourism sector?