Nicosia, Cyprus. Interior Minister Constantinos Ioannou defended the government’s business-friendly approach to housing and development, saying the private sector is better placed than the state to deliver projects quickly and efficiently.
Government stance on business and housing
Speaking during a discussion with young business people in the land development and construction sectors, held as part of the Gen Z & Millennial Project, Ioannou said the government’s position was clear.
“As far as business is concerned, our political direction and our ideology are certainly to help business, in contrast to other ideological spaces,” he said.
He referred to recent party proposals for wealth taxation and restrictions on property purchases by third-country nationals, saying the government instead sees entrepreneurship as a driver of growth, employment and wider economic activity.
Fiscal surplus reported for January-April
The Cyprus general government recorded a fiscal surplus of €593.4 million during January-April 2026, according to preliminary data released on Friday by the Cyprus Statistical Service (Cystat).
The surplus corresponded to 1.5 per cent of GDP, compared with a surplus of €614 million, or 1.7 per cent of GDP, during the same period of 2025.
Total revenue increased by €194.4 million, or 4 per cent, reaching €4.99 billion, up from €4.80 billion in January-April 2025.
The statistical service said revenue from taxes on income and wealth rose by €121 million, or 10.3 per cent, to €1.29 billion, compared with €1.17 billion a year earlier.
Paphos hotels expect strong Kataklysmos demand
Paphos hotels are expected to see occupancy rates exceed 90 per cent during the Kataklysmos holiday weekend, as demand from Cypriot visitors boosts the sector.
Paphos Hoteliers Association president Evripides Loizides told Cyprus News Agency (CNA) that the outlook for the three-day break was particularly positive, with most hotels already operating at very high occupancy levels.
