In a recent year-end statement, Stavros Stavrou, president of the Cyprus Chamber of Commerce & Industry (Keve), reported a GDP growth rate of 3.7% for Cyprus, alongside a reduction in inflation to approximately 2% as of December 27, 2024. This positive economic outlook comes amid significant changes in the Cypriot property market, which has been influenced by global factors since mid-2023. Rising property prices have been driven by increased demand from migrants and a shift in office space preferences due to the work-from-home trend. Meanwhile, the Cyprus Securities and Exchange Commission (CySEC) has proposed amendments to prospectus language requirements, favoring English to streamline processes for international investors. Despite these developments, total petroleum sales in Cyprus saw a decline of 4.7% in November 2024, although kerosene sales experienced a notable increase of 35.1%. In response to housing challenges, a new government initiative aims to provide building plots to low-income families, addressing the growing need for affordable housing. Looking ahead, a trilateral summit involving Cyprus, Greece, and Egypt is scheduled for January 8, 2025, where discussions will focus on energy cooperation and regional security. This summit is expected to further enhance Cyprus's strategic position in the Eastern Mediterranean. Additionally, the Cyprus Stock Exchange reported a slight increase in market indices on December 27, 2024, reflecting a cautiously optimistic investor sentiment in light of the economic developments. [030315c1]