Cyprus Business Now

Pegeia mayor Marinos Lambrou is pushing forward with development projects worth a total of €7 million.

According to statements made to the Cyprus News Agency (CNA), Lambrou said the first project related to a seaside pedestrian walkway to be constructed in three phases, has already begun its tendering process.

The first phase of the project, which includes an amphitheatre, a children’s playground, a basketball court, a tennis court, an outside gym area and a kiosk, will cost €2.5 million.

The second phase will cost €500,000. The total length of the pedestrian walkway will be 14 kilometres and the entire project is estimated to take 18 months to complete.

Moreover, the Pegeia mayor also said that the road network will be upgraded, with relevant works estimated to cost €1 million.

Finally, the third major project has been in the pipeline since 2004 and involves a major redevelopment of the Michalaki Kyprianou street, which will involve the relocation of utilities below the ground and the improvement of pedestrian access to Coral Bay from Pegeia and vice versa.

The Association of Insurance Companies (Saek) has released data showing that the overall insurance fees paid during the first quarter of 2021 decreased by 3 per cent year-on-year.

This includes insurance fees for personal accident plans, health plans, and life insurance plans. The amount now stands at €131.8 million, €4.1 million less than last year’s €135.9 million.

Conversely, vehicle insurance fees rose by 2.7 per cent year-on-year, rising to €49.3 million in total.

In terms of market share, CNP insurance remains the market leader in Cyprus with 10.1 per cent of the market, a 0.9 per cent decrease year-on-year.

They are followed by General Insurance of Cyprus with 9.4 per cent and Universal Life with 8.4 per cent respectively.

Hotels in Cyprus are expected to reach 75 per cent capacity during the August 15 holiday weekend.

According to statements made to local outlet Stockwatch by the Cyprus Hotel Association (Pasyxe) general manager Filokypros Rousounides, this will be largely due to domestic visitors seeking out a holiday weekend.

“Tourist resorts in the Famagusta area will come to the fore as they are first on the list of Cypriots, but also because the main foreign market they support in recent years is Russia, has been growing,” Rousounides said.