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Used car sales in Paphos fell by 10 per cent during the previous year, president of the Pancyprian Automobile Trade Association of Paphos (Pasyea) Andreas Shikkis told the Cyprus News Agency (CNA) on Sunday.

Shikkis attributed the decrease in used car sales to the Covid-19 pandemic, saying that several orders that had already been confirmed were subsequently cancelled. Conversely, new car sales were not affected in the same manner.

“The prices of new cars, after the change of prices in England following Brexit, were about the same as used vehicles, so buyers preferred new cars instead,” Shikkis said.

He added that new car orders in 2021 outstripped registrations, while expressing optimism about 2022, citing banks’ looser lending criteria for car purchases as a key reason.

Regarding buyer demographics, Shikkis said that most buyers were young people, including soldiers and students, for whom personal mobility is a necessity.

“The same applies to foreign workers who need a car to go to work,” he said, adding that retirees have also accounted for some of the demand.

Shikkis concluded by saying that cars are akin to a basic necessity in Paphos due to the limited network of public transport available in the district, as well as the heat and high humidity during the summer which make other means of transport less pleasant.

 

The Cyprus Agricultural Payments Organisation (Koap) is expected to pay out approximately €95 million in 2022, its commissioner Andreas Kyprianou said on Monday during a meeting with the house finance committee.

“There are many programmes for farmers, livestock breeders and agricultural processing businesses,” Kyprianou said.

“What I also emphasised to the committee is that I call upon young people who are interested in agriculture, stockbreeding and processing to find out more about these programmes because there are truly great opportunities”, he added, saying that there is a lot of growth potential for this sector of the economy, allowing newcomers to generate income for their families, while also providing a counterweight to rural flight.

Regarding the organisation’s programme for the period between 2023 and 2027, Kyprianou said that almost everything will be conducted digitally in an effort to decrease bureaucracy and simplify procedures.

“The agriculture sector is of paramount importance to the economy of Cyprus and I hope that through the certification of agricultural products, as well as through the legislation related to home-made products, there will be a significant improvement in terms of people abandoning rural areas,” Kyprianou said.

 

The Cyprus Stock Exchange (CSE) ended Monday, January 17 with profits in a day with little activity.

The main Cyprus Stock Market Index was at 68.86 points at 12:50 during the day, reflecting a rise of 0.32 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.30 points, which represents an increase of 0.29 per cent.

The total value of transactions came up to a lowly €2,904.

In terms of the sub-indexes, the main and alternative indexes rose by 0.42 per cent and 0.39 per cent respectively.

The hotel index also increased by 0.62 per cent, while the investment firm index remained stable.

The biggest investment interest was attracted by KEO (no change), the Cyprus Cement Company (+1.96 per cent), Constantinou Bros Hotels (+8.97 per cent), Hellenic Bank (+0.72 per cent) and Louis Plc (+9.72 per cent).

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