Cyprus Business Now

The Council for Registration of Real Estate Agents on Friday announced that it successfully held its new year event, in which it recapped the events of 2022, and set the tone for what is expected to happen in the coming twelve months.

Council president Marinos Kineyirou praised the importance of registered and licensed real estate agents, while outlining the council’s multifaceted efforts and actions to safeguard and bolster the profession in Cyprus.

“All these years we have taken important steps to address critical issues, which concerned both real estate agents and even the general public,” Kineyirou said.

“There are many examples of the measures we have implemented our results are tangible and measurable,” he added.

What is more, the council president also spoke on the forecasts for 2023, saying that the following months are expected to be full of challenges, capable of affecting demand and, by extension, the growth rate of the real estate sector in Cyprus.

“Our commitment to stand by you and provide solutions remains strong,” Kineyirou told the members in attendance.

“We can cope with difficult situations and we will claim what real estate agents are entitled to from the authorities and rise to the occasion,” he concluded.

The total amount of bad checks issued in 2022 increased by 62 per cent, according to a report released this week by the Central Bank of Cyprus (CBC).

According to the report, bad checks worth €1,518,669 were issued in 2022, compared to €933,945 issued in 2021.

The amount corresponds to 473 bad checks, compared to 363 during the previous year.

In addition, the legal entities registered in the relevant database are also shown to have increased by 60 per cent during this time, having risen to 93 entities, up from 58 entities in 2021.

Moreover, there was also an increase in natural persons controlling legal entities, with 111 people being registered in the database in 2022, up from 71 in 2021.

Conversely, natural persons in the database remained relatively unchanged, with just one additional registration taking place in 2022, with the number standing at 51 people at the end of the year.

On average, 21 natural or legal persons were entered into the database per month in 2022, compared to 15 last year.

What is more, 176 legal entities were registered in the preliminary list of the database in 2022, alongside an additional 127 natural persons, compared to 99 entities and 95 persons respectively in 2021.

In December 2022, 9 legal entities, 2 natural persons and 13 natural persons controlling legal entities were added to the database.

Finally, 33 bad checks were issued during this time, with a total value of €65,649.

The Cyprus Stock Exchange (CSE) ended Friday, January 20 with losses.

The general Cyprus Stock Market Index was at 95.21 points at 13:06 during the day, reflecting a decrease of 0.19 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 57.47 points, representing a decrease of 0.17 per cent.

The total value of transactions came up to €18,195.

In terms of the sub-indexes, the main, alternative, investment firm and hotel indexes all fell, dropping by 0.31 per cent, 0.04 per cent, 1.12 per cent, and 1.79 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Demetra Holdings (-1.82 per cent), Tsokkos Hotels (-5.95 per cent), Lordos Plastics (-5.75 per cent), and Salamis Tours (no change).