Cyprus Business Now

The House Price Index in Cyprus fell by 4 per cent during the fourth quarter of 2022, compared to the previous quarter, falling to 108.03 points, down from 112.51, according to a preliminary estimate released this week by the Cyprus Statistical Service (Cystat).

However, the report noted that when compared to the fourth quarter of the preceding year, the House Price Index increased by 4.4 per cent, having stood at 103.44 points at the time.

Moreover, the service explained that the House Price Index is a quarterly index that measures the change in the average price of residential units.

The index covers all types of residential units, both new and existing. In addition, the value of the land is included in the price referenced in the index.

The Republic of Cyprus entered the sustainable bond market this week with the issuance of the first €1 billion ten-year sustainable bond, with an annual yield of 4.219 per cent and an annual nominal interest rate of 4.125 per cent.

According to an announcement by the Public Debt Management Office, the issue was particularly successful, with the largest book of offers in the history of the Republic of Cyprus, with offers in excess of €12 billion.

According to the office, the funds raised will be used to finance or refinance projects and activities that promote sustainability, tackling climate change and other environmental and social purposes, as defined in the eligible expenditures in the government’s Sustainable Bond Framework.

The issue date was set as April 13, 2023, and the expiration date has been set for April 13, 2033.

The government has explained that green and sustainable bonds are a financing tool that is attracting strong interest from international investors and its use by the Republic of Cyprus will offer multiple advantages.

These include access to new investors and increased interest in international capital markets for the issuances of the Republic of Cyprus which will ultimately help to expand the financing options of the state.

The Cyprus Stock Exchange (CSE) ended Wednesday, April 5 with losses.

The general Cyprus Stock Market Index was at 106.02 points at 13:32 during the day, reflecting a decrease of 0.72 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 64.07 points, representing a drop of 0.73 per cent.

The total value of transactions came up to €73,468.

In terms of the sub-indexes, the main and investment firm indexes fell by 1.1 per cent and 2.75 per cent respectively.

The alternative index grew by 0.34 per cent while the hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-1.91 per cent), Hellenic Bank (+0.30 per cent), and Demetra Holdings PLC (-2.88 per cent).