Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting June 5:

Cypriot firm Ask Wire on Thursday released a report examining the Paphos property market for 2022, including an analysis of all apartment and house sales in the district during that period of time.

According to the report, the apartment market in the Paphos district slightly outweighs the housing market. In total, 1,652 apartments were sold in Paphos in 2022, while 1,504 houses were sold during the same time.

Ariana Resources, the AIM-listed mineral exploration and development company with mining interests in both Cyprus and elsewhere in Europe, this week released its financial results for 2022, posting a pre-tax profit of £5 million.

In Cyprus, Ariana is working with Venus Minerals to develop near-term and advanced copper-gold projects.

Cyprus’ unemployment rate rose to 6.8 per cent during the first quarter of 2023, despite the increase in the number of employed individuals, compared to 6.6 per cent in the same quarter of 2022, according to a report released on Wednesday by the state’s statistical service.

Cypriot lender AstroBank on Wednesday announced that it is freezing the base interest rate for first-time homebuyers for all eligible borrowers.

The economy of Cyprus is expected to experience a slowdown, with growth projected to reach approximately 2.5 per cent in 2023, according to a report released on Tuesday by the International Monetary Fund (IMF).

President Nikos Christodoulides told a prestigious conference in London on Friday that his vision for Cyprus was for the island to be an attractive destination for foreign investors.

He also addressed the issue of Cypriot entities recently censured for violating US and UK sanctions on Russia.

A total of 29 electric vehicles will be bought for government officials and their use, as part of a new tender by the state, Transport Minister Alexis Vafeades said on Friday.

The House on Thursday passed a bill that allows staff at the Electricity Authority (EAC) to keep all their current healthcare and other benefits should they decide to transfer to the Transmission System Operator.

By nearly a unanimous vote, and under the watchful eye of Brussels, parliament on Thursday passed a law allowing for a reduced VAT rate of 5 per cent levied on first homes.

The discounted VAT – the full rate is 19 per cent – will apply to the first 130 square metres of a first home – for single dwellings and apartments alike – and up to a value of €350,000, provided that the total value of the transaction does not exceed €475,000 and that the total buildable area does not exceed 190 square metres.

The labour ministry, bar association and Etek (scientific and technical chamber) clinched a deal on Thursday securing €750 as an allowance for training lawyers and engineers.

Labour Minister Yiannis Panayiotou said the increase, up from €650 was a result of an ongoing dialogue between all stakeholders.