Cyprus Business Now

The number of registered vehicles in Cyprus witnessed a significant surge this year, soaring by 24.9 per cent between January and May 2023, according to the latest data released by the state’s statistical service.

According to the report, total vehicle registrations climbed to an impressive 17,927, surpassing the previous year’s figure of 14,353 for the same period.

Notably, passenger car registrations experienced a substantial rise of 25.4 per cent, reaching a total of 14,434 compared to 11,513 in the corresponding period of 2022.

Among these registrations, 44.9 per cent, or 6,475 vehicles, were brand new cars, while the remaining 55.1 per cent, or 7,959 vehicles, were pre-owned.

Of particular interest was the remarkable growth of rental cars, which witnessed a remarkable 31 per cent surge, reaching a total of 2,634 registrations.

The upward trend extended beyond passenger cars, as bus registrations also exhibited a noteworthy increase.

The number of buses registered during the January-May 2023 period spiked to 115, a substantial jump from the mere 47 registrations recorded in the same period the previous year.

Likewise, registrations of commercial vehicles experienced commendable growth, with the figures rising to 1,733 in 2023, up from 1,548 in 2022, marking a 12 per cent increase.

Analysing the specific segments within commercial vehicles, light trucks demonstrated a 6.5 per cent rise to 1,338, heavy trucks witnessed a significant surge of 45.3 per cent, amounting to 215 registrations, tractors and trailers experienced an astonishing 86.2 per cent increase, reaching 54 registrations, while rental vehicles grew by 9.6 per cent, totalling 126 registrations.

However, the two-wheeler market experienced divergent trends. Registrations of low-displacement motorcycles with engine capacity below 50cc declined to 61 during the January-May 2023 period, down from 126 registrations during the same period in 2022.

Conversely, motorcycles with engine capacity above 50cc marked an impressive 40.2 per cent increase, with registrations reaching 1,373, compared to 979 in the corresponding period of 2022.

Furthermore, in May 2023 alone, the total number of motor vehicle registrations surged to an astounding 4,747, signifying a notable 29.3 per cent increase compared to the 3,671 registrations reported in May 2022.

This growth was predominantly fueled by a remarkable 34.9 per cent increase in passenger car registrations, which rose to 3,888 from 2,882 in May 2022.

The surge in vehicle registrations during the January-May 2023 period indicates a robust and growing automotive market, with increased demand across various vehicle segments.

Cypriot bank AstroBank recently announced that it has received the Best Private Bank in Cyprus award by the Global Private Banking Innovation Awards 2023, which were held on June 8 in Singapore.

In a press release, the bank stated that AstroBank was recognised by Global Private Banker, alongside numerous globally renowned banking and investment organisations.

According to the announcement, the judging panel highlighted that “AstroBank’s Private Banking services provide innovative solutions to clients with substantial private capital”.

“In this way, AstroBank has built its overall assets while enjoying continuous revenue growth. Through strategic investments to enhance its technological capabilities, the bank offers clients personalised wealth management services,” the members of the judging panel added, elaborating on the rationale behind the decision.

Charis Kynigou, AstroBank’s Head of Private Banking, Treasury & ESG, stated that “professionalism and reliability, along with the quality of services, featuring innovative ideas and products, are key components of this success”.

“These, combined with a steadfast commitment to building long-term relationships based on mutual trust with clients, have contributed to AstroBank’s achievements,” she concluded.

The Cyprus Stock Exchange (CSE) ended Monday, June 12 with profits.

The general Cyprus Stock Market Index was at 114.78 points at 12:45 during the day, reflecting an increase of 0.11 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 69.43 points, representing a rise of 0.12 per cent.

The total value of transactions came up to €181,917.

In terms of the sub-indexes, the alternative index rose by 0.43 per cent while the main, hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (no change), Logicom (-0.89 per cent), Demetra (no change), and Vassiliko Cement Works Public Company (+0.74 per cent).