Cyprus Business Now

The Cyprus Real Estate Registration Council announced that with continuous member education as one of its top priorities, and aiming to provide the best possible training, it successfully organised another educational seminar during the previous week in Nicosia.

As part of the coordinated efforts and the council’s strategy to elevate the profession, the seminar was conducted in collaboration with the Department of Town Planning and Housing.

Trainers delved into the topic of “Cadastral and Land Surveying Services,” addressed a series of questions posed to them, and discussed legislative provisions.

The President of the Real Estate Registration Council, Marinos Kyneyirou, also attended the seminar.

“As the Real Estate Registration Council, we attach great importance to the training of our members, and we are particularly pleased as we observe the positive outcomes of this initiative over time,” Kineyirou said.

“Seminars of this nature, which we regularly organise, contribute to improving the daily activities of licensed real estate agents and providing professional services to clients and partners,” he added.

Finally, the announcement explained that a portion of the participation cost in the seminar for registered licensed real estate agents was subsidised by the Real Estate Registration Council.

The Cyprus Chamber of Commerce and Industry (Keve) has released a statement expressing “great satisfaction” over the country’s credit rating being upgraded by two notches by Moody’s.

In its statement, the chamber reported that this significant development “returns our country to the investment grade after 11 years and removes it from the ‘junk’ category”.

“The benefits arising from this upgrade for Cyprus are evident, as we can now access foreign markets without hurdles, promote our investments more easily, and generally present the country’s economic profile more effectively abroad,” the statement added.

However, Keve highlighted that Moody’s also points out that serious challenges persist in our economy that need to be addressed.

These include the potential delays in implementing investments and reforms related to the Cyprus National Recovery and Resilience Plan, as well as the remaining risks associated with the banking system that could jeopardise positive economic and fiscal dynamics.

In addition, the agency also expects the authorities to remain committed to fiscal discipline, the chamber emphasised.

Furthermore, the statement noted that “the climate risks Cyprus faces could undermine growth more than anticipated at present”.

What is more, Keve underlined the need to maintain the country’s fiscal stability, swiftly advance reforms, effectively utilise the €1.2 billion Recovery and Resilience Fund resources, fully rehabilitate the banking system, and promote climate change policies.

“We call on all, the government, parliament, and the labour movement, to rise to the occasion and work together to take advantage of the new favourable environment created by Moody’s upgrade for our economy,” the announcement concluded.

The Cyprus Stock Exchange (CSE) ended Monday, October 2 with losses.

The general Cyprus Stock Market Index was at 130.11 points at 12:30 during the day, reflecting a decrease of 0.63 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 78.91 points, representing a drop of 0.64 per cent.

The total value of transactions came up to €50,401.

In terms of the sub-indexes, the main and alternative indexes fell by 0.57 per cent and 0.62 per cent respectively. The hotel and investment firm indexes remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (-0.67 per cent), the Cyprus Cement Company (no change), Hellenic Bank (-0.89 per cent), and Demetra Holdings (no change).