Cyprus Business Now

The strengthening of innovative local businesses is a top priority for the government, stated Finance Minister Makis Keravnos during his visit to SignalGeneriX, a company specialising in the design and development of electronic and defence systems, located in Limassol.

Minister Keravnos highlighted the government’s commitment to supporting innovative enterprises led by Cypriot scientists, employing local talent and leveraging new technology.

“The Nikos Christodoulides government prioritises the enhancement of innovative businesses in our region, created by Cypriot scientists, employing Cypriot talent, and harnessing new technology,” remarked Keravnos in his statements.

His presence at SignalGeneriX today, he continued, “underscores this initiative and the priority we, as a government, place on it.”

The Finance Minister emphasised the Ministry of Finance’s support for Cypriot businesses utilising new technology and employing local scientists, creating infrastructure in the country and producing modern technology products with export potential.

“These are what our economy needs, the improvements necessary for the enhancement and strengthening of our economic development model,” he added, assuring the company’s management that “the Ministry of Finance and the government will stand by you.”

Minister Keravnos’ visit reflects the government’s commitment to fostering innovation, supporting local businesses, and driving economic growth through advancements in technology and the utilisation of local talent.

The number of construction permits issued in Cyprus witnessed an almost 6 per cent decline on an annual basis in the period from January to November, according to a report released this week by the state’s statistical service.

This decline is attributed to an increase in construction material prices and a rise in multi-unit residential constructions.

According to the report, the number of permits issued during the eleven-month period of 2023 totalled 6,583, compared to 6,986 in the same period last year, indicating a 5.8 per cent decrease.

Notably, only land divisions and road construction saw increases of 12.3 per cent and 14.3 per cent, respectively.

On the contrary, residential buildings experienced a 5.5 per cent decrease, non-residential buildings decreased by 12 per cent, and civil engineering projects dropped by 19.6 per cent.

The total value of permits during the January-November 2023 period reached €2.7 billion, up by 17 per cent compared to €2.28 billion in the previous year.

Residential building values increased by 26 per cent, while non-residential buildings saw a 19 per cent decrease. However, the value of civil engineering projects increased by 18 per cent.

The overall area covered by permits during the same period increased by 3.9 per cent on an annual basis, reaching 2.09 million square metres.

The area of residential buildings increased by 9 per cent, while non-residential buildings and civil engineering projects increased by 18 per cent and 14 per cent, respectively.

The total number of residential units permitted between January and November 2023 reached 10,099, showing a 12.5 per cent annual increase.

This rise is solely attributed to multi-unit residences, which experienced a 30 per cent increase on an annual basis.

In contrast, single-unit residences decreased by 8.4 per cent, duplex residences decreased by 4.2 per cent, and mixed multi-unit residences declined by 16.5 per cent.

Regarding November, the number of building permits issued by municipal and provincial authorities amounted to 677.

The total value of these permits reached €255.3 million, covering an area of 214.4 thousand square metres.

Finally, these permits are expected to result in the construction of 1,097 residential units, according to the statistical service.

The Cyprus Stock Exchange (CSE) ended Friday, February 9 with profits.

The general Cyprus Stock Market Index was at 140.25 points at 12:53 during the day, reflecting an increase of 0.21 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 85.07 points, representing a rise of 0.22 per cent.

The total value of transactions came up to €158,424.

In terms of the sub-indexes, the main and investment firm indexes rose by 0.37 per cent and 1.17 per cent respectively. Conversely, the hotel index remained unchanged while the alternative index fell by 0.11 per cent.

The biggest investment interest was attracted by Vassiliko Cement Works Public Company (no change), Demetra Holdings (+1.20 per cent), and the Bank of Cyprus (+0.3 per cent).