Cyprus Business Now

President Nikos Christodoulides on Monday travelled to London for a series of contacts with financial parties, entrepreneurs and investors.

As part of his visit, the president will participate in a business forum during which the prospects of Cyprus as a business and investment centre will be presented, at the High Commission of the Republic.

Christodoulides will also hold bilateral meetings with financial institutions.

Pareto Limited, a major shareholder in Atterbury Europe Holding B.V., has agreed to exchange part of its debt exposure in Atterbury Europe for a direct interest in both the Mall of Cyprus and the Mall of Engomi, according to an announcement released on Monday.

The announcement explained that this transaction aims to deleverage Atterbury Europe’s balance sheet, facilitating further growth opportunities, such as the proposed new Mall of Limassol development.

Additionally, while Atterbury Europe’s shareholding interest in the Mall of Cyprus and the Mall of Engomi will be diluted to around 30 per cent, Atterbury Europe and the existing local management team will continue to manage the daily operations of the assets closely with tenants and customers.

Cyprus witnessed a notable slowdown in property transactions during the first quarter of 2024, reflecting the cumulative challenges faced by the real estate sector, including inflationary pressures and high interest rates, according to a report released on Monday by the Cyprus Real Estate Agents Registration Council.

According to the council’s quarterly report, which regularly provides an update on the local property market, revealed that a total of 4,543 property transfers, valued at €955.8 million, were completed during the period.

In addition, 3,597 sales documents were deposited, providing a snapshot of the volume of transactions in progress.

Moreover, on a quarterly basis, there was a significant decrease of 18.6 per cent in the volume and 22.9 per cent in the value of property transfers.

Finance Minister Makis Keravnos said on Monday that there appears to be no immediate threat to the Cypriot economy stemming from developments in the Middle East, following a snap meeting.

The meeting was held internally with ministry officials, and Keravnos said that they will continue to monitor the situation and take all necessary actions if needed.

Fuel prices may soar local experts said on Monday, following escalating uncertainly in the Middle East which has been described as “on the brink” amid fears of an Israeli counter-offensive against Iran.

Speaking on behalf of fuel station owners, Christodoulos Christodoulou said a rise in the price of fuel was certain, following recent events, but that the cost of crude oil was fluctuating and being closely monitored.

Kition Ocean Holdings, the consortium responsible for the development of Larnaca’s port and marina, has agreed to renew their financial guarantee after a meeting chaired by President Nikos Christodoulides on Monday at the Presidential Palace. The amount of the financial guarantee under the contract amounts to €10 million.

However, the amount placed by the consortium at the moment stands at €4.2 million.

“Following a productive dialogue, an agreement was reached for Kition Ocean Holdings to place the guarantee of €4.2 million,” a statement released by the consortium said.

The Cyprus Stock Exchange (CSE) ended Monday, April 15 with losses.

The general Cyprus Stock Market Index was at 144.88 points at 13:05 during the day, reflecting a decrease of 0.43 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 87.95 points, representing a drop of 0.44 per cent.

The total value of transactions came up to €211,237, until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative, and investment firm indexes fell by 0.51 per cent, 0.36 per cent, and 1.64 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-0.27 per cent), Hellenic Bank (no change), Demetra (-1.67 per cent), Ermes Department Stores PLC (-3.45 per cent), and Blue Island (-5.83 per cent).