Cyprus Business Now

The Cyprus Real Estate Agents Registration Council on Wednesday released a breakdown of property transactions and average values during the first quarter of 2024, according to property type, across all districts.

The council said that the analysis of comparative sales data, which are provided by the Department of Lands and Surveys, “offers significant insights into the transactions and property values in Cyprus during the first quarter of 2024”.

According to the council, a total of 421 apartment transactions were recorded nationwide during the period. The majority of these transactions occurred in the district of Nicosia.

Limassol boasted the highest average apartment value at €208,220, significantly surpassing other districts.

Nicosia followed with an average value of €131,841, Larnaca at €116,914, Paphos at €107,175, and Famagusta at €105,182.

Cyprus-headquartered Capital.com, a global trading platform and fintech group, this week announced that total client trading volumes exceeded $1.2 trillion in 2023.

According to a statement by the company, this represents a rise of 53 per cent from a year earlier and marks the first time client trading volumes have breached the $1 trillion mark since the company’s establishment in 2016.

The announcement said that “this achievement speaks to Capital.com’s ability to remain resilient and entrepreneurial even amid uncertainties across the wider market”.

The Research and Innovation Foundation (Idek) on Wednesday released a statement disclosing the list of 61 companies where students will have the opportunity to apply for internships, lasting six weeks, between June 3, 2024, and September 30, 2024.

The list includes information about the companies, the period during which each company can employ students, and the minimum required qualifications.

According to the announcement, both undergraduates and postgraduates, regardless of their year of study, can participate in the programme. In addition, there is also the possibility of participation for students from abroad.

Cyprus has fallen to 51st place in digital competitiveness among 64 countries in 2023, marking a six-place drop compared to 2022, according to a report released on Wednesday by the Economics Research Centre (CypERC) of the University of Cyprus.

According to the report, the decline in ranking, for the third consecutive year, is attributed to worsening positions across all examined categories.

Moreover, Cyprus experienced the most significant deterioration in its position in the category of readiness for the future, while a notable decline was also recorded in the knowledge category.

Cyprus’ rankings in previous years reflect a fluctuating pattern. It held the 45th position in 2022, climbed to 43rd in 2021, reached 40th in 2020, and stood at 54th in 2019.

The Cyprus Statistical Service (Cystat) reported on Wednesday a considerable decrease in the number of registered unemployed for April 2024, reflecting a strengthening of the domestic labour market.

According to the report, the total number of registered unemployed persons dropped to 9,343 at the end of April, a significant decline that not only surpasses the previous months’ figures but also marks a strong year-over-year improvement.

The seasonally adjusted data shows an even more encouraging trend, with unemployment figures reducing from 11,182 in March to 10,880 in April.

The Cyprus Union of Shipowners (CUS) on Wednesday announced a €300,000 food donation to the people of Gaza, through the Republic of Cyprus’ Amalthea initiative.

“The Cyprus Union of Shipowners decided to actively participate and contribute to the efforts of the President of the Republic of Cyprus, Mr. Nikos Christodoulides and the Ministry of Foreign Affairs to provide humanitarian aid to Gaza through the “Amalthea” Initiative,” the union said in their announcement.

The value of Cypriot bonds held by the Eurosystem remained steady at €6.76 billion at the end of April, as the European Central Bank (ECB) persists in its effort to deleverage its balance sheet, aligning with its restrictive policy to reduce inflation.

As of April, the cumulative value of Cypriot bonds through the Public Sector Purchase Programme (PSPP) and the Pan-European Personal Pension Product (PEPP) accounted for 29 per cent of the total general government debt.

Notably, the PSPP portfolio’s valuation of Cypriot bonds was sustained at €4.29 billion, unchanged due to the absence of bond maturities during this period.

The last adjustment in the PSPP holdings—a €285 million reduction—occurred in July 2023. Furthermore, the weighted average maturity of these bonds stands at 7.62 years.

The Cyprus Stock Exchange (CSE) ended Wednesday, May 8 with profits.

The general Cyprus Stock Market Index was at 147.79 points at 13:05 during the day, reflecting an increase of 1.5 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 89.79 points, representing a rise of 1.63 per cent.

The total value of transactions came up to €1,154,491 until the aforementioned time during trading.

In terms of the sub-indexes, the main index rose by 2.01 per cent while the hotel index remained unchanged. The alternative and investment firm indexes fell by 0.52 per cent and 0.85 per cent respectively.

The biggest investment interest was attracted by Vassiliko Cement Works Public Company (no change), the Bank of Cyprus (+5.66 per cent), Hellenic Bank (no change), Demetra (-0.86 per cent), and Logicom (+2.82 per cent).