The council used its latest quarterly property market bulletin to highlight that the volume of property transfers in Cyprus rose by 8 per cent during this time, while the value of transactions increased by 1 per cent, when compared to the same period in 2023.
The council referenced data from the Department of Land and Surveys to show that 9,374 property transfers worth €2.07 billion were completed in the first half of the year. In addition, 7,553 sales documents were filed during the same period.
However, the number of sales documents submitted saw a slight decline of 2 per cent from the previous year.
On a quarterly basis, the second quarter of 2024 showed a 6.3 per cent increase in the volume of transfers and a significant 14.6 per cent rise in transaction value compared to the first quarter.
Specifically, 4,831 transfers valued at €1.1 billion were recorded in the second quarter. Additionally, the number of sales documents rose by 10 per cent from 3,597 in the first quarter to 3,956 in the second quarter.
Complaints related to organised travel saw a 75.58 per cent rise compared to the same period in 2023. The association stressed the need for support to address the “increasing consumer issues”.
Conversely, complaints related to unfair terms in consumer contracts, and telecommunications, decreased in the first half of 2024.
In a report detailing the main categories of complaints, both written and via telephone, submitted to the association from January 1 to June 30, 2024, the CCA underscored its serious consideration of consumer concerns and the ongoing increase in complaint numbers.
The association assured that, within its capabilities, it would “intensify its efforts to fully inform consumers about their rights and to press the relevant authorities for more rigorous market inspections and effective implementation of consumer protection laws”.
Additionally, the CCA said that there was “great success in concluding separate mediation agreements for the resolution of consumer disputes with 62 retail businesses”, which “decisively aided in resolving consumer complaints”.
Temperatures on Tuesday are expected to fall slightly, though a yellow warning is still in place.
“We had the highest demand of all time in the Cyprus electricity system,” amounting to 1,290 MW, of which 42 per cent was covered by electricity generation from Renewable Energy Sources (RES) like solar, wind and biomass, he said.
He explained that the reason the operator asked the public to limit their consumption of electricity between 6.00 and 10.00pm on Monday, is that during these hours, production via solar panels is significantly reduced, gradually reaching zero.
This results in all demand having to be covered by conventional electricity generation units.
In a letter it made public on Tuesday, Kition Ocean Holdings blamed authorities for botching the handover of operations and equipment at the Larnaca port and marina area, and said it reserves the right to sue the government for “reputational damage” caused to it by various leaks to the media that cast the consortium in a bad light.
Sent to the transport ministry a day earlier, the missive comes on the back of remarks by Transport Minister Alexis Vafeades to the effect that Kition owes authorities a sum of money for town planning and building permits issued to it but which Kition purportedly never picked up.
In the letter, Kition gave its own version of the termination of the contract for the re-development of the marina and port, pulling no punches and using phrases like “gross mismanagement” in describing the government’s role.
Operations at the port and marina have since been taken over by the Cyprus Ports Authority (CPA) after the government moved to strip Kition of its concession.
This vision is underpinned by a comprehensive Strategy Roadmap and Programme rollout, designed to bolster research, foster collaboration and knowledge transfer, enhance innovation, improve infrastructure and skills, and drive internationalisation.
As explained by the RIF, this roadmap was developed through Skourides’ extensive engagement with key stakeholders. This involved over 650 meetings and events with research organisations, universities, technology companies, startups, and policymakers.
The RIF also said that Skourides has been proactive in engaging with the international community, holding meetings with ambassadors from Egypt, France, Israel, Japan, Poland, and Sweden.
These discussions focused on potential collaborations to externalise Cyprus’ research and innovation ecosystem.
According to the announcement, this move aims to enhance the training, career progression, and safety of the company’s seafarers.
Moreover, the company explained that it chose Mintra because it is a renowned leader in digital learning and human capital management systems for safety-critical industries, allowing it to deliver state-of-the-art training solutions.
Mintra’s software solutions are designed to help clients develop their workforce, ensure compliance, and maximise operational efficiency.
In tandem with the migration of 3,000 seafarers, a comprehensive ‘revise and refresh’ of the training matrix was meticulously executed.
The CCLEI, which the CypERC calculates on a recurring basis, held steady in June 2024, following year-on-year decreases of 0.1 per cent and 0.4 per cent recorded in May and April 2024, respectively, based on recent and revised data.
The statement noted that half of the variables taken into account when estimating the index had a positive impact on the CCLEI during this period, while the others restrained any further growth.
Specifically, the annual growth in tourist arrivals in Cyprus, credit card transactions, retail sales volume, and the Economic Sentiment Indicator (ESI) in the eurozone positively affected the CCLEI.
According to data released by the Public Debt Management Office (PDMO), in the 13-week Treasury Bills auction for July held on Monday, July 22, bids amounting to €25 million were accepted, with a weighted average yield of 3.67 per cent.
This marks the third consecutive month of declining yields for the 13-week Treasury Bills.
During Monday’s auction, the total value of bids received amounted to €83.1 million, more than three times the announced amount of €25 million.
Accepted yields ranged from 3.65 per cent to 3.69 per cent, compared to the range of 3.72 per cent to 3.77 per cent in the previous auction.
The highest yield this year was recorded in the October auction at 4.05 per cent, with yields subsequently declining.
The Cyprus Stock Exchange (CSE) ended Tuesday, July 23 with losses.
The general Cyprus Stock Market Index was at 165.20 points at 13:15 during the day, reflecting a decrease of 0.25 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 100.57 points, representing a drop of 0.28 per cent.
The total value of transactions came up to €138,665, until the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.34 per cent, 0.23 per cent and 0.4 per cent respectively. The hotel index rose by 0.61 per cent.
The biggest investment interest was attracted by Hellenic Bank (no change), the Bank of Cyprus (+0.48 per cent), Salamis Tours (-5.41 per cent), KEO PLC (+3.57 per cent), and Demetra Holdings (-0.41 per cent).
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