Tourist arrivals to Cyprus amounted to 421,400 visitors in May 2024, marking an increase of 0.3 per cent from the 420,076 recorded in the same month of the previous year, according to a report released on Tuesday by the Cyprus Statistical Service (Cystat).

However, tourism revenue for May 2024 amounted to €310.5 million, a slight decrease of 0.2 per cent compared to the corresponding month of the previous year, which saw €311.0 million in tourism revenue.

From January to May 2024, tourism receipts are estimated at €751.2 million, compared to €728.6 million in the same period of 2023, reflecting an increase of 3.1 per cent. This uptick highlights a steady growth in the tourism sector over the early months of the year.

In terms of expenditure, the per capita spending of tourists in May 2024 was €736.82, a small drop of 0.5 per cent compared to €740.36 in May 2023.

British tourists, who represent the largest tourist market with 39.8 per cent of all tourists in May 2024, spent an average of €83.18 per day.

The Cypriot real estate market has demonstrated signs of stability and resilience during the first half of 2024, with the average transaction value gradually approaching pre-pandemic levels, according to a report released on Tuesday by Delfi Partners’ analytics division.

The company reported that new property sales reached 7,553 in the first half of 2024, marking an increase of 1.8 per cent when compared to the same period last year.

Moreover, in its report, Delfi Analytics said that these figures are further evidence of the Cypriot real estate market’s stabilisation following the coronavirus pandemic, despite geopolitical turmoil in the region and rising financing costs.

On a district level, Limassol continues to lead with 32 per cent of transactions, while the Nicosia, Larnaca, and Paphos districts follow closely with 23 per cent, 21 per cent, and 20 per cent respectively. Conversely, Famagusta lags with only 4 per cent of all transactions.

Additionally, the notable rise recorded in the Larnaca district since 2022 highlights its significant hidden value, unlike the other districts, which exhibit signs of market saturation, especially concerning specific types of properties.

Nicosia-based tech startup and iOS app BRAYN, originally launched in Cyprus and the United Kingdom, is set to expand globally by 2025, according to an official announcement.

The announcement said that the team at BRAYN is focused on building an ecosystem that prepares teenagers and young adults for their dream careers and entrepreneurial ventures.

The BRAYN app aims to empower users to develop soft skills such as leadership, innovative thinking, and creativity through short series and gamified challenges.

The company explained that completing modules earns users a BRAYN ID and their first portfolio, “which holds as much value as a LinkedIn profile in the adult world”.

In addition, the BRAYN team “aims to develop a platform tailored to the content preferences of Gen Alpha and Gen Z, streamlining job searches and enabling HR professionals to recruit individuals equipped with strong interpersonal and soft skills”.

The Agriculture Department this week said that it will introduce tools similar to e-Kofini, which aims to help consumers compare fruit and vegetable prices, to help farmers better leverage their position in the supply chain while enhancing transparency.

This announcement follows a statement by the Cyprus Consumers Association concerning the trade of perishable goods and their retail prices.

In its report, the association reported a significant disparity between retail and producer prices for fresh fruit and vegetables, with retailers benefiting the most. This issue, the association continued, affects consumers and undercompensated producers.

In response, the Agriculture Department said that “in order to narrow the price gap between agricultural producers and consumers, we are promoting a series of initiatives through the creation of new tools”.

“These tools aim to empower farmers within the supply chain and, at the same time, enhance transparency,” the department added.

Industrial production in Cyprus recorded a 2.7 per cent increase year-on-year during May 2024, according to a report released this week by the Cyprus Statistical Service (Cystat).

This rise brought the Industrial Production Index to 113.1 points. Moreover, over the first five months of 2024, the index exhibited a robust 5.3 per cent increase compared to the same period last year.

Delving into the specifics, the manufacturing sector experienced a modest uptick of 2.4 per cent compared to May 2023.

Notably, the water supply and materials recovery sectors saw a significant surge, recording a 12.6 per cent increase, while the electricity supply sector grew by 2.8 per cent. In contrast, the mining and quarrying sector faced a decline of 4.6 per cent.

The Cyprus Stock Exchange (CSE) ended Tuesday, July 30 with profits.

The general Cyprus Stock Market Index was at 165.17 points at 12:25 during the day, reflecting an increase of 0.25 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 100.55 points, representing a rise of 0.25 per cent.

The total value of transactions came up to €396,610, until the aforementioned time during trading.

In terms of the sub-indexes, the main index rose by 0.37 per cent, while the alternative, investment firm and hotel indexes fell by 0.31 per cent, 0.4 per cent and 3.65 per cent respectively.

The biggest investment interest was attracted by Hellenic Bank (+1.16 per cent), the Bank of Cyprus (+0.24 per cent), Blue Island (no change), Demetra (-0.41 per cent), and Louis PLC (+1.75 per cent).