The council explained that this was driven primarily by the high costs associated with purchasing houses and limited financing options for local buyers.
“The current market conditions have shifted buyer interest towards acquiring apartments,” said Marinos Kineyirou, President of the Cyprus Real Estate Agents Registration Council.
“This is primarily due to the significantly higher costs associated with purchasing a house, as well as the fact that local buyers’ incomes often do not allow them to secure bank loans for home purchases,” he added.
Moreover, Kineyirou also said that “we are seeing a growing interest from land development entrepreneurs in acquiring plots and residential fields”.
According to the ECA’s latest report, the funds aimed at boosting economic recovery following the pandemic are entering the real economy at a slower pace than anticipated.
As of the end of 2023, Cyprus had only submitted 40 per cent of the payment requests outlined in the indicative schedules of its operational arrangements, compared to the EU average of 70 per cent.
Additionally, only 8 per cent of the allocated funds for Cyprus had been disbursed, with just 5 per cent of the milestones achieved. This corresponds to 14 out of a total of 271 milestones.
The report highlighted that by the end of 2023, EU member states had drawn less than one-third of the recovery funds they were entitled to, with final recipients receiving only about half of the funds transferred from Brussels to national treasuries.
The company provides an AI-powered virtual companion that aims to reshape how real estate is bought and sold.
Placy was created to take on a number of routine tasks, including valuations, research, scheduling viewings, and drafting agreements, among others. This enables real estate professionals to focus on making sales.
Placy was founded 10 months ago in Limassol by former colleagues from CIAN (a top-10 global property portal, a NYSE unicorn of 2021) and Wargaming.
The company has explained that “Cyprus is a pilot market, with plans to expand into Greece, the UAE, and the UK”.
Viktar Dzenisevich, Investment Director and Partner at Zubr Capital, drew attention to the rationale behind the investment.
“As a leading funding source, we prefer to focus on the team behind a project first. With Placy, we found a successful group of professionals with a history of project achievement,” Dzenisevich said.
The confirmation comes a day after President Nikos Christodoulides said the plan for the gas field is moving “in the right direction”, with sources suggesting that the government would be issuing its response in two weeks.
On Sunday, NewMed Energy, Chevron and Shell submitted a new plan to the tune of a $4 billion cost.
In a statement released two days after, Chevron said that “the revised plan will be beneficial for the Republic of Cyprus”, from which it seeks “continued support”.
The company also added that the revised plan includes optimisations to the approved 2019 plan, which will benefit both Chevron and Cyprus.
The decision, which is expected to be formalised on Wednesday by the ministerial council and the energy regulator’s top officials, was reportedly taken on Monday after a marathon session by stakeholders.
Speaking to Cyprus Mail, Greens MP Charalambos Theopemptou said the move had been met with furious opposition from electricity authority (EAC) experts who have long held that investing in the island’s own infrastructures was the only sane priority.
This would entail, firstly, fixing the massively polluting Dhekelia power station, building-up energy storage, and unpegging the price of renewable energy (RES) from conventional fuel production.
The reported agreement has been portrayed as a means to avoid foisting the GSI funding gap – to the tune of €125 million – onto consumers directly via an electricity bill tariff.
According to a report released on Tuesday by the Cyprus Statistical Service (Cystat), there was a rise in the sales of marine gasoil, which jumped by 11.9 per cent.
Aviation kerosene and heavy fuel oil recorded increases of 0.6 per cent and 14.5 per cent, respectively.
Additionally, sales of liquefied petroleum gas rose by 10.7 per cent, heating gasoil by 8.7 per cent, road diesel by 7.9 per cent, and motor gasoline by 7.4 per cent.
On the other hand, kerosene saw a decrease of 25.8 per cent in sales, and light fuel oil also fell by 4.8 per cent.
This notable group of private Greek schools, situated near Nicosia, educates nearly 450 pupils aged 6 to 18 across Gymnasium, Lyceum, and, starting in September 2024, elementary stages.
The acquisition strengthens Globeducate’s presence in Cyprus and brings Olympion into closer alignment with PASCAL International Education, another respected name in Cypriot education, also under the Globeducate umbrella.
Established in 2003, Educational Group Olympion has built a strong reputation in Cyprus, particularly for its focus on private mainstream education.
Fully recognised by the Cyprus Ministry of Education and Culture, Olympion prepares its students for the national secondary school qualification, the Cypriot Apolytirion.
“Over the years, the school has consistently achieved top results in both national and international academic competitions, including Olympiads in Mathematics, Physics, and Biology,” the Olympion management said.
The Cyprus Stock Exchange (CSE) ended Tuesday, September 3 with losses.
The general Cyprus Stock Market Index was at 182.96 points at 12:38 during the day, reflecting a decrease of 0.08 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 111.41 points, representing a drop of 0.06 per cent.
The total value of transactions came up to €462,778, until the aforementioned time during trading.
In terms of the sub-indexes, the main and hotel indexes fell by 0.01 per cent and 0.12 per cent respectively. The alternative index rose by 0.26 per cent while the investment firm index increased by 2.62 per cent.
The biggest investment interest was attracted by the Bank of Cyprus (-2.17 per cent), Hellenic Bank (no change), Demetra (+2.67 per cent), Claridge Public Ltd (-2.33 per cent), and the Cyprus Cement Company (+1.96 per cent).
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