Cyprus Chamber of Commerce & Industry (Keve) president Stavros Stavrou on Friday released a year-end statement reflecting on the country’s economic progress.

In addition, Stavrou addressed various challenges on a domestic level, external geopolitical and economic risks, and efforts to drive investment and export growth.

“The year that is ending pleasantly surprised us,” the Keve president siad.

“While everyone expected a sluggish economic trajectory due to uncertainty caused by the war in Ukraine and the conflict in the Middle East, we are now seeing, with the conclusion of 2024, improvements in almost all key economic indicators,” he added.

Stavrou highlighted that Cyprus achieved a growth rate of 3.7 per cent of GDP, and successfully reduced inflation to approximately 2 per cent.

The Cypriot property market underwent significant changes from mid-2023 onwards due to several global and regional factors, according to Pavlos Loizou, CEO and co-founder of real estate firm Ask Wire.

Loizou pointed out that the absorption of pent-up demand following the Covid-19 lockdown, combined with the war and the migration of people from Russia, Ukraine, Belarus, and elsewhere, drove property prices across Cyprus and Greece to new highs.

This period also emphasised the transformational impacts of the work-from-home trend, which reshaped office demand. “Grade B and C offices faced declining interest,” said Loizou.  

He added, “Grade A spaces, logistics hubs driven by e-commerce, and data centers linked to AI and cloud infrastructure are becoming increasingly sought after.” 

The Cyprus Securities and Exchange Commission (CySEC) on Friday published a consultation paper on amending the accepted languages for a prospectus.

According to the commission, the approach proposed under this initiative “aims at broadening the number of cases in which CySEC accepts a prospectus to be drawn up in English”.

In addition, the announcement noted that English “is a language customary in the sphere of international finance”.

What is more, CySEC also proposed that the summary of the prospectus be also made available in Greek.

Total petroleum product sales in Cyprus fell by 4.7 per cent in November, compared to the same month in 2023, according to the Cyprus Statistical Service (Cystat).

Despite the overall decline, kerosene sales surged by 35.1 per cent, with an increase also observed in sales at petrol stations.

The latest data on petroleum imports, sales, and inventories for November 2024 indicate that total petroleum sales amounted to 113,640 tonnes, reflecting a 4.7 per cent decrease year-on-year.

Significant declines were reported in marine fuel supplies (-13.9 per cent) and aviation fuel (-8.1 per cent), as well as in sales of light and heavy fuel oil (-23.9 per cent and -6.3 per cent, respectively), asphalt (-7.0 per cent), and diesel (-5.7 per cent).

Low-income families will be able to secure building plots for their housing needs under a new government plan to address the housing problem.

Interior Minister Constantinos Ioannou said the revised plan was nearing completion and building plots would be given to families based on income criteria.

The terms and preconditions of the revised plan will be tabled at the cabinet for approval, after passing legislative inspection at the Law Office of the Republic.

The trilateral summit between Cyprus, Greece and Egypt, set to take place on January 8 in Cairo, will focus on energy, regional security, economy and technology, government spokesperson Konstantinos Letymbiotis said on Friday.

Speaking to the Cyprus News Agency, he described the upcoming meeting as an important one, that contributes to strengthening the strategic cooperation between the three countries.

The summit underlines the commitment, through the cooperation, to promote security, stability and prosperity in the wider Eastern Mediterranean region, he specified.

Letymbiotis said that the leaders will discuss issues such as energy and climate change, with Eastern Mediterranean becoming an energy security hub, as well as regional security and stability, through coordinated actions to address threats and illegal migration.

The Cyprus Stock Exchange (CSE) ended Friday, December 27, with gains.

The general Cyprus Stock Market Index stood at 212.76 points at 12:07, reflecting a rise of 0.11 per cent.

The FTSE / CySE 20 Index was at 129.35 points, representing an increase of 0.12 per cent.

The total value of transactions came up to €53,285, until the aforementioned time during trading.

In terms of the sub-indexes, the alternative index rose by 0.83 per cent, while the main, investment firm and hotel indexes fell by 0.07 per cent, 0.01 per cent and 0.6 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-0.02 per cent), Salamis Tours (no change), Logicom (+0.04 per cent), and the Cyprus Cement Company (no change).