Invest Cyprus issued a statement on Monday underscoring the significance of five strategic Memoranda of Understanding (MoUs) signed on January 8 at the Egyptian presidential palace in Cairo.

These agreements were formalised during a tripartite summit held in the Egyptian capital, bringing together the leaders of Cyprus, Greece, and Egypt to discuss collaboration across multiple sectors.

The agency pointed out that the MoUs cover a number of critical areas such as investment, healthcare, water resource management, technology, and port development.

It further explained that this reflects the commitment of the three nations to strengthen regional cooperation and drive mutual growth.

The number of short-term rental properties has seen significant growth across Cyprus, according to data shared with the House of Representatives by the Deputy Ministry of Tourism.

Deputy Tourism Minister Kostas Koumis reported that 8,071 licences for self-catering accommodations have been issued or renewed nationwide, offering a total capacity of 35,894 beds.

Tourism official Marios Tsiannakas has previously noted a consistent increase in these numbers in recent years.

“We have surpassed 6,700 accommodations and exceeded 30,000 beds,” he stated earlier this year.

An analysis of the licences issued across districts reveals that Paphos leads with 3,900 such accommodations, providing 17,776 beds.

The number of government employees in Cyprus has experienced an increase over recent years, according to a report released on Monday by the state’s statistical service.

Specifically, the total number of government employees reached 55,248 by the end of 2024, compared to 54,546 in December 2023.

In 2022, the figure stood at 53,686, while in 2021 it was 53,054. The 2020 total was 52,470, identical to the pre-pandemic level of 2019.

For the full year of 2024, government employment averaged 54,546 workers, marking an increase of 1,615 employees or 3.1 per cent compared to 2023.

Hellenic Bank on Monday announced the launch of a new mortgage product offering fixed interest rates.

This has been rolled out alongside a new rewards programme that the bank described as “designed to make homeownership more accessible and manageable for customers”.

The mortgage features a fixed interest rate of 2.95 per cent for three years or 3.10 per cent for five years.

“This affordable interest rate, combined with the stability it offers, gives customers greater security and adaptability to their new financial circumstances,” the announcement explained.

Kyndryl, the world’s largest IT infrastructure services provider and actively present in Cyprus, this week announced the launch of The Kyndryl Institute.

According to the announcement, the institute aims to be a hub for fresh ideas and perspectives at the intersection of technology and business. 

The initiative seeks to offer C-suite leaders insights on key issues such as artificial intelligence (AI), cybersecurity, IT modernisation, and digital transformation.

Vehicle registrations in Cyprus rose by 9.1 per cent in 2024, reaching 49,616 compared to 45,494 in 2023, according to the state’s statistical service.

Electric vehicles accounted for 4.0 per cent of registrations, up from 2.7 per cent in 2023, while hybrid vehicles grew to 37.1 per cent from 29.6 per cent.

Passenger saloon car registrations increased by 4.9 per cent, totalling 38,410 compared to 36,608 in 2023. Among these, 39.2 per cent were new cars, while 60.8 per cent were used.

Rental car registrations saw a notable decline of 30.0 per cent, dropping to 3,904.

The need for enhanced collaboration between public authorities and private enterprises was emphasised during the recently held ‘Beyond Sea & Sun’ conference.

Speaking on a panel dedicated to improving tourist experiences through infrastructure, Phivos Stasopoulos, Chief Banking Officer at Hellenic Bank, highlighted the crucial role of the tourism industry in Cyprus’ economy.

“The sector has shown remarkable resilience during periods of uncertainty, economic downturns, and geopolitical crises,” he said.

Stasopoulos also stressed the importance of broadening Cyprus’ tourism appeal beyond its traditional “sun and sea” offerings.

The Housing Price Index (HPI) in Cyprus rose by 2.7 per cent in the third quarter of 2024, compared to the same period in 2023, marking the eleventh consecutive quarter of annual growth.

This represents the largest year-on-year increase since the third quarter of 2023, according to preliminary estimates from the Cyprus Statistical Service (Cystat).

In the third quarter of 2024, the HPI reached a calculated value of 113.62 points.

On a quarterly basis, the index increased by 0.7 per cent compared to the second quarter of 2024, extending its streak of quarterly growth to three consecutive quarters.

The Cyprus Stock Exchange (CSE) ended Monday, January 13, with gains.

The general Cyprus Stock Market Index stood at 225.30 points at 14:09, reflecting a rise of 0.73 per cent.

The FTSE / CySE 20 Index was at 137.19 points, representing an increase of 0.83 per cent.

The total value of transactions came up to €766,961, until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative, and investment firm indexes rose by 0.64 per cent, 1.35 per cent and 2.46 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (no change), Demetra (+2.49 per cent), and Salamis Tours (-0.47 per cent).