Speaking to the Cyprus Mail, Pavlos Loizou, CEO of real estate analytics firm Ask Wire, questioned whether these measures will actually be enacted and, if so, how thorough their implementation will be.
Moreover, Loizou explained that while some investors may indeed be funnelled to other countries, including Cyprus, he doesn’t expect the number to be substantial.
“Yes, some prospective property buyers may come to Cyprus or Greece but it will not change things dramatically,” he said.
The association’s annual report, released on Wednesday, showed that a range of major issues continued to affect consumers, ranging from passenger rights to rising living costs.
According to the CCA’s 2024 complaint report, the association facilitated the return of a total amount of €3,240.76 to consumers through informal mediation.
The complaints in the report include cases that were either forwarded to relevant authorities for potential legal violations or handled directly by the CCA.
This marks a stark contrast to the 604 permits issued in July 2023, according to data from the Cyprus Statistical Service (Cystat).
This marked decrease coincides with the transition of authority from local municipalities to the newly established self-governance districit organisations (Eoa) on July 1, 2024, and ongoing difficulties with the ‘Ippodamos’ information system.
Despite the substantial drop in July, the broader trend from January to July 2024 shows a 15,8 per cent increase in permit issuance year-on-year, with 4,879 permits granted compared to 4,212 during the same period in 2023.
The change, aimed at addressing heightened cyclical systemic risks, will take effect on January 14, 2026.
In its statement, the CBC explained that the current buffer level of 1 per cent was deemed insufficient, prompting the adjustment.
“The increase directs part of the banks’ profitability toward strengthening their resilience, creating a larger capital reserve to absorb losses during crises or extreme events, thus ensuring the uninterrupted flow of credit to the real economy,” the CBC said.
While Cyprus’ economic outlook remains positive, the CBC cautioned against rising global uncertainties that could impact the domestic macroeconomic environment and the banking sector.
The data comes from updated consolidated statistics for the Cypriot banking sector, released this week.
Net interest income for the sector rose to €1.53 billion by the end of September, up from €1.033 billion at the end of June 2024.
The report also showed that the total net operating income climbed significantly, reaching €1.88 billion from €1.22 billion in the same period.
“This longstanding event celebrates the ingenuity and creativity that characterise Cypriot businesses and organisations across various sectors,” the federation said in a statement.
Supported by the Deputy Ministry of Research, Innovation and Digital Policy, and the Research and Innovation Foundation (RIF), the awards are aimed at recognising and promoting innovative ideas within the primary, manufacturing, and service sectors, as well as social innovation.
The new programme, titled ‘STEP: Setting up facilities and production lines for manufacturing new innovative products or services’, is open to Cypriot companies of all sizes.
It aims to bolster the development of critical technologies across a number of areas.
These include digital and deep technology innovation, clean and resource-efficient technologies, as well as biotechnologies.
Following a cabinet meeting, Ioannou explained that the revamped plan is more appealing and better aligned with its intended goals.
The online platform for applications is now open and will remain accessible until November 30. In this second iteration of the plan, key adjustments have been made.
The maximum house size has been increased from 100 square metres to 150 square metres, while the requirement for the property to serve as the permanent residence of the owners has been reduced from ten years to five. Additionally, the gross family income ceiling has been raised by €5,000 across all categories.
Answering reporters’ questions, the minister said the Fsru vessel is still moored at the Strait of Malacca, Malaysia, where it’s undergoing technical inspections.
“So right now checks are being carried out and at the same time we’re looking for those parts that are required so that the vessel can be considered fit as a floating regasification unit,” Papanastasiou explained.
The next step would be for the ship to dock at an LNG terminal so that it can be certified as an Fsru.
“Certification means that the ship has been checked that it can produce specific quantities of [natural] gas…it has to be checked at a terminal to verify this.”
The Cyprus Stock Exchange (CSE) ended Wednesday, January 15, with gains.
The general Cyprus Stock Market Index stood at 225.64 points at 13:27, reflecting a rise of 0.15 per cent.
The FTSE / CySE 20 Index was at 137.32 points, representing an increase of 0.15 per cent.
The total value of transactions came up to €159,854, until the aforementioned time during trading.
In terms of the sub-indexes, the main index rose by 0.25 per cent while the alternative index fell by 0.27 per cent. The hotel and investment firm indexes remained unchanged.
The biggest investment interest was attracted by the Bank of Cyprus (+0.84 per cent), Demetra (no change), Logicom (+0.54 per cent), Salamis (+0.48 per cent), and Vassiliko Cement Works Public Company (-1.72 per cent).
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