The Cypriot real estate market remained stable in 2024, compared to the year before, reflecting the challenges faced by the sector, according to the Cyprus Real Estate Agents Registration Council.

In a statement released on Thursday, the council said that the sector was affected by a decline in people’s purchasing power, and high lending rates.

Despite these issues, the council said that the property market continued to contribute to the growth of the Cypriot economy in 2024. It cited data from the Department of Land and Surveys to make its case.

Nationwide, there were 19,155 property transfers worth €4.3 billion, along with 15,797 sales documents filed.

Compared to 2023, there was a 1.5 per cent increase in sales documents and a 1.8 per cent rise in property transfers.

However, the council noted that the value of property transfers fell by 2.3 per cent year-on-year.

Despite a significant shift towards environmentally friendly cars in 2024, interest in Cyprus’ eco-friendly vehicle scheme appears to have stalled, according to data on applications submitted thus far.

The scheme, currently in its third phase, launched in February 2024 as part of its second iteration and is set to run until mid-2026.

The third phase of the scheme offers a total of 5,583 grants aimed at promoting vehicles with zero or low CO2 emissions and other sustainable transport options.

The allocated budget for this phase amounts to €36.5 million, out of a total budget of €53 million.

However, data from the scheme’s platform shows that only 2,658 applications have been submitted so far, leaving approximately 2,867 grants still available.

The government said Thursday that sometime over the next few weeks it will unveil a ‘strategic plan’ for attracting foreign investment to Cyprus, while also asking local businesspeople and industrialists for their feedback on how to render the economy more competitive.

Energy, Commerce and Industry Minister George Papanastasiou said the government will set up an umbrella organisation hosting the various agencies that process applications – on a fast-track basis –from foreign investors.

“We lag behind when it comes to issuing permits…we’ve got to address the bottlenecks,” Papanastasiou said at an event held at the finance ministry building and attended by industrialists and entrepreneurs.

According to the government’s definition, “the term foreign direct investment means the participation of more than 10 per cent in the share capital of an enterprise resident in one country, by an investor resident in another country (direct investor) and implies the existence of a long-term interest on the part of the foreign investor.”

CFA Society Cyprus on Thursday announced the signing of a Memorandum of Understanding (MoU) with the Cyprus Stock Exchange (CSE).

According to the announcement, this partnership “marks a significant step towards enhancing the professional standards and development of the financial markets in Cyprus”.

“The MoU reflects the shared commitment of CFA Society Cyprus and the CSE to promote transparency, ethical practices, and advanced financial knowledge within the local market,” the announcement added.

The society explained that the agreement “sets the stage for ongoing collaboration between the two institutions, with a focus on fostering a dynamic and resilient financial market”.

Newly appointed secretary general of the International Chamber of Shipping (ICS) Thomas Kazakos on Thursday met with president Nikos Christodoulides at the Presidential Palace.

Following the meeting, Victoras Papadopoulos, director of the president’s press office, briefed the media, stating that the president had congratulated Kazakos on behalf of the government for his election to the prestigious role.

This makes Kazakos the first Cypriot to lead the global organisation, and Kazakos was selected unanimously by the ICS board of directors from a field of internationally recognised candidates. 

Athens will soon be the site of the Doers Summit 2025, a new event set to highlight the rising stars of Emerging Europe’s startup ecosystem.

Scheduled for February, the summit will take place at the historic Technopolis venue, offering more than just another tech conference.

According to the announcement, “it promises to foster meaningful collaboration between top founders, investors, and operators in the region.”

Organised by the team behind Reflect Festival, based in Cyprus, the summit aims to elevate emerging tech ecosystems on the global stage.

The ministry of transport has announced plans for a significant expansion of Vasiliko port. This project aims to establish a new industrial port under the management of the Cyprus ports authority (CPA).

On January 21, 2025, the CPA submitted a proposal for European Union co-funding through the “connecting Europe facility” (CEF) programme. This initiative supports projects related to the trans-European transport network infrastructure.

The proposed expansion includes the construction of nine new berths, totalling 2,355 metres in length, breakwaters, a deepened approach channel, and enhanced land use around the port. Upon completion, the port is expected to handle up to 1,772 ships annually. The total cost of the project is estimated at €350 million.

The Cyprus Stock Exchange (CSE) ended Thursday, January 23, with gains.

The general Cyprus Stock Market Index stood at 225.50 points at 13:01, reflecting a rise of 0.27 per cent.

The FTSE / CySE 20 Index was at 136.97 points, representing an increase of 0.28 per cent.

The total value of transactions came up to €159,860, until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative, investment firm and hotel indexes all rose, increasing by 0.3 per cent, 0.05 per cent, 0.55 per cent, and 0.31 per cent respectively.

The biggest investment interest was attracted by Vassiliko Cement Works Public Company (no change), the Bank of Cyprus (+1.01 per cent), Demetra Holdings (+0.6 per cent), Hellenic Bank (no change), and the Cyprus Cement Company (+2.27 per cent).