The Industrial Production Index in Cyprus recorded a significant increase of 4.3 per cent in January 2025 compared to the same month in 2024, according to the state statistical service.

This increase pushed the index to 103.9 points, with 2021 acting as the base year set at 100 points.

The manufacturing sector saw a rise of 3.7 per cent year-on-year, while notable increases were also recorded in the mining and quarrying sector, which grew by 16.8 per cent, water supply and material recovery, which rose by 9.6 per cent, and electricity supply, which increased by 3.7 per cent.

Mike Vasiliev, CEO of AI-powered property startup Placy, is no stranger to the intersection of real estate and technology.

With over two decades of experience in the field, he has played a pivotal role in shaping the industry, most notably as Chief Product Officer at Cian, Eastern Europe’s largest real estate portal.

Now, as the founder of Placy, Vasiliev is leading a new wave of innovation, harnessing artificial intelligence to revolutionise how real estate professionals operate.

Speaking to the Cyprus Mail, Vasiliev explained that the inspiration for Placy stemmed from the emergence of ChatGPT, which he immediately recognised as a game-changing development for the sector.

The Crystal Springs Beach Hotel in Protaras is set to undergo an expansion, with Derova Ltd announcing a €13.5 million development project to improve the facility and increase its capacity.

This proposed plan will be implemented over the next 12 months on a 14,858 square metres plot in the Vrysoudia area of Paralimni municipality.

The expansion, which is contingent upon an environmental impact assessment approval, is divided into three stages.

The Cypriot residential real estate market experienced a strong year in 2024, with new home sales exceeding €2 billion, according to a report released on Monday by Landbank Real Estate Analytics.

The real estate analytics firm also noted that high property prices in Limassol are causing foreign investors to seek more affordable real estate options in other parts of Cyprus.

According to the report, the total number of new residential property transactions increased by 16.7 per cent compared to 2023, with 6,462 sale contracts recorded.

Cyprus’ major trade unions, including public servants’ union Pasydy and the trade union Sek, have firmly opposed some of the International Monetary Fund’s (IMF) latest recommendations, following its Article IV mission to Cyprus.

The International Monetary Fund (IMF) recently concluded its Article IV mission to Cyprus, commending the nation’s economic resilience and fiscal discipline.

However, the IMF cautioned against fiscal relaxation, particularly concerning increases in public sector wages and the cost of living allowance (CoLA), citing potential inflationary pressures.​

In response, Cyprus’ major trade unions, including the public servants’ union Pasydy and the trade union Sek, have firmly opposed the IMF’s recommendations.

Pharmaceuticals, alongside halloumi cheese, remained key drivers of Cyprus’ exports in 2024, despite a slight downturn, according to the Cyprus Statistical Service (Cystat).

Specifically, pharmaceuticals accounted for 14.4 per cent of the country’s manufactured exports, totalling €348 million, down from €355.6 million the previous year.

France topped the list of importers, purchasing over €39.1 million worth of Cypriot pharmaceuticals, up by more than 4 per cent.  

Cyprus’ hourly labour costs saw a modest increase yet remain below the European average, according to the latest Eurostat data.

The average hourly labour cost in Cyprus in 2024 rose to €21, marking a €1 increase from €20 in 2023.

This growth is part of a broader upward trend observed since 2008, with Cyprus’ labour costs climbing by 25.74 per cent from €16.7.

Despite this increase, these costs are still 11.34 per cent lower than the European average.

Broadly, the average hourly labour costs across the EU and eurozone in 2024 stood at €33.5 and €37.3 respectively.

The Cyprus Stock Exchange (CSE) experienced a downturn on Monday, with the General Index closing at 236.56 points, reflecting a decrease of 0.82 per cent at 12:34.

Similarly, the FTSE/CySE 20 Index also recorded a dip, settling at 143.29 points, marking a loss of 0.82 per cent.

Transaction volumes remained moderate, with total trading valued at €209,069.46.

Sector-wise, the market indices were uniformly down with the main market retreating by 0.79 per cent, Investment by 0.60 per cent, the alternative market by 0.84 per cent, and hotels by 0.52 per cent.

Among the most traded securities, the Bank of Cyprus led in activity but saw a significant drop of 2.02 per cent, trading at €165,624.48.

Atlantic Insurance also declined by 0.83 per cent, totaling €37,387.68 in trades.

Conversely, Logicom maintained its position with no price change at a trading volume of €11,400.

Cement Vasilikos and Demetra Investment witnessed declines of 2.51 per cent and 0.60 per cent with trading volumes of €7,691.60 and €6,712.05 respectively.

The trading session concluded with 10 stocks moving downwards, 3 remaining unchanged, and a total of 72 trades executed.