Here are the top business stories in Cyprus from the week starting March 31:
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.
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.
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.
With a booming economy, a favourable tax regime, and a strategic location bridging Europe, the Middle East, and Africa, Cyprus is fast becoming a top-tier investment destination.
Whether for residential, commercial, or mixed-use properties, the island offers compelling reasons for investors to take notice.
In an announcement, CySEC identified several websites that do not belong to any entity granted an investment services licence under Article 5 of Law 87(I)/2017.
These platforms include weonmarket.com, nortenway.com, primuscfd.net, axiagroup.co, octamarketfx.com, apmetrade.com, investous.pro, varkuti.eu, efgbtrdpltfrm.com, profitwave.cc, marketsadvgroup.com, platform-oro.com, and chiron-group.limited, among others.
Specifically, the bank reported that 28 per cent of the buyback programme has already been executed.
According to the announcement, as of March 31, 2025, the company had repurchased 1,496,122 shares at a weighted average price of €5.69 per share, amounting to a total expenditure of €8,505,999.
According to the statement, the goal of this initiative is to mitigate occupational accidents, diseases, and dangerous incidents by tackling their primary causes.
These include the use of sharp objects, falls, contact with hot surfaces, tipping over shelves, handling dangerous substances, and the risks associated with motorcycle deliveries.
This marks the country’s first ‘Fly and Cruise’ operation since the Covid-19 pandemic, something which the port operator described as a “reaffirmation of its place in the Eastern Mediterranean cruise market”.
Moreover, DP World Limassol’s dedicated cruise terminal will serve as the cruise liner’s home port for the entire 2025 season.
According to the announcement, the board will participate in a series of workshops and presentations in three major Polish cities—Kraków, Poznań, and Warsaw. These events will take place from April 7 to 11, 2025.
The board explained that this initiative is spearheaded by the Deputy Ministry of Tourism and “aims to share information with commercial partners and travel agents while promoting Paphos as a year-round destination“.
The bank noted that the appointment follows approval by the Central Bank of Cyprus (CBC).
According to the announcement, Kynigou has been with AstroBank since February 2015 and currently serves as the head of private banking, treasury and ESG division.
The exemption would apply until EU Regulation 2024/1624 comes into force across all member states in July 2027.
The bill, tabled by Nikolas Papadopoulos (Diko), Marinos Mousiouttas (Dipa), Disy MP Efthimios Diplaros, and independent MP Andreas Themistocleous, drew strong opposition from key institutions, who argue that such an exemption poses serious risks linked to money laundering and tax evasion, as mentioned in outlet Economy Today.
As reported by Economy Today, Keravnos delivered a lecture on Cyprus’ new tax reform at the University of Cyprus, where he made clear that, despite various suggestions for further increases, the government would not entertain such proposals.
“If we increase tax-free income beyond the proposed amount of €20,500, the outcome will be uncertain,” he said, adding that “Cyprus already has the highest tax-free threshold in the EU.”
The campaign aims to promote safer investment practices, particularly among young people and investors.
Global Money Week (GMW) is an annual international initiative led by the Organisation for Economic Co-operation and Development (OECD).
According to an announcement on the Cyprus Stock Exchange (CSE), the total issued share capital of the company, as of March 31, 2025, stood at 440,820,060 ordinary shares, each with a nominal value of €0.10.
In addition, every ordinary share carries one voting right.
However, the company currently holds 1,496,122 of its own shares, which are expected to be cancelled upon the conclusion of the buyback programme.
These shares do not carry voting rights.
Government spokesperson Konstantinos Letymbiotis shared details of the meeting on social media.
“Senvest’s presence in Cyprus, with a broad investment portfolio and extensive experience in global markets, reflects the firm’s confidence in the resilience and prospects of the Cypriot banking system, as well as the broader business environment in the country,” he said.
In a statement released this week, the association said that the new licensing framework, which requires permits to be processed within 40 days, simplifies procedures by shifting the responsibility for application accuracy to the project’s private consultant.
The system applies to Category B developments, which include residential projects of three or four housing units, complexes of up to 12 terraced houses, and four-storey apartment buildings with up to 20 flats and a basement.
In a piece of analysis released this week, Kineyirou mentioned that “the digital revolution has introduced new opportunities and tools that are transforming the way estate agents operate and serve their clients”.
“The integration of technology into the real estate sector has brought significant benefits, such as process automation, improved communication, and real-time access to information,” Kineyirou said.
Government spokesperson Konstantinos Letymbiotis said the meeting included “an extensive reference to the services that Citi provides, as well as the prospect of a further and more multi-level presence of its activities in Cyprus.”
In a post on X, he noted that Citi is “one of the largest financial institutions in the world” and that discussions touched on the company’s international operations and interest in Cyprus.
The association delivered this message during a conference held this week, where it also reaffirmed its central role in the island’s digital economy.
Founded in 1987, CITEA now represents more than 100 technology companies, including international firms, and remains the main industry stakeholder in Cyprus.
The forum, organised in partnership with the Cyprus Shipowners’ Association and backed by the Deputy Ministry of Shipping and Invest Cyprus, aims to showcase the island’s appeal as an international business and investment hub.
Ministers George Papanastasiou (Energy, Trade and Industry), Nicodemos Damianou (Research, Innovation and Digital Policy), and Marina Hadjimanolis (Shipping) are among the speakers at the event.
The vote was passed with 25 votes in favour, 17 against, and one abstention.
Lawmakers had argued that the restriction, introduced last December, had put Cyprus at a disadvantage, driving high-stakes gamblers to casinos in the north where there are no limits.
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