Here are the top business stories in Cyprus from the week starting June 30:
The Council of Ministers approved the draft legislation on July 2, the Finance Ministry said in a statement issued on Friday. The bill will now be submitted to the House of Representatives for a vote.
Specifically, it seeks to implement Regulation (EU) 2019/452 of the European Parliament and Council, which establishes a mechanism for controlling FDIs into the European Union on grounds of national security or public order.
The move aims to strengthen the country’s protective framework, align with European Union standards on national security and transparency, and safeguard strategic infrastructure.
President Nikos Christodoulides had earlier described the initiative as a key institutional reform that would contribute to the strategic upgrade of Cyprus’ credibility and international reputation.
The event, hosted by Bloomberg’s European Director Constantin Cotzias, brought together government officials, regulators, investors, and economists to examine Cyprus’ economic outlook and the critical role of capital markets.
Opening the conference, Deputy Minister to the President Irene Piki said Cyprus is entering “a new era of transparency, credibility, and strategic reform.”
The request, valued at €75.9 million, was submitted by Cyprus on December 18, 2024.
Following its evaluation, the commission has preliminarily concluded that Cyprus has satisfactorily met all 23 milestones and targets outlined in the Council Implementing Decision for this fifth instalment of funding.
Cyprus recorded €75.7 million in high-value property transactions in May 2025, showing a strong rebound from April, with Nicosia leading the market, according to real estate analytics firm Ask Wire.
Land Registry data revealed that the ten most expensive transactions nationwide reached €38.8m, with the top deal being the €12.5m sale of a plot in Engomi, Nicosia.
Limassol dominated the top 10 list with five sales, while Nicosia and Paphos each reported two transactions, and Larnaca contributed one.
In a statement issued after the final trip on Saturday, the board said that “the results of the initiative were clear”.
“If the departure times are changed, as the board has repeatedly suggested, then we will see an increase in visits to various communities, along with all the positive consequences that entails,” it said.
According to Economy Today, who first ran the story, the transaction, finalised after nearly four months of negotiations, is the largest ever recorded on the island, marking a new chapter for both the investor and the seller.
Secret Valley, formerly known as Venus Rock Golf Resort, lies between Limassol and Paphos, next to Aphrodite Hills, and spans approximately five million square metres of prime coastal land.
Cyprus has been ranked among the 15 European countries most affected by digital payment fraud, despite recording one of the lowest overall loss totals and fraud case counts, according to new analysis of European Banking Authority data by BrokerChooser.
In the first half of 2023, Cyprus reported 9,164 cases of payment fraud, resulting in total financial losses of €2.8 million.
While the absolute figures remain relatively modest compared to larger economies, the average loss per incident stood at €311, placing Cyprus 14th among the 27 countries studied.
The event will also feature open-air networking spaces in what organisers describe as Cyprus’ largest entrepreneurial festival to date.
Makarios Avenue and the surrounding urban fabric will host a series of themed stages, designed to spark candid conversations about leadership, innovation and purpose-driven business.
The independent power transmission operator (Admie) insisted that Cyprus’ delay in honouring its obligations under a bilateral agreement threatens to derail the entire project, which has already faced geopolitical obstacles from Turkey.
“Claims of blackmail by Admie towards Cyprus are completely unfounded and only serve to create false impressions,” the operator said in a statement.
Headquartered in Limassol since 2021, the Cyprus-based company is the force behind major platforms including Ultimate Guitar, MuseScore, Audacity, and most recently, Hal Leonard, the global leader in sheet music publishing.
Speaking to the Cyprus Mail, Muse Group founder and CEO Eugeny Naidenov traced the company’s journey from a fan-built community to a global powerhouse in digital music creation, education, and audio technology.
This represents a 39.9 per cent increase compared to April 2024, when revenue stood at €217.4 million.
The stastitistical service also reported that tourists from Lebanon, Switzerland and the United States topped the spending charts.
Banks have overtaken the government as the most influential force in Cyprus’ real estate sector, according to EY Cyprus’ latest annual survey.
As mentioned in Philenews, the market continues to be driven by foreign investors from Israel, the UK, and parts of Europe and the Middle East, with demand linked to residence permits, personal security and quality of life.
The survey captures growing concerns within the industry, particularly over geopolitical tensions, high interest rates, and red tape.
Cypriot insurance providers CNP Cyprialife and CNP Asfalistiki have officially been renamed ERB Cyprialife and ERB Asfalistiki, according to an official statement released on Wednesday.
The two companies said that this “marks the beginning of a dynamic new chapter in their long and successful journey”.
“This evolution reflects a natural continuation of their strong legacy, further strengthening the quality, values, and trust built with their customers over the years,” they added.
Speaking this week at the annual general meeting of the hoteliers association (Pasyxe), president Thanos Michaelides said 49,592 people were directly employed in the sector this year, yet many hotels continue to struggle to find suitable and sufficient staff.
In response, Pasyxe is working with the Human Resource Development Authority (Anad) on a programme to reintegrate people aged 55 to 65 into the hotel workforce.
The general house price index in Cyprus, which includes both houses and apartments, continued its upward trajectory on an annual basis during the first quarter of 2025, according to data published by the Central Bank of Cyprus (CBC).
The increase came amid a slowdown in apartment price growth and a faster pace of increase in house prices.
According to the CBC, the general house price index recorded a quarterly rise of 1.9 per cent in the first quarter of 2025, compared with an increase of 0.4 per cent in the fourth quarter of 2024.
So far, calls worth €330 million have been launched under the programme, offering grants to strengthen SME competitiveness, support start-ups, promote research and innovation, and incentivise the recruitment of unemployed people from vulnerable groups.
Of this, €11.5 million has been earmarked for research and innovation projects, while €8 million will fund incentives for businesses to employ people from disadvantaged backgrounds.
According to a report in Philenews, the issue centres on union complaints that key provisions of the deal are not being honoured.
Trade unions are heading to the labour ministry today, calling on Minister Yiannis Panayiotou to issue a clear statement urging employers to comply with the agreement.
“We are pleased to announce the signing of the contract for the dredging works at Larnaca marina on Thursday, July 3, 2025,” the ministry said.
The contract was signed on behalf of the government by the Director of the Public Works Department, Eleftherios Eleftheriou, and on behalf of Semesco Company Ltd by Philippos Psyllas.
The Cyprus House Price Index (HPI) climbed to 113.71 units in the first quarter of 2025, reflecting a 2 per cent increase compared with the same period in 2024, according to a preliminary estimate released by the Cyprus Statistical Service (Cystat).
When compared with the fourth quarter of 2024, the index posted a quarterly increase of 1.1 per cent.
The HPI is a quarterly indicator that measures the average price change of residential properties in Cyprus, including both new and existing housing units.
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