Here are the top business stories in Cyprus from the week starting October 27:
For an island nation with a small, service-based economy, the future of sustained prosperity hinges on a simple, irrefutable premise: large-scale, high-quality capital investment must cease to be viewed as a discretionary luxury and must, instead, be embraced as the fundamental engine of national competitiveness.
The global evidence is overwhelming, pointing to a massive, worldwide investment chasm that requires proactive national policy to bridge. McKinsey estimates that the world needs to invest a cumulative $106 trillion in infrastructure alone through to 2040.
According to new data from Hermes Airports, a total of 10.7 million passengers travelled through the island’s two international airports between January and September, 7.7 million through Larnaca and 3 million through Paphos.
For the sixth consecutive month, air traffic across Cypriot airports remained above one million passengers in September alone.
Larnaca Airport handled 1.1 million passengers, compared to 1 million in the same month last year, while Paphos Airport reached 434,900 passengers, up from 401,600 a year earlier.
According to Politis, data from the Larnaca District Organisation of Local Government (EOA Larnaca) show a sustained rise in applications for tourism developments over the past three years, signalling an expanding market driven by short-term rentals and the city’s evolving identity as a modern destination.
The organisation reported that between 2023 and 2025, thirty-five permits for tourism projects have already been approved and issued, while a further twenty applications are currently being examined and are expected to receive the green light soon.
It should be noted that the data for 2023 were provided by the Department of Town Planning and Housing, as the EOA officially began operations in the summer of 2024.
According to official figures, 8,729 sale contracts were filed in the first half of the year, a 16 per cent increase on 2024, with total transactions estimated at €2.3 billion.
Updated data show that by the end of September 2025, total contracts of sale had reached 13,173, representing a 13 per cent annual rise compared with 2024.
In September alone, 1,289 contracts were deposited, up 15 per cent year-on-year, with 888 domestic and 596 foreign-buyer agreements, reflecting the market’s balanced composition.
In a comprehensive piece of analysis, Patsalides detailed his proposal for a major overhaul, including legislative amendments, that would move the CBC towards a more flexible, collective, and efficient operation, mirroring the successful structure of the Deutsche Bundesbank, the German central bank.
The CBC was established in 1963, “shortly after the declaration of the Republic of Cyprus’s independence, based on the Central Bank of Cyprus Law of 1963 and related articles of the Cypriot Constitution”, Patsalides pointed out.
“Since then”, he continued, the “legislative framework governing the CBC’s operation was substantially amended twice for compatibility with the Treaty on the Functioning of the European Union and the Statute of the European System of Central Banks and of the European Central Bank (ECB): in 2002 with Cyprus’s accession to the European Union and in 2007 with its entry into the euro area.”
During the meeting, which was held on Monday afternoon, officials also called for structural reforms to boost competitiveness.
During the event, Cyprus Chamber of Commerce and Industry (Keve) president Stavros Stavrou and the president of the Paphos Chamber of Commerce (Evep) George Mais both referred to the uncertainty of the international economic environment, expressing hope that the recent Gaza peace agreement would help improve the global climate, even as the Ukraine–Russia conflict remains unresolved.
Stavrou said that infrastructure projects are essential for the country’s growth and should be completed on schedule and within budget.
Moreover, he voiced concern over electricity prices, stressing that subsidies are not a sustainable solution as they burden public finances.
He added that the Keve believes it is now time for the country’s energy plans to tangibly benefit both consumers and the economy, while noting weaknesses in sectors where reforms have already been attempted.
Working together, WISTA and BIMCO aim to address shared industry challenges and create opportunities for professionals throughout the global shipping sector.
The MoU sets a framework for cooperation in research and development, information sharing, and training and education, including joint studies, data exchange, and professional development initiatives to enhance maritime skills and knowledge.
WISTA International president Elpi Petraki said the agreement reflects a shared mission to build a more inclusive industry.
She noted that “we are delighted to align with BIMCO, an organisation that shares our commitment to advancing a sustainable and inclusive maritime industry.”
The event, organised by investment firm Zubr Capital, aimed to strengthen Cyprus’ growing innovation ecosystem by allowing young professionals to collaborate directly with real startups.
Participants were given the option to either present their own startup concept or join an existing project.
Each team followed a complete startup development process, starting with problem-solving, conducting market research, preparing business plans, and building a minimum viable product before concluding with a final pitch session to a panel of judges composed of investors and entrepreneurs.
“When students and startups work side by side on real business cases, they form the core of Cyprus’ future innovation economy,” said Oleg Khusaenov, CEO of Zubr Capital.
A growing number of hotels, mainly in Ayia Napa and Protaras, have decided to stay open for longer periods in 2026, extending operations by around two weeks at both ends of the season, in March and November.
According to industry sources, several hotels in the Famagusta district will also remain open throughout November 2025, helping to broaden the island’s tourism window beyond the traditional summer months.
While this may appear a modest move, tourism professionals consider it an important first step in a wider transition.
For the plan to work, they stress, the entire tourism ecosystem must remain active — from restaurants and supermarkets to transport and leisure services.
Presenting the figures before the House Finance Committee, Deputy Minister of Tourism Kostas Koumis said the budget reflects a clear shift from a numbers-driven model to one focused on quality, local benefits and environmental balance.
Of the total amount, €27.7m, 37.1 per cent, has been earmarked for information and promotional campaigns, €14.9m, 20 per cent, for grant schemes linked to upgrading the tourism product, and €19.5m, 25 per cent, for operational expenditure, including €6.1m related to Cyprus’ hosting of the EU Council Presidency in 2026. The remainder will cover other support activities.
Koumis noted that 2025 is shaping up as another record-breaking year for Cypriot tourism, with both national and international indicators confirming a steady rise.
The figures show that the average gross monthly earnings of employees reached €2,476 between April and June 2025, up from €2,375 recorded in the second quarter of 2024.
The relatively high average is largely influenced by a small proportion of top earners whose salaries raise the overall mean, even though most workers earn far less.
This disparity highlights the continuing wage inequality across Cyprus, where the median wage remains significantly below the average.
Across the EU, electricity prices for households remained broadly stable at €28.72 per 100 kWh, showing only a slight 0.5 per cent decline from €28.87 in the second half of 2024.
However, despite this period of stability, prices remain well above pre-2022 energy crisis levels.
At the same time, the share of taxes and levies in household electricity bills increased from 24.7 per cent in late 2024 to 27.6 per cent in early 2025, partly offsetting the impact of lower pre-tax energy costs.
According to an announcement, the two awards, from the BOOST and Fast Track Innovation (FTI) programmes, are fuelling the company’s next phase of growth
The BOOST programme is serving as the engine for Ask Wire’s transformation of its proven analytics platform into a scalable European business.
The funding supports key growth initiatives including market research and client development in Poland and the Czech Republic.
In exercising its responsibilities to safeguard investor protection and ensure the smooth functioning of the capital market, CySEC said that it has temporarily suspended the publication of the Certification Registers and the announcements of certification examination results on its website.
The commission stressed that obtaining certification is a prerequisite for the employment of individuals in supervised entities that provide financial services, in accordance with the Directive for the Certification of Persons and the Certification Registers (Regulatory Administrative Act 44/2019).
This marks a 13.8 per cent increase when compared with the €511.4m recorded in the same month of the previous year.
For the January to August 2025 period, total revenue from tourism is estimated at €2.47 billion, up 16.5 per cent from €2.12 billion in the corresponding period of 2024.
Cystat said the increase reflects strong visitor spending and steady growth in arrivals, particularly from key markets such as the United Kingdom, Israel and Poland.
The average expenditure per person rose to €966.41 in August 2025, compared with €921.59 a year earlier, representing a 4.9 per cent increase.
The consumer protection service (commerce ministry) confirmed that an investigation is under way into the agency, which is considered insolvent and “may be unable to fulfil its contractual obligations.”
The service has also urged citizens not to make any new payments to the company.
The case first came to light in late September, with the consumer protection service reporting that it had received a growing number of complaints from customers who never received the trips they paid for.
The consumers association had advised travellers to ensure that agencies were properly registered and covered by financial guarantees before booking.
This new initiative aims to promote the region’s tourism product and cultural heritage by integrating it with local businesses and gastronomy.
“The inclusion of Troodos in the Global Geoparks Network in recent years was a significant event for the region,” the company said.
“Today, local food service, tourism, and local product businesses have an important role to play in highlighting and capitalising on this status,” it added.
This context provides the backdrop for the company’s new initiative to create a new cooperation programme named Troodos Geopark Partner.
A total of 1,130 land sales were recorded, split between 794 building plots worth €189.9 million and 336 fields that generated €170.5 million.
Although building plots accounted for the majority of transactions, fields recorded significantly higher average values, reaching €507,440 per sale, compared to €239,170 for building plots.
This contrast reflects the nature of investment. Plots typically serve residential demand, while fields often involve larger parcels with long-term development potential, from tourist zones to renewable energy projects.
In Nicosia, 341 building plots were sold during the first half of the year, making them the second most popular property type after apartments.
This marks “another decisive step in strengthening the country’s international connectivity”, Cyta stated.
The BlueMed project, developed by Italian telecommunications provider Sparkle in collaboration with Google and other global partners, forms part of a wider submarine cable system linking Italy with the Mediterranean, the Near East, and India.
The system delivers high-speed, low-latency connectivity between Europe, the Middle East, and Africa, supporting faster and more reliable data exchange across three continents.
The landing of BlueMed in Cyprus, led by Cyta, further reinforces the island’s role as a strategic telecommunications hub in the Eastern Mediterranean.
The goal of the visit was to build a European community against money laundering by strengthening the coordination between AMLA and the NCAs.
According to an announcement by the Central Bank of Cyprus (CBC), the visit took place at the CBC headquarters.
Szego held a private meeting with Kleanthi Ioannidis, Cyprus’ permanent joint representative on AMLA’s General Council.
She also met with the CBC Senior Management, specifically Executive Board Member George Karatzias and Head of the Directorate for Financial Stability and Resolution Pani Karamanou.
Szego then chaired two round-table discussions.
CFA Society Cyprus is the local representative of the CFA Institute in Cyprus, dedicated to upholding professional excellence, ethics, and education within the financial industry.
In a piece of analysis released this week, she described a familiar fantasy, asking the reader to “imagine winning one million euros. Or even twenty-eight million. For most of us, it would be life-changing.”
But the CFA Society Cyprus analyst then urged readers to pause and consider the mathematics behind those dreams.
Bondareva observed that posters in local betting shops constantly announce new winners, describing how “bright posters announce the latest winners: ‘A lucky ticket sold in this area just won €100,000!’”
This means that Cypriot households had more money left to spend or save after paying taxes and receiving any government benefits, compared with the previous year.
This also includes the income of non-profit organisations that help households, such as charities and community groups.
The statistical service also reported that the total economy’s gross disposable income reached €30.66 billion for the year 2024, based on the preliminary figures.
This represents a decline from the €1.34 bn surplus, or 3.9 per cent of GDP, recorded in the same period of 2024, as expenditure outpaced revenue growth.
During January to September 2025, total government revenue increased by €650.10 million, or 6.2 per cent, reaching €11.20 bn, compared with €10.55 bn a year earlier.
Revenue from taxes on income and wealth rose by €182.20m, up 6.7 per cent, to €2.89 bn, while social contributions climbed 7.3 per cent to €3.47 bn.
The controls will apply to “sensitive strategic areas”.
A national mechanism will be established to monitor foreign investments.
MPs who voted in favour of the legislation said it was necessary for Cyprus to harmonise with the EU acquis.
They were alluding to the FDI Screening Regulation, which entered into force in October 2020. It establishes a framework for cooperation between EU member states and the European Commission to screen investments on security and public order grounds.
The index recorded a decrease of 0.4 per cent compared with August 2025 and a fall of 0.6 per cent compared with September 2024.
For the period January–September 2025, the index declined by 0.4 per cent year-on-year.
In September 2025 compared with August 2025, the index remained stable in mining and quarrying as well as in manufacturing, while water supply and materials recovery rose by 0.4 per cent.
As of December 31, 2024, total assets in financial instruments across the economy amounted to €795.27bn, with 50.3 per cent in equity and shares, 17.2 per cent in currency and deposits, and 18.8 per cent in loans.
Conversely, total liabilities reached €824.54bn, consisting of 50.8 per cent in equity and shares, 25 per cent in loans, and 12.1 per cent in currency and deposits.
The financial assets of households stood at €61.34bn by the end of 2024.
According to the CBC’s quarterly financial accounts, which cover the period ending June 2025, household debt stood at €19.70 billion, equivalent to 55 per cent of GDP.
This marks a slight decrease compared with the previous quarter, mainly due to the rise in gross domestic product.
Compared with December 2016, the household debt-to-GDP ratio has fallen sharply by around 62 per cent, underscoring a steady trend of deleveraging over recent years.
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