Here are the top business stories in Cyprus from the week starting November 17:
The meeting, held on November 15 at the premises of the Limassol Chamber of Commerce and Industry (Evel), served as a review of the association’s actions and allowed for a discussion of strategic priorities for the future of the real estate profession.
During his address, association president Christos Nicolaou presented the association’s achievements and detailed the important actions taken during 2025.
He highlighted the successful renewal of 90 per cent of licences for registered real estate agents and assistants, following the association’s interventions with the Cyprus Real Estate Agents Registration Council.
According to the Cyprus Statistical Service (Cystat), tourist arrivals reached 537,744 during this time, up 17.1 per cent from the 459,106 recorded in October 2024.
For January to October 2025, total arrivals amounted to 4,142,534, compared with 3,727,196 in the same period of 2024, an increase of 11.1 per cent.
Arrivals from the United Kingdom remained the largest source market, accounting for 31.4 per cent or 168,792 visitors.
Israel was the second-largest market with 59,508 arrivals, representing 11.1 per cent of the total, followed by Germany (41,783 arrivals or 7.8 per cent) and Poland (36,262 tourists or 6.7 per cent).
The CBC’s total assets were primarily driven by claims within the Eurosystem, which reached €20.24 bn.
The second largest asset class comprised securities in euro from euro area residents totalling €6.95 bn.
Holdings of gold and gold receivables stood at €1.45 bn. Furthermore, claims in foreign currency against non-euro area residents amounted to €1.09 bn.
Other key assets included claims in euro against non-euro area residents at €564.42 million and claims in foreign currency against euro area residents at €25.62 million.
In a written statement, he said it was “particularly encouraging” that Brussels now expects Cyprus’ economy to grow by 3.4 per cent in 2025, revising its projection upward by 0.4 percentage points from the spring.
Growth for 2026 was also raised by 0.1 percentage point to 2.6 per cent, placing Cyprus third in the Eurozone for expected performance.
According to Keravnos, the report “confirms the continued confidence of the European Institutions in the Cypriot economy” and reflects the government’s “consistent economic policy, which forms solid foundations for a sustainable, extroverted and socially fair development model”.
He added that Cyprus is “moving forward with stability, planning, responsibility and prudent fiscal policy”.
The delegation was accompanied by Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou.
Oev was represented by its former president Antonis Antoniou, while CITEA’s delegation was led by its president Dimitris Nisiotis.
Moreover, seven Cypriot companies, all CITEA members, joined the visit.
According to the organisers, participants were briefed on Qatar’s business environment and held a series of meetings with local companies and organisations.
This allowed Cypriot firms to present their services and products, while also exploring possible areas for cooperation.
“The findings of the European Commission’s autumn economic forecast for Cyprus constitute a clear political confirmation that our country is on a steady path of progress, credibility and resilient growth, at a time when Europe and the international economy are being tested by uncertainty, geopolitical tensions and shifting balances,” he told reporters during a media briefing at the Press and Information Office.
The forecasts revised upwards the projected growth rate, raising the 2025 estimate to 3.4 per cent from 3.0 per cent and the 2026 estimate to 2.6 per cent from 2.5 per cent.
This places Cyprus third in growth performance in the euro area with a margin approaching two percentage points above the euro area and EU averages.
He also underscored that the period of January-October 2025 was “the best ten-month period in the history of our country’s tourism”.
Specifically, tourist arrivals reached 537,744 in October 2025, significantly up from 459,106 recorded in October 2024, marking an increase of 17.1 per cent.
For the period of January–October 2025, total tourist arrivals reached 4,142,534, compared to 3,727,196 in the corresponding period of 2024, representing an increase of 11.1 per cent.
Arrivals from the United Kingdom were the primary source of tourism for October 2025, accounting for 31.4 per cent of total arrivals, which equated to 168,792 visitors.
According to a statement, the agreement marks “an important step towards protecting the country against modern challenges and threats” and is intended to support more effective, transparent and uniform implementation of the anti-money laundering (AML) framework.
Under the MoU, the two bodies will work more closely and systematically on issues related to AML legislation.
They will also be able to exchange information within their respective mandates, while respecting confidentiality rules and limiting data use strictly to powers provided by law.
According to Etap, its board of directors met this week and approved both the budget and the plan for the next year.
The plan covers initiatives across the province and continues to prioritise product upgrades, improved visitor experiences, the digitalisation of information and the use of new technologies.
It also maintains, as stated, a strong emphasis on a more intensive campaign and public relations work both within Cyprus and abroad to promote Paphos as a destination.
In his address, the minister also detailed major policy plans concerning housing, climate, and energy.
In a similar vein to yesterday’s comments by government spokesman Konstantinos Letymbiotis, Keravnos defended the government against criticisms regarding its ability to manage the country’s issues.
“We are working concertedly and methodically to turn difficulties into opportunities and for a more resilient economy, a fairer society, and a more sustainable future for all,” he said.
During a session of the House commerce committee, officials said that while about €100,000 must be returned to affected customers, the travel organiser’s guarantee amounts to just €12,000, meaning each consumer will receive roughly 13 cents per euro paid.
According to the Cyprus Consumers Association, most of those affected were pensioners.
After the session, Stavros Papadouris, president of Cyprus’ Green part and an MP, said “consumers will once again come to pay for the negligence of the state in the end”.
The agreement was concluded during the ‘Building Bridges for the Future of the Aggregates Industry – Cyprus and China’ event, held under the auspices of the Cyprus Chamber of Commerce and Industry (Keve).
According to the Cyprus association, the memorandum aims to “promote sustainable and innovative practices”, while also seeking to strengthen competitiveness and business extroversion.
It added that the agreement is intended to encourage the exchange of know-how and technological progress, and to create new business and investment opportunities.
At the same time, the association said the cooperation is “expected to contribute substantially to the sustainable development of the aggregates industry” and reinforce Cyprus’ presence on the international industrial and business map.
The service reported that the index also inched up by 0.1 per cent when compared with September 2025, reflecting stable overall price conditions during the month.
Recreation and culture recorded the strongest annual increase at 5.2 per cent, matched by restaurants and hotels, which also rose by 5.2 per cent.
Clothing and footwear registered the largest annual decrease with a drop of 6.6 per cent, followed by housing, water supply, electricity and gas, which fell by 2.2 per cent.
On a monthly basis, clothing and footwear climbed by 3.7 per cent compared with September, while restaurants and hotels fell by 1.7 per cent.
The initiative, launched by President Nikos Christodoulides in London earlier this year, is part of a broader push to reverse years of “brain drain” and strengthen the island’s knowledge-based economy.
Earlier reports showed the platform drew more than 300 registrations in its first two weeks, from 23 countries.
Since then, interest has broadened, with around 130 companies and organisations now posting vacancies, many at senior or specialist level. Salaries range from €50,000 to more than €110,000, in some cases up to €115,000, according to the official site, with additional benefits such as national health scheme (Gesy).
Piki said most registrants are highly qualified, describing them as people “with skills and heavy CVs,” who hope to “seize professional opportunities and return home”.
His address, read out by municipal councillor Dinos Toumazis at the Cyprus Chamber of Commerce and Industry (Keve) gathering in Ayia Napa, also stressed that local businesses “managed to survive the refugee crisis” and continued to grow, proving that “the spirit of Famagusta thrives despite the adversities”.
He added that their contribution “even after the refugee crisis, is very important”, supporting citizens, organised groups and the municipality.
However, Ioannou said the occupation “remains a powerful factor of destabilisation and potential new conflicts”, while arguing that with the city’s return, residents should be able to pursue “the unhindered continuation of life, creation, productivity and joy, without occupation armies and dividing lines”.
Finance Minister Makis Keravnos explained that the government had inherited “problematic public contracts” which had been subject to time-consuming court procedures and had resulted in significant delays to important projects.
Keravnos stated after the Cabinet meeting that the mechanism would be independent and its composition would ensure transparency and independence.
The body will be made up of three members. These include two members of the public service, appointed by the Central Committee for Changes and Claims, and one member designated by the Technical Chamber of Cyprus (Etek).
This year Slush brings together over 13,000 founders, investors, and operators from more than 100 countries, with thousands of startup leaders and fund managers managing trillions in capital on the ground.
In the middle of that noise Cyprus again has a clear presence. The Research and Innovation Foundation (RIF) leads a 14-startup delegation, returning for a fourth consecutive year with an official national mission that cuts across AI, health tech, sustainability, biotech, and digital platforms.
Eurobank was an official sponsor of the symposium, which, according to the bank, enabled it to underline the need to “accelerate the energy transition while leveraging Cyprus’ strategic location”.
The event, held under the theme ‘Time for energy projects’, focused on the major challenges facing the energy sector amid global geopolitical instability, the widening international energy crisis and the growing need to expand the use of renewable energy sources.
Discussions centred on natural gas, electricity, renewables and the need to secure a more modern, competitive and sustainable energy model.
The announcement mentioned that the symposium “aimed to advance Cyprus’ energy planning and support the development of natural gas reserves by offering a technocratic framework for the country’s next steps”.
The discussion, held under the theme ‘Mass Real Estate Purchase and Housing Crisis: Right or Privilege?’, brought together Akel MP Aristos Damianou, MEP Ilaria Salis, scientific and technical chamber (Etek) chairman Constantinos Constanti and association of building contractors (Oseok) president Stelios Gavriil.
As mentioned at Politis, they warned that despite national and European measures, the housing problem continues to deepen, with rising sale prices and rents pushing low- and middle-income households further out of the market.
Salis said demand pressures in Cyprus mirror those seen in many Italian cities, adding that the housing crisis “is something the entire EU has been facing in recent years”.
Notably, the most expensive transaction was a €5.1m apartment in Ayios Antonios, Limassol, as the district once again dominated the top sales alongside Paphos.
In addition to this, Limassol recorded five transactions among the top ten sales, while Paphos followed with three. Famagusta and Larnaca accounted for the remaining two.
Specifically, in Limassol, the total value of these transactions amounted to €16m, while in Paphos the value reached €11.3m.
Meanwhile, Famagusta recorded €7.35m, Nicosia €6.15m, and Larnaca €6m.
Addressing the general assembly of the association of large investment projects on Thursday, Christodoulides stated that despite an international backdrop of “instability, uncertainty and tensions”, Cyprus has managed to remain an attractive and reliable investment destination.
He said that this has been the result of “a modern regulatory framework, a business-friendly environment and a responsible fiscal policy”.
He also pointed to comparative advantages that bolster Cyprus’ regional role, describing the country as a pillar of stability “with a real, substantial prospect of becoming a hub of entrepreneurship, innovation and development”.
The high ratio underscores the island’s position as a destination for international families, with Cyprus recording 2,584 permits per 100,000 population under 18 years of age.
This figure was surpassed only by Malta, which recorded 3,379, and was significantly higher than Luxembourg, which was third at 1,861.
In contrast, countries like Latvia, Croatia, Estonia, Bulgaria, and Romania all recorded a ratio of less than 200 first permits per 100,000.
According to Eurostat, the European Union’s overall annual inflation stood at 2.5 per cent in October, edging down from 2.6 per cent in September, while inflation in the euro area slipped from 2.2 per cent during the same period.
A year earlier, euro area inflation had been 2.0 per cent, and the EU rate had reached 2.3 per cent.
Eurostat, the statistical office of the European Union, confirmed these headline figures and highlighted Cyprus as the Member State with the lowest inflation rate, alongside France at 0.8 per cent and Italy at 1.3 per cent.
The mission is organised by the Cyprus Computer Society with support from the Research and Innovation Foundation.
Cyprus will be represented in the elementary category by The Dream Team from the independent SteamDream Team, coached by Antonis Phoinikaridis, and made up of Christoforos Phoinikaridis, Panagiotis Lagos, and Sotiris Petrou.
In the junior category, the team ‘Gymnasio Aradippou 2025’ from Aradippou Gymnasium will compete, coached by Giorgos Petrou, with students Giorgos Chatziloizou, Agathangelos Georgiou, and Nektarios Christoforou.
The group “is taking decisive steps to embed Artificial Intelligence (AI) across our business, with a clear strategy to enhance efficiency, decision-making, and operational excellence”, according to Chief Technology Officer Gregoris Gregoriou.
He noted that, beyond early adoption, the company is “actively exploring how advanced technologies, such as Robotic Process Automation (RPA), Augmented Reality (AR), Blockchain, and next-generation cybersecurity, can work together to create a smarter and more resilient digital ecosystem for the Group”.
According to him, “our goal is not simply to use AI, but to integrate it into day-to-day operations, automate repetitive processes, empower commercial and technical teams, enhance security, and unlock predictive capabilities that will strengthen fleet operations and commercial performance”.
The foundation said that this helped to showcase “the dynamic potential of the island’s local research and innovation (R&I) ecosystem”.
The event drew more than 13,000 attendees, including 3,500 investors and 6,000 startup founders from around the world, offering a unique platform for networking and promoting innovative ideas.
The Cypriot delegation consisted of RIF executives and representatives from the 14 startups that have been funded or supported by the Foundation’s programmes.
Addressing president Nikos Christodoulides, association president Andreas Demetriades said that Cyprus needs a coherent national strategy built around “healthy and sustainable development” and clear incentives.
Speaking at the association’s general assembly, he noted that large projects “create jobs, strengthen the social fabric and safeguard the future prospects of Cyprus”.
He added that this underpinned the push for a Deputy Ministry able to drive competitiveness, attract high-quality investment and coordinate long-needed reforms, from simplification and digital services to “the operation of a real one-stop shops for investors”.
Such a body, he said, should also oversee targeted licensing for strategic projects to “measurably accelerate the development process”.
Adobe will pay $12 a share in cash, a premium of about 77.5 per cent to Semrush’s last closing price.
Semrush shares jumped 74 per cent to $11.79 following the announcement.
Semrush, founded in 2008, develops AI-driven tools for search-engine optimisation, social media and digital advertising.
It has offices in 12 global cities, including Limassol, where it has maintained a significant presence since 2015.
Ahead of his official address at the BusinessEurope summit, hosted in Nicosia, Christodoulides commented that the presence of representatives from the European business community has added value for the country.
He said that more than 70 per cent of the files to be handled during the Cyprus Presidency concern the competitiveness of the European Union.
“Finally, this issue is being discussed seriously,” the president said.
“We have moved beyond the stage of discussions and we have moved on to the stage of decisions, so that everything that needs to be done is done to strengthen the competitiveness of the European Union, an area where we lag behind internationally,” he added.
According to the company, this was “part of the company’s ongoing commitment to sustainability and ocean conservation”.
“Working alongside Blue Thunder Diving and with the support of AKTI Project & Research Centre, a team of volunteers collected over 200kg of waste from the seabed, contributing to a cleaner and healthier coastal environment,” the company said.
It added that “the initiative forms part of the company’s broader sustainability efforts, aligned with DP World’s global “Our World, Our Future” strategy and the United Nations’ Sustainable Development Goal 14 – Life Below Water”.
Overall, 543,526 residents made at least one trip involving an overnight stay, a 9.1 per cent increase compared with the 498,026 recorded in 2023.
Domestic trips increased by 3.5 per cent, reaching 1.62 million in 2024.
Of these, 98.5 per cent were for personal reasons, and rented accommodation, including hotels, similar establishments, campsites and hostels, accounted for 51.2 per cent of stays.
Non-rented accommodation made up the remaining 48.8 per cent.
Meanwhile, outbound trips totalled 1.75 million, marking a 4.3 per cent rise from 2023.
Under current rules, businesses with turnover of up to €200,000 and assets of €500,000 may submit reviewed, rather than audited, financial statements.
However, a Disy bill proposes widening the turnover threshold to €900,000, a move that would place 60,399 companies, around 66 per cent of all firms, under the lighter regime.
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