Cyprus Business Now
The Cyprus Real Estate Agents Registration Council released a statement on Tuesday expressing support for a new government bill related to the frequency of property valuations, saying that this will lighten the load on the Department of Land and Surveys, allowing it to focus on other tasks.
Specifically, the bill proposes changing how often the Department of Land and Surveys conducts general property valuations from every three years to every five years.
“We have raised the issue many times, both in private meetings with government officials and in our public statements,” council president Marinos Kineyirou explained.
Cyprus residents’ spending on travel abroad reached €1.39 billion in 2022, marking a significant bounce-back year for travel compared to 2021, when pandemic restrictions were still heavily impacting global mobility.
According to data released on Tuesday by the Cyprus Statistical Service (Cystat), a total of 158,294 residents embarked on international trips for personal reasons in 2022.
This figure represents an impressive increase of 110.5 per cent compared to the 75,204 residents who travelled abroad in the previous year.
The Public Debt Management Office (PDMO) released its annual report for 2023 on Tuesday, stating that the robust cash reserves of the Republic of Cyprus are expected to support the government in tackling the uncertainty observed in the global economy.
According to the report, the reserve of liquid assets at the end of 2023 amounted to nearly €2.83 billion (liquid funds deposited with the CBC), covering 132% of the debt maturing in the next twelve months. Excluding liquid assets, the Republic’s net debt stands at 68% compared to the gross debt of 77.4% of GDP at the end of 2023.
“The strong cash position of the Republic of Cyprus is expected to assist the government in addressing the uncertainty observed in the global economy and in limiting any negative impacts on cost-risk indicators to moderate levels,” the report said.
The Cyprus general government generated a surplus of €45.1 million during the final quarter of 2023, compared to a surplus of €29.2 million in the same period of 2022, according to a report released on Tuesday by the state’s statistical service.
Total revenue for the October-December 2023 period increased by €439.2 million (13 per cent), reaching €3.82 billion, compared to €3.38 billion in the corresponding period of 2022.
Meanwhile, total expenditures for the October-December 2023 period increased by €423.2 million (12.6 per cent), reaching €3.78 billion compared to €3.35 billion in the corresponding period of 2022.
According to government spokesman Konstantinos Letymbiotis, the two reviewed the discoveries made in 2022 by Eni and its partner TotalEnergies of Cronos and Zeus, which led to the drilling of the Cronos 2 appraisal well in late 2023.
A production test in early 2024 “delivered excellent performances and increased volumes,” Letymbiotis said.
Household debt in Cyprus stood at 66 per cent of Gross Domestic Product (GDP) at the end of 2023, while corporate debt reached 133 per cent of GDP, according to the Central Bank of Cyprus’ (CBC) quarterly financial accounts, published on Tuesday.
The CBC report highlighted that household assets in financial instruments totalled €55.8 billion by the end of December 2023.
Of this, 57 per cent was in cash, deposits, and loans, 2 per cent in securities, 23 per cent in equities, and 17 per cent in other financial assets.
Household debt reached €19.7 billion by the end of December 2023, with the debt-to-GDP ratio at 66 per cent, showing a marginal decrease compared to the previous quarter, largely due to GDP growth.
Large numbers of Cypriots are spending the Easter holidays abroad, data from the travel agents’ association showed on Tuesday.
The picture emerging from the first four months of the year, indicates that the number of Cypriots holidaying abroad will be comparable to 2023, a record year, while a small increase has not been ruled out.
Head of the travel agents’ association, Haris Papacharalambous, speaking to the Cyprus News Agency said trips abroad last an average of four to five days.
Papacharalambous noted that preliminary data show a strong trend towards travelling abroad for Easter, but a clearer picture will be emerge at the end of the holiday period.
Total sales of petroleum products in Cyprus amounted to 108,200 tonnes in March, marking a decrease of 3.2 per cent compared to the same month of the previous year, according to a report released this week by the state’s statistical service.
According to the report, a decline was observed in the provisions of marine gasoil, which fell by 6.8 per cent, as well as in the sales of heavy and light fuel oil, both plummeting by 32.9 per cent each.
The Industrial Production Index in Cyprus experienced an increase of 6.7 per cent year-on-year in February, reaching 103.4 points, with 2021 acting as the base year with a value of 100 units, according to a report released this week by the Cyprus Statistical Service.
Focusing on sectoral performance, the manufacturing sector experienced a growth of 6.9 per cent in comparison to February 2023. Additionally, there was a substantial rise in the sectors of water supply and material recovery, which surged by 33.8 per cent, and mining and quarrying, which increased by 29.3 per cent.
On the contrary, the electricity supply sector registered a decline, with a decrease of 5.2 per cent.
Combining foreign students’ university education with professional development could be the means to upgrade local services and fill seasonal needs, as well as generate jobs, Panayiotou said, following a ministerial council over the matter.
“Correct utilisation of expanded access to labour for third-country nationals will have a positive effect on Cyprus’ development […] through legal and transparent staffing [practices] and the further expansion of Cypriot higher education,” the minister said.
The Cyprus Stock Exchange (CSE) ended Tuesday, April 30 with minor profits.
The general Cyprus Stock Market Index was at 145.45 points at 12:55 during the day, reflecting an increase of 0.28 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 88.34 points, representing a rise of 0.30 per cent.
The total value of transactions came up to €223,352, until the aforementioned time during trading.
In terms of the sub-indexes, the main and investment firm indexes rose by 0.53 per cent and 0.43 per cent respectively. The alternative index fell by 0.13 per cent while the hotel index remained unchanged.
The biggest investment interest was attracted by Vassiliko Cement Works Public Company (no change), Demetra (+0.43 per cent), the Bank of Cyprus (-0.54 per cent), Logicom (+2.94 per cent), and Lordos United Plastic (no change).