Cyprus Business Now: most expensive properties, tourism, industrial prices
Limassol led the way in Cyprus’ high-value real estate transactions in August 2024, contributing significantly to the total of €20.9 million in sales across the island, according to real estate analytics firm Ask Wire.
In particular, the most expensive transaction was a €5.4 million house in Ayios Tychonas, Limassol, as the district dominated the top sales alongside Paphos.
Moreover, the Limassol and Paphos districts each saw four transactions among the top ten sales, while Nicosia and Larnaca accounted for the remaining two.
Specifically, in Limassol, the total value of these transactions amounted to €10.3 million, while in Paphos, the value reached €7.5 million.
Meanwhile, Nicosia recorded sales worth €1.7 million, and Larnaca €1.25 million.
Turning to tourism, Cyprus’ tourism revenue reached €474 million in July 2024, marking a 4.3 per cent rise compared to €454.6 million in the same month the previous year, according to data from the Cyprus Statistical Service (Cystat).
During the period from January to July 2024, total tourism revenue amounted to €1.61 billion, a 4.3 per cent increase from the €1.54 billion recorded during the same period in 2023.
However, the average expenditure per tourist in July 2024 was €859.95, which was slightly lower by 0.9 per cent compared to €867.96 in July 2023.
In terms of industrial activity, Cyprus’ industrial producer prices index (PPI) for August 2024 reached 124.1 points (base 2021=100), marking a slight decrease of 0.1 per cent compared to July 2024, according to a report by the Cyprus Statistical Service (Cystat).
On a year-on-year basis, the index saw a 0.4 per cent drop when compared to August 2023. Furthermore, for the period January to August 2024, the PPI decreased by 2.2 per cent compared to the same period in 2023.
The Cyprus Stock Exchange (CSE) came under significant pressure on Wednesday, October 2, amid escalating tensions in the Middle East.
By 12 noon, the General Cyprus Stock Market Index had dropped to 189.18 points, marking a substantial decrease of 1.49 per cent compared to the previous trading session.
The FTSE/CySE 20 Index followed a similar trend, falling by 1.50 per cent to 115.16 points.
Trading volume was notably low, reaching just €93,878 by midday.
In terms of sub-indixes, the main market suffered a notable decline of 1.76 per cent, while the alternative market recorded a modest loss of 0.05 per cent.
The investment market dropped by 0.80 per cent, and the hotel index remained unchanged.
The most significant investment activity focused on Hellenic Bank, which saw €48,035 in trades but dropped by 2.75 per cent.
Bank of Cyprus followed with €34,856 in trades, declining by 1.50 per cent. Logicom fell by 1.36 per cent, attracting €9,425 in transactions, while Blue Island recorded a 0.54 per cent drop with €1,840 traded. The Cement Factory Vasilikos remained stable with no change, despite €1,740 in trades.