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Cyprus Business Now: high-end properties, deposits, LNG, pensions

Cyprus Business Now: high-end properties, deposits, LNG, pensions

Cyprus’ ten most expensive property sales during November reached a total value of €24 million, according to real estate analytics firm Ask Wire.

The highest-value sale occurred in Limassol, involving offices in the Neapolis area, priced at €4.1 million.

The company’s findings for the month in question also revealed a slowdown in high-value property transactions across Cyprus.

Specifically, this segment of the real estate market dropped by 31 per cent month-on-month in November.

Limassol led the rankings, accounting for seven of the top ten transactions with a combined value of €17 million.

The Cyprus Mail recently sat down with Vladimir Bakuteev, a Cyprus-based AI entrepreneur and serial tech founder whose ventures span industries such as VR, gaming, education, and artificial intelligence.

As reported on Crunchbase, his ventures collectively generate over $60 million in annual revenue, with a combined valuation exceeding $150 million.

In the interview, Bakuteev shared insights into why he chose Cyprus as his entrepreneurial base, the island’s role as a burgeoning hub for innovation, and how his latest project, MyStylus, is impacting academic writing through generative AI.


This year’s holiday shopping period saw high levels of satisfaction among both consumers and traders, with most people preferring shopping malls for their purchases, it was reported on Wednesday.

The head of the Cyprus Consumers’ Association Marios Droushiotis said “We are pleased with the market activity. To be honest, I expected less traffic than what we witnessed, which is a pleasant surprise.”

He noted that shoppers were actively purchasing goods, both in shopping malls and street shops. However, the traffic in shopping malls was notably higher than in street shops, partly due to the rainy weather, Droushiotis told Cyprus News Agency (CNA).


Cyprus has the potential to become a significant supplier of liquefied natural gas (LNG) to the European Union, provided pre-drilling surveys are confirmed, Energy Minister George Papanastasiou said on Friday.

Speaking to CyBC, Papanastasiou emphasised the importance of LNG in the wake of Russia’s Gazprom halting gas exports earlier this week, marking a new era for the global LNG market. He highlighted the growing focus of the EU on the Eastern Mediterranean as a key resource hub.

“The key entry points for LNG imports to the continent are in Greece, Poland and Germany,” and Cyprus could become a supplier if the preliminary highly promising geological survey results in the island’s Exclusive Economic Zone (EEZ) are confirmed, Papanastasiou said.


The biggest pension hike in three decades was approved on Friday by the cabinet with an increase in the basic allowance by 5.94 per cent and in the supplementary amount by 1.49 per cent effective as of the end of January.

According to Labour Minister Yiannis Panayiotou, the monthly amount of the full basic pension is set to rise from €483.77 to €512.50.

The minimum pension, applicable to those without dependents, will increase from €411.20 to €435.62. This will benefit more than 14,000 people, he said.

Additionally, beneficiaries of the social pension will witness a boost from €391.85 per month to€415.13. Almost 18,000 will benefit from this hike, Panayiotou added.


The Cabinet on Friday approved a bill amendment requiring people involved in civil disputes worth up to €10,000 to attend a mandatory mediation session before filing a lawsuit in court.

The move is part of efforts to reduce the number of court cases, cut costs, and save time, Justice Minister Marios Hartsiotis said after the cabinet meeting.

He explained that mediation is the first step, followed by a new arbitration law currently being drafted.


Total deposits in Cyprus amounted to €54.8 billion in November 2024, according to the Central Bank of Cyprus’ monetary and financial statistics report released this week.

In addition, the central bank’s report showed that total loans stood at €24.9 billion during the same period.

Net deposits recorded an increase of €91.6 million in November, a significant slowdown compared to the €377.6 million rise in October.

The annual growth rate of total deposits remained steady at 5.4 per cent, the same as in the previous month.


The retail trade turnover value index in Cyprus increased by 7.2 per cent in November 2024, compared to the same month in the previous year, according to a report released this week from the state’s statistical service.

During the same period, the volume index of retail trade turnover rose by 6.3 per cent year-on-year.

In terms of value, the largest increases were recorded in educational and recreational goods—such as books, stationery, sports equipment, and toys—and clothing and footwear, both rising by 12.3 per cent.


Industrial turnover in Cyprus increased by 1 per cent in October 2024 compared to the same month in 2023, according to the Cyprus Statistical Service (Cystat).

In its latest industrial turnover report, released on Friday, Cystat also reported that there was a 2.1 per cent rise recorded during the first ten months of 2024.

Moreover, in October 2024, the industrial turnover index reached 137.6 points, with 2021 acting as the base year set at 100 points, reflecting a modest year-on-year growth of 1 per cent.


The Cyprus Stock Exchange (CSE) ended Friday, January 03, with losses.

The general Cyprus Stock Market Index stood at 215.14 points at 12:44, reflecting a drop of 0.14 per cent.

The FTSE / CySE 20 Index was at 130.77 points, representing a decrease of 0.15 per cent.

The total value of transactions came up to €164,983, until the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.25 per cent and 0.86 per cent respectively. The alternative index rose by 0.14 per cent while the hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (-0.43 per cent), Demetra (-0.87 per cent), Hellenic Bank (+0.21 per cent), Logicom (+0.63 per cent), and Petrolina (no change).

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