Zavos Group chief executive Michalis Zavos this week said that Limassol is experiencing a surging demand in rental properties, with office space being particularly sought after.

“The problem lies in the demand for rent, since there are many companies that have come to Cyprus, mainly technology and financial services companies, who are looking for office space, but also residential units for their staff,” Zavos told local outlet InBusiness.

“At the moment, there are no ready-made properties available, but there are several under construction,” he added.

Zavos explained that the demand mainly concerns large office spaces, with companies seeking either entire buildings or spaces inside other buildings.

In both cases, the spaces that are being sought after concern properties between 500 square metres to 5,000 square metres, a reflection of the size of the companies that have recently relocated to Cyprus.

Moreover, Zavos said that the increased demand primarily concerns companies from Russia, Ukraine and other European countries.

The relocation of companies from Israel has also sharply increased, mainly in the technology and forex sectors.

The European Commission on Tuesday announced that it has approved a €20 million Cypriot VAT deferral scheme to support businesses affected by the coronavirus pandemic and the restrictive measures in place to limit the spread of the virus.

The commission explained that the scheme was approved under the State aid Temporary Framework.

Under the scheme, the aid will take the form of deferrals of VAT with the exclusion of interests and penalties related to the deferred amounts.

“The aim of the scheme is to enhance the liquidity of the beneficiaries and to help them continue their activities during and after the pandemic,” the commission said in a statement.

“The Commission found that the Cypriot scheme is in line with the conditions set out in the Temporary Framework,” it added.

Finally, the commission stated that it deemed that the measure was “necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State”.

The Larnaca tourism board (Etap) announced this week that it has entered into a partnership with UCLan Cyprus University.

The agreement was ratified through the signing of a memorandum of understanding.

“The memorandum now formally establishes the framework for cooperation on issues related to research and innovation in the fields of tourism and hospitality, strategic planning and destination management,” Etap said in a statement.

“Joint actions include the preparation of studies, the exchange of know-how, the preparation and holding of seminars, the promotion of initiatives and programmes, as well as other actions aimed at upgrading the quality of the tourism industry in the Larnaca region and beyond,” it added.

The agreement was signed by Etap president Dinos Lefkaritis and UCLan Cyprus council chairman Floros Voniatis.

“The memorandum of understanding with Etap Larnaca was signed under the framework of the university’s strategy which is oriented to strengthening its extroversion and collaborations with local bodies, as well as in the growing demands for excellence, distinction, research and innovation,” Voniatis said.

The Cyprus Stock Exchange (CSE) ended Tuesday, June 21 with losses.

The general Cyprus Stock Market Index was at 69.75 points at 12:40 during the day, reflecting a drop of 0.1 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.81 points, which represents a decrease of 0.12 per cent.

The total value of transactions came up to €50,467.

In terms of the sub-indexes, the main and alternative indexes fell by 1.83 per cent and 0.3 per cent respectively.

The investment firm and hotel indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (-1.14 per cent), Petrolina (no change), Atlantic Insurance (no change), Frou Frou (-2.78 per cent), and Vassiliko Cement Works (+1.5 per cent).