Paphos has emerged as the strongest performer for high-end houses in Cyprus’ residential property market, according to a report released on Monday by Landbank Analytics.

The report showed that average house prices surged 16.9 per cent year-on-year in Paphos, climbing from €593,000 in the first quarter of 2024 to €693,000 in the same period of 2025.

The strong performance is fuelled by sustained demand from international buyers seeking premium properties, confirming Paphos’ status as a prime destination for high-end residential investments.

In contrast, average apartment prices in Paphos declined by 10.3 per cent, dropping from €320,000 to €287,000. This downturn may reflect a shift in the types of apartments available or a broader adjustment in the market following previous rapid growth.

“Paphos remains the top destination for high-end homes, while Limassol continues to lead in premium apartment sales,” said Andreas Christophorides, CEO of Landbank Group.

Eurobank recently acquired 3.8 million of its own shares as part of its share buyback programme, according to an official announcement.

Specifically, Eurobank Holdings stated that between June 16, 2025, and June 20, 2025, it acquired 3,829,180 of its own shares traded on the Athens Exchange.

The shares were purchased at an average acquisition price of €2.69 per share, with a total acquisition cost of €10.32 million.

Following these purchases, Eurobank Holdings now holds a total of 20,112,943 own shares. These shares correspond to 0.54 per cent of its share capital.

Sir Stelios Haji-Ioannou, founder of the easy family of Brands and president of the Stelios Philanthropic Foundation, has launched the third edition of his awards for young entrepreneurs in Cyprus.

This year’s competition, titled Stelios Awards for Young Entrepreneurs in Cyprus, will award a total of €200,000 to the top three business ideas.

The first prize winner will receive €100,000, the second prize winner will receive €60,000, while the third prize winner will receive €40,000.

The announcement explained that candidates for the Young Entrepreneurship Awards must be under 34 years old and must have founded a company in the Republic of Cyprus within the past five years, with an annual turnover of €40,000.

It should also be mentioned that young entrepreneurs of any nationality are eligible to participate in the Stelios Awards for Young Entrepreneurs in Cyprus 2025.

President Nikos Christodoulides chaired a meeting on Monday at the presidential palace with a delegation from the Cyprus Property Developers Association.

According to an official announcement, the president began the meeting by outlining the various issues to be discussed, concerning both government actions and the association itself.

Moreover, he “expressed his gratitude to the association for its cooperation with the government on the housing schemes lauched by the Interior Ministry”.

The president further stated that “the association’s assistance in shaping and improving the schemes to make them more attractive has been decisive, always aiming to address the significant challenge of housing, which remains a priority for the government”.

Christodoulides pointed out that public response to these schemes has been “particularly positive“.

Bcentriqe.ai, headquartered in Santa Clara (Silicon Valley), California, United States, has announced its strategic expansion into Cyprus.

According to an announcement by Invest Cyprus, the move “aims to empower youth and entrepreneurs with pioneering artificial intelligence solutions”.

The agency also said that Bcentriqe.ai’s decision “underscores its commitment to educate and recruit young people and entrepreneurs in Cyprus around artificial intelligence technologies”.

At the same time, the move “establishes Cyprus as a central hub for AI-based solutions and services connecting Greece, Europe, the Middle East and Africa”.

Cyprus recorded the fourth lowest share of renewable energy in net electricity production among EU member states during the first quarter of 2025, according to data released by Eurostat.

Across the European Union, 42.5 per cent of net electricity generated in the first quarter of 2025 came from renewable sources.

This marked a decrease of 4.3 percentage points compared to the same period in 2024, when renewables accounted for 46.8 per cent of net electricity production.

Among EU countries, Denmark achieved the highest share of renewables in net electricity generation during the first quarter of 2025 with 88.5 per cent. Portugal followed with 86.6 per cent, while Croatia ranked third with 77.3 per cent.

The lowest shares were observed in the Czech Republic with 13.4 per cent, Malta with 14.4 per cent, and Slovakia with 15.1 per cent. Cyprus followed these three countries, ranking fourth from the bottom among EU member states.

Ermes Department Store Plc on Monday announced the appointment of Polys Michaelides as an independent non-executive director of the company’s board of directors.

According to the relevant submission to the Cyprus Stock Exchange (CSE), the decision was made following a resolution by the board.

The announcement noted that Michaelides holds a degree in business studies from London and is a Fellow of the Institute of Chartered Accountants in England and Wales. His ongoing professional education includes accounting, anti-money laundering, compliance and investment frameworks, including MiFID and SFDR regulations.

The announcement said that he brings “extensive experience” to the company, having previously served as chief financial officer, legal director, data protection and anti-money laundering director, and company secretary in leading insurance groups operating in Cyprus and Greece.

The Cyprus Stock Exchange (CSE), acting as the clearing body for the competitive electricity market (CEM), on Monday announced the launch of a certification process for energy clearers.

The process includes an online seminar on July 3, 2025, which will cover the clearing terms of the competitive electricity market, followed by a written examination scheduled for July 15, 2025.

The certification of energy clearers is a mandatory requirement for entities seeking registration as Clearing Members within the market.

The CSE emphasised that applications to become a clearing member in the competitive electricity market should be submitted as soon as possible.

The Cyprus Chamber of Commerce and Industry (Keve) has released an announcement regarding the upcoming “The Future of Digital Investments in the EU” Conference 2025.

The event is being organised by the European Digital Innovation Hub Add Smart, in collaboration with the Enterprise Europe Network, Ideal-ist, the Network of National Contact Points for ICT, and DEP4ALL.

The event is scheduled to take place on July 2 and 3, 2025, at the Aalborg Congress & Culture Center in Aalborg, Denmark.

“This conference will bring together voices from business, academia, and policymaking to exchange ideas, spark collaborations, and define priorities for Europe’s digital transformation,” the organisers stated.

Alongside the main sessions, attendees will have the opportunity to participate in a dedicated B2B matchmaking event.