President of the hoteliers association (Pasyxe) Thanos Michaelides on Friday said hotel occupancy in July ranges between 80 and 85 per cent, stating that the flow of reservations is normal for this time of year.

“We are at the peak of the summer season,” Michaelides told to the Cyprus News Agency (CNA), explaining that July and August are the two main months for the sector.

He added that bookings are expected to continue growing, potentially reaching the levels recorded during the first half of 2025.

According to Michaelides, the United Kingdom, Israel and Poland remain the three key markets for Cyprus tourism.

In addition, he expressed confidence that these countries would perform well again in November, just as they did last year.

The need for a rational regulatory framework for short-term rentals was the central focus of a recent meeting between the Cyprus Property Developers Association and Kyriacos Hadjiyiannis, chairperson of the house committee on energy, trade, industry and tourism.

According to a statement issued by the association, the meeting was attended by the association’s chairman Yiannis Misirlis, board member Nicolas Karoullas, and general director Mersina Isidorou.

During the meeting, Misirlis underscored the “significant contribution that short-term rentals make to the Cypriot economy and tourism sector“. He referenced Barcelona as a frequently cited example in the ongoing debate around rental platforms, but argued that the comparison to Cyprus is misleading.

“Barcelona faces a serious problem of overtourism, whereas our country is actually striving to increase tourist arrivals and strengthen its competitiveness” he said. He added that the restrictions imposed in Barcelona did not prohibit short-term rentals outright, but instead introduced regulatory oversight.

Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou participated in the Informal Competitiveness Council of the European Union on Research, which took place in Copenhagen, Denmark, between July 16–17, 2025.

According to an announcement released on Friday, the minister held political discussions with a number of his counterparts. During these discussions, the minister is said to have “played an active and coordinating role”, serving as rapporteur and “enhancing Cyprus’ contribution to the process of shaping European policy on research and innovation“.

The discussions focused on a common European approach to advancing critical technologies such as artificial intelligence and semiconductors, as well as the European Commission’s proposal for the Tenth Framework Programme (FP10) for Research and Innovation, published on July 16.

“Cyprus reiterated its readiness to support a joint European approach to the development of research infrastructures in critical technologies, with an emphasis on shared infrastructures serving the EU’s strategic objectives, such as the green and digital transitions,” the ministry said in its statement.

The finance ministry has “absolutely refused” to pay any money to Greece’s independent transmission system operator (Admie) for the Great Sea Interconnector project, on account of the fact that the project is “frozen”, according to reports on Friday.

News website Brief reported that the ministry’s permanent secretary Andreas Zachariades penned a letter to the energy ministry and to Cyprus’ transmission system operator (TSO) ahead of last week’s meeting of the House energy committee – the last before parliament’s summer recess.

At that meeting, the website reported, Energy Minister George Papanastasiou had “tried to justify, in some way, the financial request made by Admie, by saying that the cable laying work is supposedly progressing”, after Admie had asked Cyprus to pay €25 million as part of its obligations regarding the project.

Then, according to the same report, the TSO wrote to the finance ministry and asked to be informed of how the €25m Admie had requested will be spent, and how Cypriot consumers will be affected, given that Admie had asked the Cyprus energy regulatory authority (Cera) to begin charging Cypriot consumers directly to finance the payment.

The construction materials price index reached 119.03 units in June, based on 2021 as the reference year, according to official data released on Friday.

The Cyprus Statistical Service (Cystat) reported that this figure represents a marginal increase of 0.07 per cent compared to May of this year.

In addition, on an annual basis, the index recorded an increase of 1.33 per cent compared to June 2024.

For the period from January to June 2025, the index rose by 1.25 per cent in comparison with the same period in 2024.

The Cyprus Securities and Exchange Commission (CySEC) has confirmed that the Administrative Court has annulled its decision to impose major fines on Ioannis and Amalia Vardinoyiannis, following a long-running legal battle over a 2017 market abuse ruling.

The court issued its decision on June 30, 2025, concerning joint applications 1523/2018 and 1524/2018, filed by the Vardinoyiannis siblings.

The case related to CySEC’s ruling dated November 13, 2017, which fined Ioannis Vardinoyiannis a total of €6,388,300 for breach of Article 9(1)(a) of the Market Abuse Law (116(I)/2005), in connection with the 2007 acquisition of shares in Sea Star Capital Plc.

His sister, Amalia Vardinoyiannis, was separately fined €50,000 for breach of Article 41 of the Cyprus Securities and Exchange Commission Law (73(I)/2009). Both individuals contested the penalties, arguing procedural failings in CySEC’s handling of the case.

Cyprus’ working life expectancy has climbed to 39 years, placing the island well above the EU average of 37.2 years in 2024, according to Eurostat data released on Friday.

The figure reflects the expected average duration of working life for people aged 15 and over.

Eurostat reported that men in Cyprus are expected to spend 41.6 years in the labour market.

At the same time, women’s working life is estimated at 36.3 years, resulting in a gender gap of 5.3 years.

By contrast, in neighbouring Greece, working life expectancy remains significantly lower at 34.8 years. Greek men are expected to work for 36 years, while women’s participation is markedly lower at just 31.1 years.

The Larnaca tourism board (Etap), in collaboration with local authorities and with the support of the Deputy Ministry of Tourism, is pressing ahead with a series of targeted interventions to showcase the authentic character of Larnaca’s communities and enhance the region’s appeal.

According to Etap, these initiatives form part of a wider action plan for the gradual aesthetic and thematic upgrading of the district, while several complementary projects are already under way.

In the honey villages of Larnaca’s mountain region, nine communities known for their beekeeping and honey production are being developed as a single tourist cluster.

As part of this effort, artistic flowerbeds featuring mosaic designs inspired by the world of bees have been installed.

“This intervention pays tribute to the area’s beekeeping heritage and highlights its unique character,” Etap said, adding that the artistic curation was carried out by the Mola Culture Factory team.

Cyprus has emerged as a key growth market for major Greek IT groups, which are steadily expanding their presence on the island while boosting their international reach across Europe.

From subsidiaries and acquisitions to strategic partnerships, more than a dozen Greek companies are now active in Cyprus, tapping into its revenue opportunities and favourable business environment.

According to Greek news outlet Newmoney, this wave of activity reflects a growing interest in Cyprus’ IT sector, even if the market is not considered a top priority for all players.

While some groups are seeing stronger returns than others, none are willing to overlook a market that can deliver measurable income to their balance sheets.

Property transactions on the island climbed 15 per cent in the first half of 2025, but the booming market is leaving students and families facing steep rents ahead of the academic year.

“Studying in Cyprus is now very expensive, both in terms of housing and tuition fees at private universities,” said Polys Kourousides, president of the Cyprus Property Valuers Association, during an interview on Sigma’s ‘Mesimeri kai Kati’.

He warned that private study costs on the island are approaching those of studying abroad.

“We have reached the point where private study in Cyprus is approaching the cost of studying abroad,” he said, noting that many students are opting for universities overseas due to financial strain.