Here are the top business stories in Cyprus from the week starting August 11:
The event, which will take place at the Keve building in Nicosia on the first floor, is organised in collaboration with the Klaipeda Chamber of Commerce and Industry and aims to strengthen cross-border cooperation and promote women’s entrepreneurship between Cyprus and Lithuania.
The networking initiative will provide an opportunity for entrepreneurs, senior executives, representatives of professional and business associations, and companies interested in expanding or cooperating with Baltic markets to engage directly with Lithuanian business leaders.
Rental prices in Cyprus have not increased significantly, as the market has successfully managed to balance rising demand, particularly from students, with the addition of new housing units, according to the president of the Cyprus Real Estate Agents Registration Council, Marinos Kineyirou.
“This stability is a positive development that benefits both tenants and landlords by offering security and predictability,” he told the Cyprus News Agency (CNA).
Based on figures shared by Kineyirou, the lowest monthly rent for a one-bedroom apartment is recorded in Paphos and Larnaca at €500, while the highest is found in Limassol at €1,100.
Regarding purchase prices for one-bedroom apartments, the lowest is again in Paphos at €85,000 and the highest in Limassol at €170,000.
“Cyprus becomes the smallest country ever to host this premier basketball event, strengthening its position in the sports tourism sector,” the committee said in a statement on Wednesday.
“The significance of this event is twofold for Cyprus both as a major sporting occasion and as a driver of economic and tourism growth,” it added.
The committee further stated that “hosting of FIBA EuroBasket represents a strategic opportunity to enhance the international image of the country and create a sustainable legacy for future generations”.
Investments made for the event, including the upgrade of the Spyros Kyprianou Athletic Centre in Limassol where all Group C matches will take place, are expected to generate economic benefits estimated between €13 and €17 million in total economic impact.
In its latest report on the tax department, the service said 139,078 individual taxes relating to 2014 – 2017 can no longer be imposed or amended, as the superintendent’s authority has expired.
For companies, a further 6,070 outstanding taxes from the same period are also now beyond the legal timeframe.
Moreover, the audit service revealed that many taxpayers with taxable income who have failed to submit returns are not even included in the pending tax figures.
According to the report, the tax department issued 789,519 tax assessments in 2024, down from 943,413 in 2023 and 905,967 in 2022, as part of a campaign to clear arrears.
CySEC said that at its meeting on March 17, 2025, it decided to suspend in whole the Cyprus Investment Firm authorisation of Triangleview Investments Ltd, with number 384/20, citing violations of anti-money laundering rules, deficiencies in board and management requirements, and failures to meet organisational obligations.
The regulator explained that the company must, within two months, take the necessary actions to comply with the relevant provisions.
It further stated that for as long as the suspension is in force, Triangleview Investments is not permitted to provide or carry out investment services or activities, enter into any business transaction with any person, accept new clients, or advertise itself as a provider of investment services.
In its announcement, the CSE said that the decision follows a previous announcement dated May 8, 2025, and is made under article 183 of the Cyprus Securities and Stock Exchange Laws.
It stated that the companies affected are Cyprus Trading Corporation Plc, Ermes Department Stores Plc, Woolworth (Cyprus) Properties Plc, and Karyes Investment Public Ltd.
The suspension of trading for these companies’ shares will take effect from Tuesday, August 12, 2025.
According to the exchange, the decision was taken in line with its policy decision.
The highest construction costs in Cyprus’ private sector last year were recorded in hotels, followed by clinics and medical offices, with tourist apartments in third place, according to the Cyprus Statistical Service (Cystat).
Its report on the cost per square metre of buildings completed in 2023, as well as in previous years, mentions that the figures are not fully representative for all categories, since materials, degree of luxury and functional purpose vary from project to project.
The data are drawn from the annual building permit survey, conducted on a sample basis, with average costs calculated by dividing the total project cost by total area.
For some categories, only a small number of projects were completed in the reference year, meaning the figures cannot be considered sufficiently representative.
“Despite submitting well-documented recommendations to both the government and the technical team at the University of Cyprus’s Economic Research Centre, the final provisions in the draft bills currently under public consultation fail to include any substantial measures supporting the capital market,” the exchange said.
“On the contrary, the proposed regulations contain clauses that even weaken existing tax incentives, and and especially negatively impacting the emerging companies market,” it added.
The CSE further explained that “the tax reform represents a unique opportunity to boost business activity through company listings on the Cyprus Stock Exchange”.
The consultation concerns the guidelines of Council Regulation (EC) No. 139/2004 on the control of concentrations between undertakings, covering both horizontal and non-horizontal mergers.
The review aims to adapt these guidelines to modern market conditions, taking into account factors such as digitalisation, the green transition, geopolitical developments, and the growing need for resilience and innovation.
“Concentrations” refer to mergers or acquisitions between companies, which can significantly impact competition.
Fearless Future, produced at UCLan Cyprus’ media studio and streamed live on LinkedIn, is the first podcast of its kind in Cyprus to be designed for individuals, citizens and organisations around the world.
The first episode, The Future of Work in the Age of AI, brought together Skourides and Philippos Soseilos, CEO and chairman of PwC Cyprus, in a discussion moderated by HR transformation specialist Nicoletta Papakyprianou.
The conversation focused on how AI is reshaping the global workforce and drew on PwC’s 2025 Global AI Jobs Barometer, McKinsey’s Superagency in the Workplace, IDC’s FutureScape GenAI Predictions, and the World Economic Forum’s Future of Jobs Report 2025.
Skourides said they were no longer asking if AI would transform the world but rather how, where and to what end.
Publishing its quarterly Risk Dashboard, the EBA reported that the common equity tier 1 (CET1) ratio for EU and EEA banks stood at 16.2 per cent, unchanged from the previous quarter.
Risk-weighted assets totalled €9.9 trillion, with operational risk now accounting for 12.9 per cent of total risk-weighted assets.
Total assets for EU and EEA banks reached €29 trillion, an increase of 2.7 per cent over the quarter, largely driven by higher debt securities holdings, which rose to 14.6 per cent of total assets from 13.7 per cent in the fourth quarter of 2024.
Speaking to the Cyprus News Agency (CNA), Michaelides said that “demand is at its peak but there are still rooms available in all districts, from mountain resorts to coastal areas, for those who have not booked yet”.
After August 18, when many locals return from holidays, occupancy will drop to around 80 per cent for the rest of the month.
Michaelides said the season began in June with some challenges that caused fluctuations in bookings, but overall July and August have experienced “satisfactory” levels, close to those of 2024, with differences from one hotel to another.
Moreover, he cautioned that short-term property rentals, such as those found on Airbnb, take part of the tourist flow from hotels.
“The bigger issue“, he added, “is that of unlicensed properties, which compete unfairly with hotels and licensed rentals.”
President Loukas Barmparis said that with this agreement, the company wound up the sale of its two oldest Kamsarmax vessels, Pedhoulas Merchant built in 2006 and Pedhoulas Leader built in 2007.
“We executed our strategy to renew our fleet in view of the four newbuilds expected to be delivered to us within 2026. The aggregate orderbook of the company consists of six vessels until 2027,’’ he added.
The company, an international provider of marine dry-bulk transportation services, transports commodities such as coal, grain and iron ore along worldwide shipping routes for some of the world’s largest charterers.
Cyprus recorded strong growth in manufacturing, trade and tourism during the first half of 2025, according to the state statistical service’s latest bimonthly bulletin.
The bulletin presents the most important economic developments for the Cyprus economy for the latest months up to June 2025, along with comparative data for the last four years, available until August 12, 2025.
Manufacturing production during the period from January to May 2025 recorded an increase of 2.90 per cent compared to the same period in 2024.
The total area of building permits authorised reached 928,000 square metres during January to April 2025, marking a rise of 13.30 per cent compared to the same period in 2024.
The total registrations of motor vehicles fell by 1.10 per cent, reaching 25,954 during the first half of 2025.
The long-awaited restoration of the historic warehouses in Kato Pyrgos is set to begin in September after the government approved a €1.3 million funding request, community leader Nicos Kleanthous said on Tuesday.
Kleanthous told the Cyprus News Agency that Interior Minister Constantinos Ioannou informed him on Monday that the project had been given the green light.
The restoration and refurbishment will breathe new life into the two old warehouse buildings, with plans to convert them into a cultural centre for hosting various events, as well as a café-restaurant to serve residents and visitors.
Kleanthous expressed his gratitude to the Nicosia district officer for initiating the procedures, and to the interior minister and the government for approving and allocating the necessary funds.
The acquisition, first announced to the London Stock Exchange on May 7, is MHA’s first as a listed business and gives it an immediate and significant presence in Continental Europe.
BTSEE operates seven offices across Cyprus, Greece and the wider South-East Europe region, employing more than 400 professionals and 12 partners. It reported revenues of €19.4m in 2024, growing at a compound annual rate of 9 per cent over the past four years.
Under the agreement, MHA will pay 90 per cent of the initial €20m equity value through €5.4m in cash and €12.6m in new ordinary shares, equivalent to 10,862,069 shares.
The remaining 10 per cent will be settled in additional shares, which the vendors will contribute to the company’s Employee Benefit Trust after completion account adjustments.
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