Here are the top business stories in Cyprus from the week starting October 13:
According to data from the Department of Lands and Surveys, property sales rose by 13 per cent in the first eight months of 2025, reaching 11,689 transactions compared with 10,345 a year earlier.
Limassol led activity with 3,720 sales, also up 13 per cent, confirming that demand remains resilient despite slower price growth.
Even so, the House Price Index rose by just one per cent in the second quarter, a sharp contrast with the double-digit gains recorded during the post-pandemic surge.
According to an announcement by the CBC, the proposals include legislative amendments to ensure that the central bank “can effectively fulfil its mandate”.
“The new structure will be based on the lean and efficient model of the German Bundesbank,” Patsalides said.
“The highest authority will be a six-member executive council where decisions are taken by majority vote,” he added.
The governor will serve as chair of the council with the deputy governor as vice-chair.
The governor will also participate in the European Central Bank’s decision-making body on monetary policy.
Cyprus recorded an enterprise birth rate of 9.7 per cent and a death rate of 7.2 per cent in 2023, according to Eurostat data released this week, showing that more companies were created than closed during the year.
Across the European Union, 3.5 million new businesses were registered, while 2.8 million ceased operations. The bloc’s average birth rate stood at 10.5 per cent, compared with a death rate of 8.5 per cent, based on preliminary figures.
Cyprus ranked among the countries with the lowest closure rates, close to Greece (3.4 per cent) and the Netherlands (5 per cent).
In contrast, Estonia (27.5 per cent), Ireland (16.6 per cent) and Bulgaria (16.5 per cent) recorded the highest death rates.
The figure corresponds to 5.5 per cent of Cyprus’s half-year GDP, keeping the sector well above its pre-pandemic average between 2019 and 2021.
During the period under review, 31 per cent of companies generated revenues between €2m and €20m, while another 31 per cent exceeded the €20m threshold.
The CBC noted that a small number of large firms continue to dominate the industry, with the top 27 per cent of companies accounting for 85 per cent of total revenues.
In cooperation with the Cyprus Trade Centre in Dubai, the Ministry is participating for the fourth consecutive year with a national pavilion showcasing Cyprus’ growing presence in the global technology scene.
The pavilion brings together 14 Cypriot technology firms, Ascanio Entertainment, Engino-Net, Ianus Technologies, NetU Consultants, EMBIO Diagnostics, Infocredit Group, Moebius, SignalGeneriX, QSecure, Reg4Tech, Additess (Advanced Integrated Technology Solutions & Services), Maricorp Cyprus Consultancy, Hosting B2B and AC Cyberdexterity.
The event, which draws more than 6,000 exhibitors and over 200,000 business leaders, government officials and investors from 180 countries, provides a platform for showcasing Cyprus’ growing digital and innovation ecosystem.
The average gross monthly earnings of employees in Cyprus rose by 5.1 per cent in 2024, reaching €2,483, according to a report released on Tuesday by the state statistical service (Cystat).
The median gross monthly earnings stood at €1,881, showing the midpoint of all wages, meaning that half of employees earned less than this amount and half earned more.
The difference between the average and median points to persisting wage inequality, as higher salaries lift the average figure above the level earned by most workers.
The average gross wage refers to total pay before deductions for social insurance and taxes.
Under the plan, minimum excise duties on cigarettes and roll-your-own tobacco would rise sharply, while for the first time new products such as e-cigarettes, heated tobacco and nicotine pouches would be brought under excise taxation.
According to the draft directive, the minimum tax on cigarettes would increase from 60 per cent to 63 per cent of the weighted average retail price and from €90 to €215 per 1,000 pieces.
Roll-your-own tobacco would be taxed at 62 per cent of the retail price and at least €215 per kilogram.
For newer products such as heated tobacco and e-cigarettes, a minimum tax of 45 per cent or €88 per 1,000 pieces would apply from 2028, increasing gradually until 2032, as outlined in the European Commission’s proposal.
In a statement issued this week, the chamber expressed its “distinct satisfaction” with the findings of the Central Bank of Cyprus’ (CBC) ship management survey, which showed a significant increase in the sector’s performance during the first half of 2025.
The chamber said that ship management revenues reached €978 million between January and June 2025, equivalent to 5.5 per cent of Cyprus’s half-year GDP.
It added that this marks a 6.7 per cent increase compared with the second half of 2024, describing the result as proof of the sector’s resilience and strategic importance.
The bank was named Best in Social Media Marketing and Services in the Consumer category and Best in Transformation in the Corporate and Institutional category.
In addition to these regional accolades, the Bank of Cyprus received nine national awards, among them Best Consumer Digital Bank and Best Corporate and Institutional Digital Bank in Cyprus.
“These awards recognise the significant efforts the Bank of Cyprus has made to provide its customers with industry-leading digital products and services as well as enhanced features and user experience,” the bank stated.
Speaking after a cabinet meeting at the Presidential Palace, Keravnos said he was pleased with the IMF’s October World Economic Outlook, which he described as conservative but still a clear endorsement of Cyprus’s economic direction.
“The IMF’s forecasts always tend to be much more conservative, even compared with our already cautious projections,” he said.
He stressed that the IMF remains one of the organisations closely monitoring developments in Cyprus following the financial crisis, while also assessing economic trends across Europe and the world.
The minister said the latest IMF projections demonstrate that the country’s fiscal discipline, stable growth, and resilience continue to pay off, even as the global economy faces uncertainty from trade tensions and weaker external demand.
The analysis, which includes the top 10 transactions per district, reaffirms the steady interest in high-value deals across Cyprus despite broader market uncertainty.
In July, the 10 highest-value property sales nationwide reached a combined €31.95m, with the largest being the €9m sale of a building in Limassol’s Katholiki area.
Limassol accounted for four of the top 10 deals, while Nicosia and the Famagusta district each recorded two.
According to the Ministry of Energy, the meeting took place on the sidelines of GITEX Global 2025, where the Cypriot minister is leading the country’s delegation as part of Cyprus’ national pavilion, organised in cooperation with the Cyprus Trade Centre in Dubai.
The pavilion showcases 14 Cypriot technology firms, underlining the island’s growing presence in the global innovation ecosystem.
The UAE Minister expressed his country’s deep appreciation for Cyprus’ role as a reliable partner in the wider region, reaffirming his government’s readiness to provide all possible support to deepen economic collaboration.
HOTREC is the umbrella association representing Europe’s hospitality industry to EU institutions, advocating for its interests, and sharing expertise on key issues.
The president began by welcoming participants, calling the event “a gathering of leaders, innovators, and visionaries from the European hospitality and tourism sector”.
Christodoulides expressed appreciation to HOTREC president Alexandros Vassilikos, vice president Morten Thorvaldsen, and the board of directors for their efforts, as well as to the Cyprus Hotel Association for representing Cyprus at HOTREC.
“A warm welcome also to all representatives of the hospitality and tourism sector, whose dedication, expertise, and innovation are indispensable not only to economic growth, but also to the shared European cultural heritage,” he said.
In an interview with Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce (Evel), Raouna said that Cypriot hoteliers will play a central role in this national effort.
“Our hoteliers are a central pillar of our effort,” she said, adding that with their professionalism and high level of service, they can decisively strengthen and promote the country’s tourism industry, and, by extension, ensure the successful exercise of the Presidency.
For hoteliers, she noted, the Presidency is not merely a test of hospitality but “a unique opportunity for strategic promotion, professional recognition and financial support.”
The application period began on October 1, 2025, and will remain open until November 30, 2025.
According to the announcement, the scheme gives eligible applicants the opportunity to register in the affordable housing beneficiary register, allowing them to later claim the purchase of a residential unit developed under the Special Housing Incentive scheme for land developers.
The purchase price of each affordable housing unit has been set at €1,650 per buildable square metre, as determined by Koag, the affordable housing management body.
Eligible applicants include Cypriot citizens and EU nationals who have been permanent residents of Cyprus for at least five years prior to applying.
“Since 2019, the company has built a diversified fintech ecosystem operating across 22 countries,” the company said in a statement released this week.
Over the years, Freedom Holding Corp. has achieved what it described as “remarkable milestones” in its development and market expansion.
In 2025, the company’s market capitalisation reached 11 billion US dollars, reflecting strong investor confidence and steady growth.
During the same year, FRHC shares hit an all-time high of 194.01 US dollars, setting a new benchmark for the company’s stock performance.
The move, set out in Circular 6/2025 and signed by Tax Commissioner Sotiris Markidis, beginning of October, aims to bring consistency and fairness to the system, eliminating distortions and cases where citizens have paid more VAT than they should due to misinterpretation by businesses.
Under the new guidance, a reduced VAT rate of 5 per cent applies to tickets for concerts, theatrical performances, fairs, exhibitions, circuses, amusement parks, museums, zoos, cinemas and similar events, provided that catering services are not included.
As explained in the circular, a concert is considered an event of artistic nature which may take place in a theatre, amphitheatre, stadium, concert hall, fairground, parking area, beach, school hall or any other suitable venue.
The meeting marked the practical implementation of the Merchant Shipping Agreement signed between the two countries in 2006.
The newly established Committee will act as a permanent platform for dialogue, coordination and cooperation on all maritime matters of mutual interest, allowing the two countries to work together more closely on shared priorities across the maritime sector and to promote the long-term development of their bilateral relationship.
The inaugural session was co-chaired by Stelios Himonas, Chairman and Permanent Secretary of the Shipping Deputy Ministry of Cyprus, and Rear Admiral Nihad Shaheen, Deputy Minister for Maritime and Logistics Affairs of Egypt.
HOTREC is a forum “where we can both draw knowledge and be able to cope with the new directives that will come in the future,” Michaelides said.
He stated that it is “a great honour that Cyprus, and specifically Paphos, is hosting HOTREC”, particularly in view of Cyprus’ presidency of the Council of the European Union, which begins in January 2026.
“It is a great opportunity for us to show what Cyprus is, and what Cyprus offers, while at the same time discuss the issues that HOTREC president Alexandros Vassilikos mentioned, which, especially in a small state like Cyprus, are of great importance,” Michaelides added.
Speaking to the Cyprus News Agency (CNA) during his visit to Paphos for the 91st general assembly of HOTREC, Vassilikos said that this balance is what will continue to distinguish Europe from other emerging destinations.
“This is the secret which will keep us differentiated from other emerging destinations that exist today,” he said.
Drawing a comparison, Vassilikos said that in the Middle East there are destinations adding half a million hotel rooms within five years.
“These developments will change the map of global tourism,” he explained.
Tourist arrivals in Cyprus increased by 12 per cent in September 2025, reaching 570,635 visitors compared with 509,463 in the same month last year, according to a report released on Friday by the Cyprus Statistical Service (Cystat).
For the period of January to September 2025, total tourist arrivals reached 3,604,790, up 10.3 per cent from 3,268,090 in the corresponding period of 2024, confirming the continued strength of Cyprus’ tourism sector.
The United Kingdom remained the leading source market, accounting for 31.4 per cent of total arrivals or 179,293 tourists.
The UK was followed by Israel with 14 per cent (80,115 arrivals), Poland with 7.9 per cent (45,019), and Germany with 6 per cent (34,348).
Sweden accounted for 3.6 per cent (20,570), followed by Romania with 3.1 per cent (17,975), and Greece with 3 per cent (17,217).
The Consumer Price Index (CPI) in Cyprus remained unchanged in September 2025 compared with September 2024, according to data released on Friday by the state statistical service.
On a monthly basis, the index recorded a decrease of 0.4 per cent compared with August 2025, reaching 119.39 units from 119.88 units.
Compared with September last year, the largest increases were recorded in recreation and culture, which rose by 5.6 per cent, and restaurants and hotels, up 4.9 per cent.
In contrast, clothing and footwear declined by 7.2 per cent, while housing, water supply, electricity, gas and other fuels fell by 3.8 per cent.
In the first half of the year, Teklos mentioned in a recently-published analysis piece, worldwide volumes fell by nearly 9 per cent compared with 2024, yet total deal value rose by around 15 per cent.
This, he said, is not a story of decline but of concentration. Boards and investors are pursuing fewer but more ambitious opportunities, particularly in financial services, asset management, and technology.
He explained that asset and wealth management has become one of the fastest-growing hotspots, with deal value up more than 70 per cent year-on-year by mid-2025.
Cyprus has emerged as the European Union (EU) leader for tourism growth in 2024, registering the highest year-on-year growth in overnight stays among all member states, according to Eurostat.
The EU’s statistical office on Friday reported that Cyprus saw a significant increase of 14.5 per cent in the number of nights spent in its tourist accommodation establishments compared with 2023.
This figure was narrowly ahead of Malta, which registered the second-highest growth rate at 14.4 per cent.
Latvia followed at a distance, registering a 7.4 per cent growth rate compared with 2023.
The strong performance of Cyprus contributed to the overall EU figures, which saw the total number of nights spent in tourist accommodation establishments exceed three billion for the first time.
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