The ministry will use data from the Department of Lands and Surveys, covering the period up to September 1, 2024, to set affordable rental benchmarks. The aim is to ease financial strain for Cypriots and other permanent residents.
Under the ministry’s new initiative, property owners may receive up to €35,000 for renovations if they commit to renting their units for at least four years at 70 per cent of the market rate.
Thrasyvoulou described October as a “very successful month for the food service industry”.
Looking towards the winter season, however, Thrasyvoulou acknowledged the challenges ahead.
He mentioned that an end to the regional conflict would be essential to restoring visitor confidence and stabilising the situation.
During a meeting on Thursday with Finance Minister Makis Keravnos, Vourakis said that these cuts are already being reflected in lending rates within Cyprus.
At the meeting, Vourakis shared the banking sector’s satisfaction with the positive trajectory of Cyprus’ economy, as well as the improved outlook recognised by bond markets and rating agencies.
“We expect steady economic progress, which will be further supported by the anticipated reduction in interest rates at a European level,” he stated.
This represents a significant jump from 22 per cent in 2023, dramatically reshaping productivity and skills development.
However, rising resignation intent among Gen Z and Millennials points to emerging challenges.
Conducted with 17,350 employees and 1,595 employers across 23 countries and 27 industry sectors, EY’s ‘Work Reimagined Survey 2024’ reveals that the technology sector leads in GenAI adoption at 90 per cent, while public sector and government services trail at 60 per cent.
The Manganis brothers discussed how government incentives like the Cyprus cash rebate scheme have transformed the island’s film industry, leading to significant local economic benefits and job creation.
They also shared insights into the broader business opportunities film productions bring to Cyprus, and the essential role the audiovisual sector could play in diversifying and strengthening the island’s economy for years to come.
The centre also reported that economic uncertainty eased as well, reflecting a shift in both consumer and business sentiment.
“The significant improvement in sentiment and the simultaneous decline in uncertainty reflect positive developments in recent months,” the latest data showed, with these improvements combining notably in October.
Cyprus, though a smaller market, aligns with this shift; over half its car imports now come from outside the EU, emphasising the bloc’s growing reliance on non-EU imports to support sustainable transport growth.
In value terms, imports of electric and hybrid vehicles into the EU were worth €44.6 billion in 2023, marking a 21 per cent increase from €36.9 billion in 2022.
This marks a 5.9 per cent increase compared to August 2023, which saw €483 million in revenue, according to a report released this week from the Cyprus Statistical Service (Cystat).
The service reported that, according to its latest traveller survey results, tourism revenue reached €2.12 billion during the January–August period, a 4.6 per cent rise from €2.02 billion in the same period in 2023.
However, the per capita spending of tourists saw a decrease. In August 2024, the average spend per tourist was €921.59, down 2.4 per cent from €944.51 in August 2023.
According to the report, the Industrial Production Index for August 2024 reached 90.5 points, based on 2021 as the reference year set at 100 points.
For the January–August period of 2024, the index showed a growth of 4.5 per cent compared to the same period in 2023.
In the manufacturing sector, a year-on-year increase of 1.0 per cent was recorded in August 2024.
According to the ministry, the “Photovoltaics for All” scheme, first launched in March, saw high demand in its initial phase, with 6,000 applications submitted within four months. Many households have already completed installations.
The initiative aims to assist non-vulnerable households lacking initial capital to install photovoltaic systems (PVs), helping them reduce electricity bills and their environmental impact.
The Cyprus Stock Exchange (CSE) ended Thursday, October 31 with losses.
The general Cyprus Stock Market Index stood at 195.56 points at 12:47, reflecting a decrease of 0.54 per cent.
The FTSE / CySE 20 Index was at 119.18 points, also showing a decline of 0.55 per cent.
The total value of transactions amounted to €56,228 at the aforementioned time during trading.
In terms of the sub-indexes, the main and investment firm indexes fell by 0.74 per cent and 1.69 per cent respectively. The alternative index rose by 0.11 per cent while the hotel index remained stable.
The biggest investment interest was attracted by the Bank of Cyprus (-0.94 per cent), Demetra Holdings (-1.72 per cent), Hellenic Bank (no change), Atlantic Insurance (+0.88 per cent), and Vassiliko Cement Works Public Company (+0.59 per cent).
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