Cyprus business now
The Cyprus Investment Promotion Agency (Invest Cyprus) on Friday announced that its national stand had a great presence at one of the most important European real estate exhibitions, MIPIM (Marche International des Professionnels de la Immobillier), which took place in France between March 15-18.
As
noted in the agency’s announcement, Invest Cyprus delegation had the
opportunity to present the advantages of Cyprus as an investment destination
and to inform visitors about the prospects and returns of the island’s real
estate sector.
MIPIM
is considered as one of the leading international exhibitions in the real
estate sector with around 3,800 exhibitors, visited annually by more than
30,000 industry professionals, with a strong presence of international
institutional investors who manage assets worth several billion.
“Despite
the challenges at European and global level, we observe that the real estate
sector maintains its investment dynamics.,” Invest Cyprus CEO George Campanella’s
said.
“The
interest during the exhibition from institutional investors was significant,
with visitors wanting to be informed about developments in the domestic market,
confirming that Cyprus can be a rapidly growing European destination for
organizations investing in commercial and residential development,” he added.
The
Paphos regional board of tourism (ETAP) on Friday
announced that it will launch the first phase of an intensive promotional
campaign designed to attract domestic tourism in the coming days.
The
first phase of the campaign will cover the months of March, April and May.
According
to an announcement, the plan is supported by the Ministry of Tourism, covers
the entire Paphos district and includes an organized, intensive campaign on
social media.
Additionally,
the campaign will be promoted using Google ads, online and radio contests,
articles, hosting influencers and bloggers.
“Paphos
invites the residents of Cyprus to visit the beautiful countryside, Akamas and
the villages of Laonas, the beautiful coastline from Neo Chorio, Latsi Argaka,
Pomos to Pyrgos Tillirias, wine villages, to live in Paphos’ enchanting
moments, to explore the incomparable beauty of nature, to enjoy every
hospitable corner of the district,” a campaign message said.
Annual
total labour costs increased by 1.6 per cent in the 4th quarter of 2021,
compared to an annual increase of 7.8 per cent in the previous quarter,
according to preliminary data released on Friday by the Cyprus Statistical
Service (Cystat).
The
two components of labour costs, wages and salaries per hour worked and non-wage
costs per hour worked, increased by 1.7 per cent and 0.9 per cent respectively,
compared to the corresponding quarter of the previous year.
According
to the report, in the third quarter of 2021, there were annual changes of 4.3
per cent for wages and hourly salaries, while there was a change of 26 per cent
for non-wage costs per hour worked.
Adjusted
for seasonal fluctuations, hourly labour costs (total costs) decreased by 0.1
per cent compared to the previous quarter.
Hourly
labour costs related to wages and salaries, adjusted for seasonal fluctuations,
increased by 1 per cent, while hourly non-wage costs decreased by 4.7 per cent.
The
Labour Cost Index is used as an indicator of inflationary pressures that may
arise from labour market developments.
The
Price Index of Construction Materials experienced a
new increase in February, with construction costs continuing their upward trend
that began in November 2020.
According
to data released by the Cyprus Statistical Service on Friday, the Construction
Materials Index in February rose to 122.92 points (based on 2015 = 100),
recording an increase of 1.44 per cent month-on-month.
Moreover,
the index rose by a massive 17.39 per cent year-on-year.
By
main product category, increases were recorded in metal products (27.15 per
cent), wood products, insulation, chemicals and plastics (19.88 per cent),
electromechanical products (15.82 per cent), mineral products (7.20 per cent)
and minerals (5.88 per cent).
In
terms of individual products, the largest increases on an annual basis were
reflected on iron and steel products with 31.31 per cent, electrical equipment
with 24.63 per cent, as well as wood products with 23.80 per cent.
The
monthly Construction Materials Price Index records the evolution of the
materials costs incurred by the contractor.
The
efficiency of the Cypriot banking sector, meaning its
cost-to-income ratio, fell to -72.3 per cent during the third quarter of 2021.
The
percentage is lower by 12 percentage points compared to September 2020, when it
had risen by 6 per cent to -60, but is the same as in September 2019, according
to the Basic Consolidated Financial Indicators for the Cyprus Banking Sector
report issued by the Central Bank of Cyprus.
According
to the Central Bank report, both revenues and expenses as a percentage of
assets did not differ from March 2021 to September 2021, while they remain
slightly improved from the figures of September 2020.
Overall
profitability in the third quarter of 2021, after taxes, in relation to total
capital (return on equity ratio) shows a recovery of 1.6 per cent compared to
the corresponding quarter of 2020, where losses of 1.5 per cent were presented.
However,
it is still far from the profitability levels of 2019 which amounted to 8.1 per
cent.
Regarding
the assets of Cypriot banks, the cash in the Central Bank in September 2021
shows an increase and amounts to 33.9 per cent of total assets, compared to
23.5 per cent in September 2020.
Moreover,
there is a drop in the percentage of available-for-sale financial assets, in
relation to the total assets of Cypriot banks. In September 2021, these fell to
3.2 per cent, compared to 4 per cent a year earlier.
There
is a significant reduction in both loans and receivables, which fell to 56.2
per cent, from 65 per cent in September 2020.
In
addition, reserves (including profits) per share of equity have doubled in the
space of one year, from 11.7 per cent in September 2020 to 22.6 per cent in
September 2021.
This
figure is approximately three times higher than the 7.4 per cent recorded in
the corresponding period of 2019.
Finally,
cash liquidity appears to have increased as a percentage of total assets, with
an increase of more than 10 percentage points being recorded between September
2020 to September 2021, while cash liquidity amounted to 34 per cent in the
third quarter of 2021.
The Cyprus Stock Exchange (CSE) ended
Friday, March 18 with losses.
The
main Cyprus Stock Market Index was at 65.04 points at 13:12 during the day,
reflecting a drop of 0.32 per cent over the previous day of trading.
The
FTSE / CySE 20 Index was at 39.05 points, which represents a decrease of 0.28
per cent.
The
total value of transactions came up to €58,101.
In
terms of the sub-indexes, the main and alternative indexes fell by 0.1 per cent
and 0.14 per cent respectively, while the hotel and investment firm indexes
remained stable.
The biggest investment interest was attracted by the
Vassilico Cement Works (no change), the Bank of Cyprus (-2.49 per cent),
Hellenic Bank (+0.85 per cent), and Keo (-1.52 per cent).
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