Cyprus Business Now
This appeal comes amidst rising concerns over the economic impact of the growing number of short-term rental properties, which the council says is driving up housing costs and limiting the availability of long-term rental options.
“This phenomenon is taking on alarming proportions and is largely responsible for the skyrocketing rental prices of houses and apartments, keeping them at high levels,” the council said.
“In a difficult period for Cypriot society, with inflation and high interest rates making home ownership difficult or even impossible, more and more of our fellow citizens are turning to renting,” it added.
Moreover, the council said that “while the demand for rental housing is increasing, the supply of properties is not keeping pace, resulting in rental prices reaching exceptionally high levels, often equivalent to a monthly salary”.
This event marked the inauguration of a formal dialogue between the government and local business leaders, aimed at strengthening the country’s economic competitiveness and addressing various challenges faced by the business sector.
“We are all here, the Cabinet along with Keve, Oev, the Association of Cyprus Banks, and Povek, fulfilling a promise I made to institutionalise a dialogue between us, the government as a whole, and you,” the president said during his opening remarks.
Moreover, he said that the government sees the business community as its closest partners. “The business community in our country has always been a protagonist in the development of the economy and the realisation of Vision 2035, which seeks to make our country one of the best places in the world to live, work, and operate a business,” he said.
The president also stressed the importance of maintaining a consistent economic vision, regardless of government changes.
Cyprus’ Industrial Turnover Index rose by 11.1 per cent in April 2024, when compared with the same month of the previous year, according to a report released on Friday by the Cyprus Statistical Service (Cystat).
Delving into the details, the industrial index for April 2024 climbed to 133.8 points, based on the 2021 benchmark of 100 points.
The manufacturing sector experienced a remarkable upswing, with its index soaring to 137.7 points. This represents a 13.8 per cent increase from April 2023.
The water supply and materials recovery sector made significant strides, surging by an impressive 59.4 per cent.
The Paphos Chamber of Commerce and Industry (Evep) has teamed up with the European Affairs Unit, allowing them to jointly participate in the Green Synergy programme, which is supported by the European Union’s Erasmus+ programme.
This initiative is expected to foster environmental sustainability and spur economic growth in the Paphos business community.
According to an Evep announcement, the programme has already facilitated training over 250 individuals from both established businesses and start-ups.
The primary objective of the initiative is to bolster businesses, empowering them to reclaim their market position and broaden their influence.
“This initiative comes at a critical juncture when businesses are facing the challenges posed by evolving market dynamics and the imperative to adopt sustainable practices,” the chamber said in a statement.
Other items that increased in price included domestic package holidays, and hotel stays according to the Consumer Price Index (CPI) data for June 2024.
The data shows that compared to the previous month, ice cream has become more expensive, with an increase of 8.07 per cent. Domestic package holiday prices have surged by 11.8 per cent and hotel prices by 7.76 per cent from May to June.
Other products have also seen notable price increases. The cost of dried, salted, and smoked meats has gone up by 5.09 per cent. Yoghurt prices have risen by 3.75 per cent, while food processing appliances have increased by 3.5 per cent. Fresh fruits have also seen a price rise of 3.44 per cent over the same period.
The Cyprus Stock Exchange (CSE) ended Friday, July 5 with marginal profits.
The general Cyprus Stock Market Index was at 163.88 points at 12:58 during the day, reflecting an increase of 0.09 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 99.67 points, representing a rise of 0.08 per cent.
The total value of transactions came up to €52,460, until the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative and investment firm indexes rose by 0.05 per cent, 0.5 per cent and 0.43 per cent respectively. The hotel index remained unchanged.
The biggest investment interest was attracted by Hellenic Bank (no change), Demetra (+0.44 per cent), Lordos United Plastic (-0.78 per cent), Pandora (-7.14 per cent), and K+G Complex (+1.43 per cent).