Cyprus Business Now: property prices, startup news, LNG interest, FDI surge

Property prices in Limassol surged in 2024, with apartment prices up by over 20 per cent and house prices rising by 30 per cent, according to a report from Nicosia-based firm Landbank Analytics.

The report, which reviewed data from the Department of Lands and Surveys from January to September 2024, shed light on variations in the pricing of new houses and apartments in Cyprus.

According to the report, there was a decrease in average sale prices in Nicosia, despite a rise in the number of new residential sales this year.

The average apartment price fell by 2.9 per cent to €198,421, while new houses experienced a slight drop of 0.56 per cent, averaging €309,440.

Cyprus recorded a record-breaking €3.2 billion in foreign direct investment (FDI) for 2023, according to Invest Cyprus, the agency tasked with driving investments to the island.

This figure was reported during the organisation’s annual general meeting on November 14.

The meeting took place at the premises of the Finance Ministry in Nicosia, where it unveiled and outlined its strategy for 2024.

The event was attended by Finance Minister Makis Keravnos, ministry officials, and other key stakeholders.

“Energy giants from Gulf states” are interested in possibly drilling for natural gas in Cyprus’ Exclusive Economic Zone (EEZ), President Nikos Christodoulides said on Friday.

Addressing the Energy symposium in Nicosia, he said this interest constitutes a “vote of confidence in the prospects of Cyprus’ EEZ”.

He said work is “progressing intensively” regarding the ‘Aphrodite’ deposit in block 12, with Energy Minister George Papanastasiou having said last week that the revised plan for the deposit submitted by American corporation Chevron in September is now being “discussed at a technocratic level”.

On the matter of the ‘Kronos’ reservoir, he said Italian energy company Eni are expected to submit a development plan soon, and that he had held a telephone conversation with the company’s head Claudio Descalzi on Thursday.

ARIS, a Cyprus-based accelerator founded in partnership with Deloitte Cyprus, has announced a strategic shift to focus on promoting and empowering start-up and scale-up success stories.

Established in 2018 in Limassol, ARIS – now known as ARIS “A Really Inspiring Story” – offers a dedicated 26-week programme designed to support innovative enterprises with the tools, mentorship, and network needed to accelerate growth and create lasting impact.

“ARIS now shifts its focus and efforts on showcasing and supporting inspiring stories of start-ups and scale-ups worldwide,” ARIS said in an official announcement.

The 12th Energy Symposium tackled the energy crisis, regional turbulence, and the urgent global shift to renewables.

Titled “The Big Decisions on Energy”, the event was held with the support of Hellenic Bank.

During the symposium, participants exchanged views and proposals on natural gas, electricity, and renewable energy sources (RES), seeking solutions to the numerous challenges facing the energy sector.

Addressing the symposium, Andreas Papadopoulos, head of the Small and Medium Enterprises (SME) unit at Hellenic Bank, highlighted the urgency of transitioning to alternative, more sustainable energy sources.

EMBIO Diagnostics, a Cypriot startup based in Nicosia and specialising in rapid diagnostic technologies for food safety and air quality, has secured €2.5 million in funding to drive international growth and expand its product range.

The latest €2.5 million funding round was led by Kinisis Ventures, with participation from existing and new investors, including a prominent athlete based in Greece.

This follows a €1 million seed round raised in 2021 from Asbis Enterprises. According to Loizou “The new funds will be used to promote the company’s product range internationally.”

AstroBank has appointed Natasa Pilides, former Minister of Energy, Commerce, and Industry, as an independent member of its board of directors.

According to an announcement released on Friday, the appointment became effective on November 14, following approval by the Central Bank of Cyprus (CBC).

The Bank of Cyprus Holdings (BOCH) this week announced the repurchase of 65,000 ordinary shares of €0.10 each.

These purchases, effective as of November 14, took place on the Cyprus Stock Exchange (CSE) and the Athens Stock Exchange (ATHEX). They were executed through CISCO, the bank’s broker.

Moreover, the shares will be cancelled as part of the bank’s ongoing buyback programme.

Fintech and trading platform Capital.com on Friday announced that it has introduced a regional leadership model to bolster growth and innovation in its regulated markets.

According to the announcement, ss part of this strategy, Christoforos Soutzis has been appointed CEO of its European subsidiary, Capital Com SV Investments Limited (Capital.com Europe).

Capital.com has seen impressive growth in recent years, with transaction volumes surpassing $1 trillion in 2023.

The Cyprus Stock Exchange (CSE) ended Friday, November 15 with losses.

The general Cyprus Stock Market Index stood at 205.00 points at 13:07, reflecting a decrease of 0.51 per cent.

The FTSE / CySE 20 Index was at 124.86 points, reflecting a drop of 0.51 per cent.

The total value of transactions amounted to €66.44 million at the aforementioned time during trading.

In terms of the sub-indexes, the main, investment firm and hotel indexes fell by 0.64 per cent, 0.87 per cent and 0.12 per cent respectively. The alternative index rose by 0.11 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-1.97 per cent), Hellenic Bank (no change), the Cyprus Cement Company (no change), Demetra (-0.88 per cent), and Salamis Tours (no change).