Category: Cyprus News Agency

The Cyprus Stock Exchange (CSE) All Share Index closed at today`s stock exchange meeting as follows:

MEETING DATE: 09/12/2025

INDICES BASE VALUES: FTSEMed=5000, OTH

EURO (pound )

TRADED VALUE:

420.291,01

INDEX

VALUE

% DIFF.

VALUE (pound )

FTSE/CySE 20

167,710

0,870

412.250,120

MAIN MARKET INDEX

225,960

1,200

383.541,350

INVESTMENT COMPANIES MARKET INDEX

3.085,040

-0,010

56.828,940

CSE GENERAL INDEX

276,550

0,850

415.905,190

HOTELS INDEX

1.865,840

-2,240

636,520

ALTERNATIVE MARKET INDEX

1.840,680

0,640

34.176,360

* The second column presents the percentage variation of the indices as compared to the last meeting.

Department of Meteorology

Today’s weather and temperatures for Cyprus according to the Department of Meteorology

Date 09/12/2025

Station

TEMPERATURE (C) (FROM 20:00 PC of the previous one until the time of the show)

Highest

Lowest

Humidity at

1200 UTC

Nicosia (Athalassa)

17 (16.5)

11 (10.6)

82

Larnaka Airport

18 (18.2)

13 (13.3)

90

Limassol (New Port)

22 (21.7)

13 (12.5)

62

Limassol Garden

17,2

12,7

Pafos Airport

21 (21)

13 (12.8)

62

Frenaros

17 (17.2)

13 (12.7)

92

Prodromos

7 (6.7)

4 (4.2)

100

Polis Pafos

19 (19.1)

13 (12.6)

72

The Meteorological Department has upgraded its warning, as the BYRON barometric system sweeping across the eastern Mediterranean has now moved south – southeast of Cyprus, significantly intensifying the phenomena on the island.

The Meteorological Department reports that the yellow warning remains in effect until 7:00 pm on Tuesday, December 9, however, an orange warning has been issued for areas considered most vulnerable, which will be in effect from 7:00 p.m. tonight until 5:00 a.m. on Wednesday morning, December 10.

The Meteorological Department warns that a combination of rain and isolated thunderstorms are expected to affect mainly south and east areas and probably north and mountainous areas.

It is added that storm hail is likely while surface wind will be variable with strong gusts.

The precipitation rate is expected to range between 55 and 70 millimeters per hour, while total precipitation is expected around 70 millimeters within 6 hours, the warning concludes.

The Minister of Defence, Vasilis Palmas, will receive the Minister of Defence of the Republic of Serbia, Bratislav Gašic, on Wednesday, as part of his official visit to Cyprus from December 9 to 10, 2025, at the invitation of his Cypriot counterpart.

According to a press release by the Ministry of Defence, the main focus of the visit is the signing of the Status of Forces Agreement (SOFA) between the Republic of Cyprus and the Republic of Serbia, “which is an important milestone in the further upgrading of institutional cooperation between the two countries in the fields of defence and security.”

It is added that during the talks, the two Ministers will review the existing bilateral cooperation and ways of its further deepening, both at the operational level and in the areas of equipment and training, while at the same time exchanging views on Serbia-EU relations and the EU in view of the upcoming Cyprus Presidency of the Council of the European Union, as well as on current international and regional developments in the Western Balkans, the Eastern Mediterranean, and the Middle East.

The President of the Republic, Nikos Christodoulides, said he is going to the meeting with the Turkish Cypriot leader, Tufan Erhrman, on Thursday with a view to look into how the conditions for resuming talks from where they left off in Crans-Montana can be created, noting at the same time that he is ready to discuss confidence building measures and that he has several new ideas.

In statements to the media upon his arrival at the General Assembly of the Cyprus Property Developers Association in Nicosia and asked about Thursday’s meetings on the Cyprus issue, the President said that these are very critical meetings.

‘The first is the joint visit to the CMP anthropological laboratory, where I want to send a message together with the Turkish Cypriot leader. Beyond that there is the meeting that will take place, the first in many years in the presence of the Personal Envoy of the UN Secretary-General, and I am going to this meeting with a single goal: how to create the conditions for resuming the talks from where they were interrupted in Crans-Montana,” he noted.

Christodoulides also noted that two and a half years passed by with the positions of the former Turkish Cypriot leader, Ersin Tatar, not allowing any substantive discussion on the resumption of the talks.

He expressed hope that “this meeting with the Turkish Cypriot leader will also touch upon this very important issue.”

He added that “I am ready to discuss CBMs, especially the implementation of what has been agreed with the SG, new ideas – and I have several new ideas – in parallel with the substantive work for the resumption of talks, because that is the main issue.”

Asked about the four conditions set by Erhrman, President Christodoulides said that “there are no conditions regarding the Cyprus issue and there cannot be conditions that specifically touch upon the issues under negotiation.”

Asked if this could be an obstacle for the next expanded informal meeting, he said that “of course we will go to discuss all these issues and how the conditions for resuming substantive talks can be created.”

Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third. Repeated rounds of UN-led peace talks have so far failed to yield results. The latest round of negotiations, in July 2017 at the Swiss resort of Crans-Montana ended inconclusively.

The Department of Antiquities announced on Tuesday the repatriation of two Cypriot antiquities from the United States of America.

As stated, in November 2025, the two Cypriot antiquities were delivered to the Embassy of the Republic of Cyprus in Washington DC, both of which had been identified in online auctions by Archaeological Officers of the Department of Antiquities responsible for monitoring the illegal trafficking of Cypriot antiquities on the internet and were withdrawn following consultation with the auction houses.

According to the Department, the items in question consist of a Juglet and a Jug of Bichrome III ware that date to the Cypro-Geometric III period (900-750 BC).

In closing, the Department of Antiquities expresses its gratitude to the auction house Brunk Auctions and to Nadeau’s Auction Gallery Inc. for their voluntary return of the antiquities to their country of origin, as well as to the Embassy of the Republic of Cyprus in Washington DC for their cooperation and the coordination of the repatriation procedures.

The issue of affordable housing will have a significant place on the agenda of the Cypriot Presidency of the Council of the European Union, said the President of the Republic, Nikos Christodoulides, at the annual General Assembly of the Cyprus Property Developers Association, noting that the government will work towards the adoption of specific actions at the European level.

Addressing the General Assembly, he said that the real estate and land development sector has consistently been at the core of Cyprus’ economic development, adding that the Government recognises the importance of the sector and is working to further strengthen the institutional, tax, and administrative framework within which it operates.

President Christodoulides referred to the acceleration of the permit process and the digitalization of the applications and their electronic examination, that have contributed to drastically shortening processing time and reducing unjustified delays

‘Housing has been our highest priority since the very first day of taking office,’ he stressed, referring to a series of measures already taken by the Government as part of its comprehensive housing policy, with an emphasis on affordable housing for young people. The President also referred to the two policies announced today by the government to ease the housing problem.

“Housing is one of the issues that will hold a significant place on the agenda of the Cypriot Presidency of the Council of the European Union,” he stressed, adding that ‘we will work toward the adoption of specific actions at the European level.’ Despite the fact that housing issues are a national competence, he noted, ‘it is positive that the European Union, following our own intervention, is moving collectively to address this challenge.’

As he said, for the first time the housing issue was discussed at the level of the European Council last October and ‘following our intervention, through a recent EU decision, existing funds from the Cohesion Fund can now be used for housing purposes.’ He added that on 16 December, the President of the European Commission is expected to publicly present the European Affordable Housing Plan, ‘which we will certainly utilize.”

Continuing, President Christodoulides noted that despite geopolitical challenges and international disruptions, the Cypriot economy continues its upward trajectory with strong performance, ‘which allows us to look to the future with optimism and invest in the sectors of Health, Education, and Housing.’

The stability and growth path of the economy is also reflected in the increasing investment interest from Cypriot and foreign entrepreneurs, he said, reiterating that in the near future there will be announcements regarding intergovernmental agreements with three countries, an EU member state, a Gulf country, and an Asian country, which will further strengthen foreign investment in Cyprus.

President of the Cyprus Property Developers Association, Yiannis Misirlis highlighted the sector’s readiness to contribute to efforts to address the major social challenge of affordable housing.

‘The real estate development sector is a pillar of the Cypriot economy, a driving force shaping modern Cyprus and contributing to the progress of our country and its people,’ he noted in his speech, adding that the sector has remained a driving force of prosperity and progress for Cyprus, despite the challenges the country has faced in recent years.

He highlighted the need to continue the dynamic course the country has followed in recent years, stressing that affordable housing constitutes the greatest social challenge. ‘During Cyprus’ upcoming Presidency of the EU, our country can, with strong determination, contribute substantially to efforts to address the problem,’ he said, noting the Association’s readiness to support this effort.

An annual increase of the Residential Property Price Index by 5% was recorded in the third quarter of 2025, compared with 4.7% in the second quarter of 2025, according to data from the Central Bank of Cyprus (CBC).

Apartment prices accelerated to 6.4%, while house prices slowed to 2.6% during the quarter under review.

According to the CBC, the overall RPPI (houses and apartments) recorded a quarterly increase of 1.2% in the third quarter of 2025, compared with an increase of 1.5% in the second quarter of 2025. This resulted from a slowing quarterly rise of 1.7% in apartment prices and a small increase of 0.4% in house prices.

As the CBC said, the Apartment Price Index recorded accelerating growth in all districts except Nicosia, where the same annual growth rate as the second quarter was recorded. The House Price Index in Nicosia recorded an annual decrease for the fourth consecutive quarter. An annual decrease was also recorded in Famagusta district in the third quarter of 2025.

In its press release, the CBC noted that these developments reflect the continued positive trajectory of demand, within the context of shifting preferences toward smaller properties due to increased construction costs.

More specifically, regarding property demand, according to data from the Department of Lands and Surveys (DLS), the total number of sales contracts in the third quarter of 2025 showed an annual increase, both from domestic and foreign buyers.

As for property supply, the CBC said that the trend of increasing approved building permits continues. According to available building permit data, an increase was recorded during January-July 2025 compared to the same period in 2024. The Business and Consumer Surveys (BCS) of the European Commission (September 2025) also indicate a gradual increase in supply, with the construction activity diffusion index for the previous three months remaining at a positive level for the past eight quarters.

Price changes by district

———–

Regarding annual changes in general house price indices by district, an acceleration was recorded in Limassol (7.1%) and Larnaca (7.3%), while a slight decrease was seen in Nicosia and Famagusta (-0.5% and -0.3%, respectively). Paphos recorded a slowdown to 8.9%.

By type of property and on an annual basis, house prices slowed in Limassol and Paphos to 5.5% and 7.4%, respectively. Larnaca continued to record the same annual growth rate (4.2%) as in the previous quarter, while Famagusta recorded an annual decrease of -1.6%. The House Price Index in Nicosia recorded an annual decrease for the fourth consecutive quarter, reaching -2.7% in the third quarter of the year.

Apartment prices recorded accelerating increases in all districts except Nicosia, which recorded the same annual growth rate as the previous quarter (2.6%). Specifically, apartment prices accelerated by 5% in Limassol, 9.6% in Larnaca, 10.5% in Paphos, and 5.9% in Famagusta.

Other real estate market indicators continue to reflect positive developments in demand during the third quarter of 2025, the CBC notes. According to DLS data, sales contracts for all types of property recorded an annual increase of 8.9% in the third quarter of 2025 (4,444 compared with 4,081 in the third quarter of 2024).

The increase in sales contracts came from both local and foreign buyers. Specifically, during the quarter under review, an annual increase of 8.6% was recorded in the number of properties sold to local buyers (2,617 compared with 2,409 in Q3 2024), while the number sold to foreign buyers increased by 9.3% (1,827 compared with 1,672 in Q3 2024).

Regarding the number of sales contracts per district, most transactions occurred in Limassol (1,431), followed by Nicosia (981), Larnaca (921), and Paphos (878), with Famagusta (233) recording the lowest number of transactions.

As for the share of local buyers, in the districts of Nicosia, Limassol, Larnaca, and Famagusta it exceeded 50%, while in Paphos buyers were mainly foreign (68%).

Additionally, the CBC noted that the continued credit expansion in housing loans, combined with the gradual decline in interest rates for new housing loans, supports the real estate market. According to the latest CBC Monetary and Financial Statistics, the volume of new lending for housing loans recorded a significant annual increase of 22% (pound 972 million from January-September 2025 compared with pound 796.8 million in the same period of 2024). For the third quarter of 2025 alone, the annual rise in new housing lending reached 24% compared with Q3 2024.

According to the same statistics, the interest rate for mortgage loans fell to 3.03% in September 2025, compared with 4.27% in September 2024, supporting both demand-side developments and the gradual increase in supply of residential property.

The positive trend in housing loan growth is also reflected in the results of the CBC’s Bank Lending Survey (October 2025). Specifically, in Q3 2025, net demand for housing loans from households remained at the same levels as the previous quarter. Additionally, lending criteria for housing loans remained just as strict compared with the previous quarter.

According to banks’ expectations for Q4 2025, net demand for housing loans is expected to rise, while lending criteria are expected to remain unchanged, continuing the trend observed since Q1 2024.

Regarding housing supply, according to monthly data from the Statistical Service, the number of residential units for which building permits were approved, an indicator of future construction activity, recorded an annual increase of 4.6% in January-July 2025 (from 7,772 units in January-July 2024 to 8,128 units in the same period of 2025). Therefore, a gradual increase in the supply of residential units is expected in the medium term.

According to data from the European Commission’s Business and Consumer Surveys (September 2025), the index for construction activity in the previous three months continued to remain positive for an eighth consecutive quarter in Q3 2025 (12.5%). This aligns with the aforementioned gradual increase in supply, the CBC noted. The price index of construction materials recorded a marginal annual increase of 1.3% in the third quarter of 2025, remaining at historically high levels in recent years due to geopolitical developments and supply chain disruptions. For January-September 2025, the annual increase in the index was also 1.3%.

The European Commission’s property price expectations (September 2025) for property prices over the next three months continues to indicate a slowdown in house price growth, as it stands at a lower level in Q3 2025 (25.5) compared with the corresponding period last year (56.2). According to the CBC, this suggests that a smaller share of participants expect increases in property prices in Cyprus over the next three months. At the same time, a stabilization of the expectations index has been observed in recent months, consistent with the steady annual rise in the general Residential Property Price Index recorded in the first three quarters of 2025.

Minister of Agriculture, Rural Development, and Environment, Dr. Maria Panayiotou, paid a two-day working visit to the State of Israel, with the aim of strengthening and expanding bilateral cooperation in the fields of agriculture, water management, and the circular economy.

The visit included meetings with her counterparts and relevant authorities in Tel Aviv and Jerusalem, with the aim of seeking practical solutions to address the common challenges facing the two countries in the above areas, the Ministry said in a press release here on Tuesday.

On the sidelines of the visit, a meeting was held with Israel’s Minister of Agriculture and Food Security, Avi Dichter, during which the two ?inisters examined areas of common interest relating to agricultural production, food safety, research, and technological innovation at a time when climate change is directly affecting the primary sector. At the same time, they discussed the prospects for revising the existing 1994 Cooperation Agreement to meet current needs and challenges.

It is added that the Minister then met with the Minister of Environmental Protection, Idit Silman, with whom she exchanged views on policies relating to waste management and the implementation of the principles of the circular economy, green infrastructure, the protection and management of protected areas, and the promotion of the regional initiative for climate action, with the aim of exploring cooperation and exchanging good practices in important areas of environmental governance.

It is noted that during the visit, the Agriculture Minister also had a series of meetings and technical presentations with Israeli institutional and scientific bodies, with informative visits to the Heria Recycling Unit and Ariel Sharon Park, where the model for restoring a former landfill site into a modern hub of ecological regeneration, environmental regeneration, and sustainable resource utilization was presented.

Panayiotou was then briefed by the Israel Water Authority on the strategies implemented by the country in water resource management, desalination, water reuse, and digital tools for monitoring hydrological data and issues of water quality and availability, as well as on governance in the water sector, which Cyprus is currently studying.

It was agreed that cooperation would continue at a technical level, with the aim of further exploring tools and practices that can effectively contribute to addressing the water challenges faced by Cyprus, it is added.

In addition, the Minister discussed the possibilities for cooperation with her Palestinian counterpart, Rezq Salimia, who she met in Ramallah.

During the Minister’s visit to Ramallah, a Bilateral Action Plan was signed between the two Ministries for the period 2025-2027.

According to another Ministry press release, the discussion focused on the situation in the agricultural sector, the challenges facing the Palestinian Authority, and the possibilities for further deepening cooperation between the two countries, particularly in areas related to sustainable agricultural development, water resource utilization, agricultural research, and the creation of new employment opportunities.

In addition, initiatives and actions being implemented in the agricultural sector were presented, with particular emphasis on improving production, applying innovative cultivation techniques, and strengthening the resilience of the food system under the current conditions. The strategic role of the agricultural economy for the social and economic stability of Palestine was also highlighted.

The Bilateral Action Plan between the two Ministries, which revises and activates the existing Memorandum of Understanding, as noted in the press release, provides for cooperation in the areas of primary production, exchange of know-how, development of research and educational activities, as well as actions related to water management, laboratory support, and strengthening producers through modern tools and techniques.

Finance Minister Makis Keravnos expressed on Tuesday the government’s readiness to accept “some increase in the tax-free threshold” after a meeting lasting almost two hours with representatives from the parliamentary parties DISY, DIKO, EDEK, and DIPA.

At the same time, Keravnos announced an increase in the income threshold for families with five children to pound 200,000 and the abolition of stamp duty.

According to the Finance Minister, “there was a great convergence of views and I expect that, within the margins accepted by the Government, amendments will be submitted by the parties so that we can proceed with the tax reform.”

“As a government, we are ready to accept some increase in the tax-free threshold. We have accepted and understood the issue of scaled subsidies in relation to the number of children and the increase in income criteria thresholds,” Keravnos noted.

He added that, specifically regarding families with five or more children, “a high family income threshold of up to pound 200,000 has been accepted in order to provide relief to these families.”

Regarding the simplification of procedures and excessive regulation, Keravnos said that “we have agreed to abolish stamp duty as well.”

“The Ministry of Finance has identified the points on which it can agree, taking into account the need to maintain fiscal stability,” he added.

In this context, he continued, “we have agreed that the parties will move to table amendments that will be precisely within these frameworks.”

Both the Minister and the parliamentary party representatives referred to tomorrow’s meeting of the Parliamentary Finance Committee for announcements regarding the details of the tax scales.

For her part, the Finance Committee Chair and DIKO MP Christiana Erotokritou welcomed “the fact that the Minister of Finance today listened positively to the suggestions” put before him and added that the suggestions came from both DIKO and other parties, such as DIPA, EDEK, and DISY.

She said that these suggestions will be submitted in the form of amendments tomorrow to the Finance Committee with the agreement and in consultation with the Ministry of Finance and “will significantly increase tax-free income and reshape tax scales so that more taxpayers with low and middle incomes will be included in lower tax brackets.”

He also said that the amendments will include “a significant increase in deductions for minor children, students, and for loan servicing and rent payments.”

In response to a comment that, based on existing bills, 55% of workers are not taxed, and asked how much this percentage will now increase, Keravnos said that “we will be around 65%, maybe a little more.”

Asked what limit public finances allow for increasing tax-free income, Keravnos said that what he can say and assure is that “nothing is accepted by the Ministry of Finance and nothing is promoted unless it is within the framework of the strict fiscal policy that we have been following and implementing to date.”

Asked about the position of professional bodies on the protection of foreign investment, Erotokritou said that the Minister of Finance had taken into account the positions of all professional associations and added that the Finance Committee had given all interested parties the opportunity to express their views and argue their case.

She noted that, overall, the Cypriot economy would remain competitive in terms of foreign direct investment and foreign investment in general.

For his part, DISY MP Onoufrios Koulla, accompanied by MP Savia Orphanidou, said that yesterday’s session of the Finance Committee had made it “quite clear that the amendments we want to make to the tax reform, as outlined by our party leader last week, are moving in the same direction as the Democratic Party, the Democratic Alignment (DIPA), and probably other fellow MPs on the Finance Committee.”

He said that these amendments will be submitted tomorrow to the House Finance Committee.

“We fully understand that in order to achieve a positive outcome for our country, we need a majority in Parliament, as well as the consent of the Government and the Ministry of Finance,” he added.

DIPA MP Alekos Tryfonides said that “there seems to be convergence” between the parties’ amendments and the Minister of Finance.

He said that DIPA’s proposals are aimed at helping low-income earners, the middle class, low-income pensioners, vulnerable groups, single parents, and generally supporting businesses.