The end of 2021 was met by the Cypriot real estate sector with no major changes. The lower-end housing directed towards locals in the region of EUR 300,000-500,000 had good demand and saw rising prices, with a drop in the more expensive units which came about as a result, primarily, of the termination of the
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Clearly, the transformation of RCB into an asset management company was warranted by sanctions against Russia and Russian interests following Putin’s invasion of Ukraine. Initially, the bank tried to evade these sanctions by changing its shareholders. VTB a major state-owned Russian bank, was also a key shareholder at RCB. But the trick didn’t work with
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Cyprus reported three coronavirus deaths on Friday, fewer daily cases at 3,329, a steady number of hospitalisations and a significant drop in the testing programme, propelling the infection rate to an unprecedented 7.27%. The total number of all infections, including re-infections since the pandemic started, broke past the 400,000 barrier and reached 400,534. The health
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Eurobank Cyprus recorded yet another year of growth with its 2021 profits rising to €52.3 mln, up €12.2 mln from the year before, reducing its non-performing loans further and mostly unaffected by the war in Ukraine. Announcing its financial results for the past year, the wholly-owned subsidiary of Athex-listed Eurobank Group said after-tax profits were
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By Craig Erlam European stock markets are making modest gains at the end of the week, but broadly remain in consolidation, as has been the case throughout. We appear to have reached a point where the initial shock of the war in Ukraine has passed and markets have corrected to a point where the economic
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In the last quarter of 2021, the average hourly labour cost in Cyprus was estimated to have edged up by 1.6%, compared with the same quarter of the previous year, according to the Statistical Services’ provisional data In the third quarter of 2021, the hourly labour cost increased by 7.8%. According to CyStat, the two
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Cyprus reported no coronavirus deaths on Thursday, the fourth time this month, as new cases rose again to 5,186, the third highest daily count ever, keeping the infection rate at a near record 5.02%. The health ministry said in its Covid bulletin that hospitalisations marginally dropped to 151, with the number of critical patients inching
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The cost of building materials in Cyprus continues to skyrocket, making it harder for the real estate and construction sectors to recover after the scrapping of the ‘golden passports’ scheme, having suffered from the coronavirus pandemic fallout, and now the war in Ukraine. Increases are recorded across the board, as crucial items such as steel,
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By Craig Erlam It’s been a relatively slow start to trading in equity markets as we approach the end of the week, with stocks losing the momentum that’s driven the strong recovery in recent weeks. The recovery has arguably been overdone considering the invasion of Ukraine is ongoing and commodity prices are at sky-high levels
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Rising prices of raw materials in Cyprus are largely to blame for a growing trade deficit, wider by almost €349 mln in 2021 from 2020, reaching €5.24 bln. Despite a greater rate of increase in Cypriot exports compared to imports, the island’s trade deficit expanded due to the rise of the value of imports. According
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