Cyprus Business Now: shipping, tourism, property, economy, energy, Jumbo

Cyprus’ property market continued to expand in September, with sale contracts reaching 14,969 during the first nine months of 2026 and activity remaining above last year’s levels in every month so far. A total of 1,681 sale contracts were lodged with land registry offices during September, up 13 per cent from 1,484 a year earlier, according to the latest department of lands and surveys figures. The September result also marked a clear rebound from August, when 1,241 contracts were filed, although activity remained below the 2,040 recorded in July. Consequently, contracts filed between January and September reached 14,969, compared with 13,173 during the same period of 2025, representing growth of 14 per cent and an additional 1,796 contracts. The monthly figures continue to show a market consistently ahead of last year. Sales rose by 11 per cent in January, 12 per cent in February, 18 per cent in March, 15 per cent in April and 5 per cent in May. Cyprus will press for greater fiscal flexibility and relief from high energy costs at this week’s Eurogroup and Ecofin meetings in Luxembourg, where Finance Minister Makis Keravnos will also take part in talks on banking competitiveness, capital markets and the wider European economy. Keravnos travels to Luxembourg on Wednesday ahead of the Eurogroup on October 8 and Ecofin on October 9. According to the Finance Ministry, the two meetings will cover “very serious issues” concerning the effectiveness of public finances under the European economic governance framework, as well as the impact of the energy crisis on the European economy. Cyprus has already sought a derogation from excise duty on heating oil, the ministry said, referring to earlier statements by Keravnos. It has also joined other member states in supporting additional fiscal room within the EU’s economic governance framework. Cyprus’ Deputy Ministry of Tourism is set to see its budget fall by nearly €15 million in 2027, mainly as spending linked to the island’s 2026 EU Council presidency comes to an end. According to the government’s Strategic Fiscal Policy Framework 2027–2029, expenditure for the deputy ministry is projected at €59.45m, down from €74.24m in 2026. The reduction amounts to around €14.8m, or almost 20 per cent year on year. A large part of the decline comes from operating expenditure associated with Cyprus’ presidency of the Council of the European Union. Spending under other operating expenses is expected to fall to around €630,200, compared with €6.43m in 2026, when additional funds were required for presidency-related needs. Despite the overall cut, tourism promotion remains one of the deputy ministry’s largest areas of expenditure. A Cyprus-linked crude oil tanker caught fire off Russia’s Black Sea coast near Sochi after being struck by unmanned vessels, with all 23 crew members rescued as attacks on commercial shipping in the region intensify. The Liberian-flagged Aframax Rio, linked to Cypriot shipowner Andreas Hadjiyiannis, was attacked on Tuesday, according to Russia’s Transport Ministry. The ministry said the vessel was struck by unmanned surface vessels, causing a major fire. All 23 crew members, who are Indian nationals, were rescued, with no injuries reported, according to Reuters. By Wednesday afternoon, local authorities said all crew members had been taken ashore and had declined hospital treatment. The blaze initially prevented emergency crews from approaching the tanker, while authorities in the nearby Sirius federal territory temporarily closed beaches and advised residents to remain indoors. The Cyprus Chamber of Commerce and Industry (Keve) hosted European partners in Cyprus on October 6-7 for a study visit examining the country’s port and maritime sector, with skills, sustainability and the sector’s changing needs at the centre of discussions. The two-day visit formed part of the PortAbility EU project and brought together European project partners, public authorities, industry representatives, academics and training organisations. The programme included presentations, site visits and interactive workshops covering sustainability, decarbonisation, digitalisation, innovation and skills development. It began at the Cyprus Ports Authority in Limassol, where participants were briefed on the development of Limassol Port and its future plans. The delegation then visited DP World and Eurogate, gaining first-hand insight into port operations and the sustainability initiatives being pursued at the facilities. Cyprus recorded some of the lowest rates in the European Union for being unable to afford basic goods and services in 2025, according to Eurostat data published as part of its latest review of living conditions. According to the report, only 1.2 per cent of people in Cyprus could not afford a meal containing meat, chicken or fish, or a vegetarian equivalent, every second day, the lowest proportion among the EU member states. The figure compares with an EU average of 8.5 per cent and was considerably below the highest rate, recorded in Romania at 18.1 per cent. The findings form part of Eurostat’s Key figures on European living conditions 2026 publication, which examines living standards across the EU, with particular attention to vulnerable groups. Pharmaceutical company Medochemie received the Golden Cedar, the highest special distinction at the Cyprus Environmental Awards for Organisations and Businesses, after achieving the highest overall score among all nominees and categories, the pharmaceutical company announced. The award was presented by President of the Republic Nikos Christodoulides during the eighth Cyprus Environmental Awards 2025 ceremony at the Presidential Palace. The Golden Cedar is the highest distinction of the awards and is presented to the business or organisation achieving the highest overall score. Medochemie also received a Gold Environmental Medal in the Primary Sector, Manufacturing and Industry category. Jumbo’s sales in Cyprus rose by approximately 15 per cent year-on-year in September, helping the group maintain positive sales momentum across its four markets during the first nine months of 2026. The Greek retail group said sales at its stores in Cyprus increased by approximately 15 per cent compared with September 2025, while sales for the January to September period were approximately 7 per cent higher year-on-year. September is traditionally an important trading month for Jumbo because of the back-to-school season, making it an indicator of wider consumer demand trends. The group said this year’s back-to-school period took place against a challenging economic backdrop, with conditions differing across Greece, Cyprus, Bulgaria and Romania. Inflationary pressures and fiscal adjustments have affected consumers’ purchasing power to varying degrees, while geopolitical tensions have continued to contribute to volatility in energy and transport costs. On October 19, Panis.News in collaboration with GrantXpert and Future Skills Hub brings business leaders together at European University Cyprus for an evening focused on practical AI conversations. Picture the start of a working day. Your team has customer requests to answer, reports to prepare and decisions waiting for approval. Someone suggests using AI. Someone else asks which tool to buy. But the first question should be more specific: what problem are you trying to solve? Perhaps your staff spend hours repeating the same task. Perhaps useful customer information sits across systems that do not communicate. Perhaps you want to test a new service but lack the time or resources. These are the kinds of questions behind AI in Practice: Changing the Future of Business, taking place on Monday, 19 October, at European University Cyprus in Nicosia. The European Central Bank (ECB) is proposing a major expansion of proportionality in banking supervision that could bring around 150 additional smaller banks under a lighter regulatory framework, according to ECB Executive Board member Frank Elderson. In a post on the ECB’s supervision blog, Elderson, who is also vice-chair of the ECB’s Supervisory Board, outlined proposals to reduce the regulatory and supervisory burden on small and non-complex institutions (SNCIs) without lowering the safeguards that underpin banking stability. Rather than creating a separate regulatory regime for smaller banks, the proposals would build on the existing SNCI framework by widening the number of institutions that qualify and reducing the frequency and intensity of some supervisory activities. Elderson said Europe’s diverse banking landscape was one of its strengths, with smaller and locally focused banks playing an important role in financing households and small and medium-sized enterprises. Cyprus and northern Greece are looking to deepen business ties and pursue joint investment opportunities in the Balkans and Arab markets, with Thessaloniki being promoted as a gateway for Cypriot companies seeking to expand further into south-east Europe. The prospects were discussed at an event in Thessaloniki on October 5 titled ‘Investment Opportunities Cyprus–Northern Greece’, organised by FMW in cooperation with the Thessaloniki Chamber of Commerce and Industry. The event was held under the auspices of the Cyprus embassy in Greece, the Thessaloniki chamber, the Cyprus Chamber of Commerce and Industry (Keve) and the Cyprus-Greece Business Association, as part of the Cyprus Days initiative in Greece. Greece’s Deputy Interior Minister responsible for Macedonia and Thrace Konstantinos Gkioulekas emphasised the scope for stronger cooperation between Cyprus and northern Greece, particularly through joint efforts targeting nearby markets. According to the organisers, he pointed to the “great prospects” for creating synergies aimed at “joint penetration into nearby markets, such as the Arab countries and the Balkans”. Philip Morris Cyprus has appointed Christos Tsagkalidis as its new general manager as the company marks five years of operations in Cyprus. Tsagkalidis joins the Cyprus operation after holding senior strategic roles at Philip Morris International (PMI) at European and global level, bringing experience in strategy, business transformation and innovation. He joined PMI in 2018 and has since held a series of strategic and operational leadership positions at the company’s headquarters. Most recently, he served as Head of Strategy and Programme Delivery Europe, where he led initiatives supporting PMI’s transformation and the advancement of its vision for a smoke-free future. During his time with PMI, Tsagkalidis contributed to the design and coordination of transformation and operational excellence programmes across key areas of the business, including finance and corporate affairs. Three municipalities in the Paphos region have received Green City of Cyprus titles at the Cyprus Environmental Awards 2025, with the Paphos regional tourism board (Etap Paphos) highlighting their efforts in sustainability and environmental protection. In an announcement on Wednesday, the Paphos regional tourism board congratulated the municipalities of Paphos, Ierokipia and Polis Chrysochous for their distinctions, saying the awards demonstrated the local authorities’ commitment to the green transition, sustainable development and environmental protection. The Municipality of Paphos was recognised for expanding its green spaces and implementing environmental projects. It won in the Water Resources Management category for its urban green space borehole irrigation network. Yoda Plc will add 24.675 million shares to the Cyprus Stock Exchange’s (CSE) Emerging Companies Market (ECM), with trading in the additional shares due to begin on October 12, 2026, the Cyprus Stock Exchange announced on Wednesday. The additional shares were allotted to existing and new shareholders on July 8 and July 30, 2026, under Article 58(1) of the Cyprus Stock Exchange Law. The shares have a nominal value of €0.50 each and will be incorporated into Yoda Plc’s existing listed share capital. Of the additional shares, 11 million ordinary shares resulted from the conversion of Equity Incentive Rights A. Vassilico Cement Works has called an extraordinary general meeting for October 29, 2026, at which shareholders will be asked to approve a proposal allowing the company to buy back its own shares over the following 12 months. The extraordinary general meeting of Vassilico Cement Works Public Company Ltd will take place at 12.30pm at the company’s offices at its Vassiliko factory. Shareholders will be asked to consider and adopt a special resolution authorising the company’s board of directors to acquire shares in the company for a period of 12 months from the date of the meeting’s decision. Under the proposed resolution, the number of shares acquired must not exceed 10 per cent of the company’s issued share capital or 25 per cent of the average value of transactions in the company’s shares on the Cyprus Stock Exchange (CSE) during the 30 days preceding each purchase, whichever amount is lower. Cyprus Energy Minister Michael Damianos has called for closer regional energy cooperation and greater use of existing infrastructure to develop Eastern Mediterranean resources and strengthen energy security. Speaking at an East Mediterranean Gas Forum (EMGF) and HELLENiQ ENERGY conference in Athens on Wednesday, Damianos said cooperation between governments and energy companies would be essential to making better use of the region’s energy potential. He said the Eastern Mediterranean needed a coherent regional energy system capable of bringing the area’s energy resources to international markets, particularly the European market, in an efficient and economically viable way. Damianos also held separate bilateral meetings with Greek Environment and Energy Minister Stavros Papastavrou and Egyptian Petroleum and Mineral Resources Minister Karim Badawi on the sidelines of the conference. The three ministers subsequently held a trilateral meeting to discuss ways of further strengthening energy cooperation between Cyprus, Greece and Egypt, as well as prospects for making more effective use of the region’s energy potential.