The Cyprus Real Estate Agents Registration Council is cracking down on illegal activities in the real estate sector with 167 criminal cases initiated in 2023 against unlicensed brokering, highlighting their commitment to protecting consumers. Meanwhile, Larnaca emerges as a hidden gem for investors, with the city’s potential being showcased at a recent conference, sparking renewed interest in its economic prospects.
What actions is Cyprus taking to combat illegal real estate activities?
Cyprus is intensifying efforts to combat illegal real estate activities through the Real Estate Agents Registration Council. In 2023, the council initiated 167 criminal cases against unlicensed brokering, showcasing a strong commitment to preserving the integrity of the real estate sector and protecting consumers from fraudulent practices.
Taking Action Against Unlicensed Brokering
In recent developments, the Cyprus Real Estate Agents Registration Council has significantly ramped up its operations against unlawful real estate practices. With a staggering number of 167 criminal cases initiated in 2023 alone, the council is showing its teeth in the face of fraudulent activities that can harm both the profession and the public.
Marinos Kineyirou, the council’s president, has been vocal about the organization’s dedication to maintaining the integrity of their profession. Kineyirou is adamant about the council’s resolve in using “all available legal means” to fight illegal brokering, sending a stern message to those who might attempt to undermine the sector’s legality. The push-back against such “plague of illegality” is a crucial step in protecting the well-established and honest professionals within the industry.
Larnaca: A Hidden Gem for Investors
At the heart of new investment discussions, Larnaca has recently been highlighted as a prime location for both local and international investors. A conference held by the Great Britain-Cyprus Business Association, aptly titled “A Hidden Gem in the Mediterranean,” has sparked renewed interest in the coastal city’s potential.
Savvas Kyriakides, the influential figure behind the association, pointed out the pivotal role Larnaca could play in the Cypriot economy. The city, also known as Zenon’s city, is now positioned to play a central role in attracting new ventures, as highlighted in the conference. This focus on Larnaca aims to continue the momentum gained by other Cypriot cities and transform it into an investment haven.
Cyprus Shipping Industry Sails Through Uncertain Waters
The 7th Annual Capital Link Cyprus Shipping Forum, which unfolded amidst global economic uncertainties, brought a wave of optimism over the Cypriot and global maritime industries. With Hellenic Bank’s support, the forum became a platform for experts to dissect the various challenges and opportunities that lay ahead in the shipping sector.
Attendees were privy to analyses that provided “a highly insightful glimpse into industry developments.” Such forums are vital for stakeholders to navigate through the tides of change and to ensure that Cyprus maintains its prestigious standing within the global maritime community.
New Legislation to Cap Prices at Key Points of Sale
In a significant move, the Cypriot government has passed a bill that arms it with the authority to regulate prices for certain goods in what are considered ‘closed markets’. This includes not just airports and ports but potentially extends to hospitals as well.
Energy Minister George Papanastasiou noted that this new legislation would enable the government to create a fair pricing structure in places where consumers have limited buying alternatives. This move is seen as a safeguard for consumers who may otherwise be subject to unfair pricing due to the lack of competitive options in these closed market environments.
Promoting Cultural Richness in Ayia Napa
In a fresh drive to boost tourism, Deputy Minister of Culture Vasiliki Kassianidou has outlined innovative strategies for promoting Ayia Napa. Through the development of cultural routes that spotlight the area’s archaeological and religious sites, the ministry aims to enrich the tourist experience in the region.
During a recent visit to Famagusta, discussions took place on how to best showcase the region’s cultural treasures, focusing on newly discovered sites of interest. The intent is to weave together the historical tapestry of the region, creating an immersive experience that highlights its diverse cultural landscape.
Cyprus Stock Exchange Sees Uptick in Performance
On a financially positive note, the Cyprus Stock Exchange (CSE) concluded a day of trading with notable gains. The main index saw an uptick of 0.78 percent, with sub-indexes reflecting a similar upward trend. The total transactions for the day amounted to a substantial €218,012.
Investor interest was robust, with particular focus on companies like Vassiliko Cement Works and Hellenic Bank, which saw their share prices move positively. This performance is a testimony to the growing investor confidence and the resilience of the CSE amidst fluctuating global market conditions.
How is Cyprus combating illegal real estate activities?
Cyprus is taking significant actions to combat illegal real estate activities through the Real Estate Agents Registration Council. In 2023, the council initiated 167 criminal cases against unlicensed brokering, demonstrating a strong commitment to protecting consumers and maintaining the integrity of the real estate sector.
Why is Larnaca considered a hidden gem for investors?
Larnaca has recently been highlighted as a prime location for investors due to its economic prospects. A conference held by the Great Britain-Cyprus Business Association showcased Larnaca’s potential, sparking renewed interest in the city. It is seen as a location with significant opportunities for both local and international investors.
What recent developments have occurred in the Cyprus shipping industry?
The 7th Annual Capital Link Cyprus Shipping Forum brought optimism to the Cypriot shipping industry amidst global economic uncertainties. With the support of Hellenic Bank, experts discussed challenges and opportunities in the sector. The forum aimed to provide insights for stakeholders to navigate through industry changes and maintain Cyprus’s prestigious standing in the global maritime community.
How is Cyprus addressing pricing regulations in certain markets?
The Cypriot government has passed new legislation to regulate prices at key points of sale, including ‘closed markets’ such as airports, ports, and potentially hospitals. The aim is to create a fair pricing structure in places where consumers have limited buying alternatives. This move is intended to safeguard consumers from unfair pricing practices.
