Cyprus Business Now: port workers, real estate, foreign direct investment, rescued sinking ship
Talks are due to begin shortly between companies and trade unions where collective agreements are already in place, alongside discussions for two to three sectoral contracts that are nearing expiry.
The most complex negotiations are expected at the ports, where trade unions will face three separate employers. The structure of port operations, involving multiple procedures and distinct working conditions, is set to add further strain to the process.
On the employers’ side, talks are expected to involve Eurogate, DP World and the company established by shipping agents, which employs port workers.
The report, covering the period from January to October, maps the island’s top-performing areas by value, volume and average sale price.
It showed Limassol leading in transaction value, Paphos standing out for higher average prices, while Larnaca and Nicosia account for the largest number of transactions.
Limassol continued to dominate the market in value terms, with three of its areas appearing in the island’s top ten and jointly generating more than €737 million in sales.
Germasogeia ranked first nationwide, recording transactions worth €351.5m and an average sale price of €584,000.
The figures were published in the central bank’s annual Foreign Direct Investment report for 2024, which provides a comprehensive overview of developments in FDI stocks, transactions, income, geographical distribution and sectoral activity in Cyprus.
“The Foreign Direct Investment publication, which is released annually, provides an overview of the major developments in the FDI of Cyprus and examines the level, the fluctuations, the associated income, the geographical breakdown and the sectors of economic activity related to these investments,” the central bank said.
“The specific analysis is based on data collected and compiled by the External, Economic & Government Finance Statistics Section of the Statistics Department of the Central Bank of Cyprus,” the CBC added.
The rescue unfolded late on Friday night, while the vessel was en route across the South Atlantic, when the crew received a distress call from MRCC Cape Town.
After informing the vessel’s owners and its charterers, Quadra Commodities, Cymona Eagle “positively responded and altered course toward the reported position”.
The vessel arrived at the distress location shortly after midnight on Saturday.
According to the report, the number of building permits authorised during September 2025 stood at 793, highlighting steady demand in the sector.
The total value of these permits reached €319.5 million, while the total area covered amounted to 257.3 thousand square metres.
These permits provide for the construction of 1,545 dwelling units, underlining ongoing investment in residential development.
According to the announcement, the initiative was launched “to create and disseminate meaningful and reliable information to businesses, the media and society“, addressing key issues affecting the Cypriot business environment.
The cooperation will be implemented through a range of actions, including the production of video content, the publication of written material, and the organisation of informative seminars and online meetings.
“Through the communication channels of both organisations, useful knowledge and content will be shared to enhance transparency, improve understanding and encourage constructive dialogue on matters concerning Cypriot entrepreneurship and society at large,” the bodies stated.
Efficiency has emerged as the industry’s most immediate lever. It sits at the intersection of tightening regulation, rising fuel and carbon costs, and the longer-term ambition of net-zero shipping.
Just as importantly, experts stress that technology must simplify operations, reduce crew workload and strengthen safety, rather than introduce new layers of complexity.
Against a backdrop of geopolitical uncertainty, market volatility and fragmented regulation, there is nonetheless a shared optimism that 2026 can mark an inflection point.
A year in which collaboration replaces silos, integration replaces patchwork systems, and digital tools deliver measurable impact, from lower emissions and safer voyages to more predictable operations.
Founded in 2022, Altegio has scaled quickly to serve more than 12,000 clients across 90 plus countries, processing around $1 billion in annual gross merchandise value, with a team of over 130 professionals operating from seven offices worldwide, including Limassol.
Drawing on more than 15 years of experience in developing software for SMEs and following two previous startup exits, Petrou explained how difficult geopolitical decisions shaped Altegio’s identity as an international platform, separate from its origins in Eastern Europe.
He also outlined why Cyprus has emerged as a key hub for the company, how local businesses compare digitally with other markets, and how automation, fintech integration and AI are redefining the future of service-based business models.
At the same time, the broader European Union saw its overall surplus contract significantly compared to the previous year.
While the island’s deficit remained stable compared to the €100.00 million recorded in the same period of 2024, the EU seasonally adjusted current account surplus fell to €57.30 billion, representing 1.2 per cent of GDP.
This figure marks a notable decline from the €80.50 billion surplus seen in the second quarter of 2025 and is substantially lower than the €96.10 billion surplus recorded in the third quarter of 2024.
Despite the narrow overall deficit, Cyprus saw a robust performance in its services account, which posted a surplus of €2.90 billion in the third quarter, an increase from the €2.60 billion recorded a year earlier.
“The Central Bank of Cyprus expresses its deepest sorrow for the death of former President of the Republic of Cyprus, George Vassiliou,” the Central Bank of Cyprus said in an announcement issued on Thursday.
“George Vassiliou contributed substantially to shaping the country’s modern economic course, promoting reforms and policies that strengthened stability, modernisation and the European orientation of the Cypriot economy,” the CBC added.
“We express our sincere condolences to his family and loved ones,” the Central Bank said.