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Next month, residents of Cyprus will have to choose the president of the country. The three leading candidates believe that one of the key tasks should be to contain the subsistence minimum.

Will the presidential candidates keep their promise to reduce inflation?

An inflationary crisis is brewing in the country due to the pandemic and military actions in Ukraine. Averof Neophytou, Andreas Mavroiannis, and Nikos Christodoulides assure solving this problem with the help of support measures for low-income citizens and the middle class.

The real president, Nicos Anastasiades, is not going to nominate his candidacy for the elections on February 5 after 10 years of continuous work.

The voters will have to make a choice between Averof Neophytou, the leader of the ruling party, Nikos Christodoulides, the Minister of Foreign Affairs, and Andreas Mavroiannis, a representative of the opposition.

DISY supports the Neophytou's 100 policy program, which provides for the containment of energy prices, the rapid growth of renewable energy sources, and the development of energy storage capabilities.

Neophytou said that only a coalition of countries can defeat global inflation. He believes that the solution to the problem cannot be simple and quick, because it can only harm the country's economy and lead to the state in which the country was before 2013.

The candidate noted that during the crisis, the main task is to help low- and middle-income groups. The initiative to introduce tax benefits for citizens with incomes from 19,500 to 28,000 euros per year becomes a key element in its program.

Mavroyannis stated that his main task is to ensure a decent standard of living for all citizens of the country.

The candidate's manifesto notes such support measures as the introduction of subsistence allowances up to the level of 2013 and the installation of photovoltaic systems in homes with a subsidy of up to 100%.

One of the measures to reduce the current cost of living, which reaches high levels, will be working with the European Union to determine flexible conditions for tax cuts, in particular, the consumption tax.

In addition, the candidate declares the need to reduce the VAT to 9% after the current government increases it by 10 months to 19%.

The candidate's program includes the abolition of the fuel double taxation system as well as the introduction of a tax on the excess profits of energy companies.

Christodoulides also promised to pay special attention to measures to support all categories of citizens and companies that have become victims of high inflation.

The candidate believes that first of all it is necessary to change the living wage and introduce a policy of suppressed speculation.

He believes that in the near future the Central Bank will be considered a reliable body for establishing price stability against the background of the macroeconomic situation and the policy of the European Central Bank.

Targeted financial assistance will be provided to low-income citizens, taking into account the growth of inflation and budgetary opportunities.

2022 was a good year for the real estate market, as the volume reached 6 billion euros, but sales are expected to decrease in 2023.
In 2022, real estate sales amounted to 6 billion euros

The Cyprus Real Estate Registration Council has published data in its quarterly "Real Estate Market Bulletin" on the sale of real estate for 5.85 billion euros in 2022 .

The council assured that the real estate market is developing, especially in the field of comparative sales, even despite the difficult economic situation.

The Land Registry has published data on the registration of 22,129 contracts for the purchase and sale of real estate for 2022.

The best indicators were achieved in the fourth quarter. During this period, 5883 transactions were concluded for a total of 1.7 billion euros .

In the first quarter, the amount amounted to 1.3 billion euros; in the second quarter, 1.2 billion euros . In the third quarter, the amount reached 1.65 billion euros .

Marinos Kineyirou, president of the Registration Council of Real Estate Agents, announced not only the stabilization, but also the growth of the real estate market, despite the difficult economic period.

He noted that next year we should expect a drop in indicators due to several factors: rising inflation and interest rates, as well as rising prices for building materials.

The highest figures were recorded in Limassol, where 6945 transactions totaling 2.86 billion euros were concluded.

In second place was Nicosia, with 6237 transactions worth 1.2 billion euros.

The growth of the real estate market has been recorded in Paphos. In 2022, 3,593 transactions worth 890.4 million euros were officially registered.

In Larnaca, the amount amounted to 666.2 million euros for 4160 transactions, and 1194 transactions for 238.4 million euros were recorded in Famagusta.

Panos Danos, CEO of DANOS International Property Consultants & Valuers, said that stocks of real estate assets will help the economic market not only survive 2023 but also remain stable.

Inventories make it possible to offer various options for customers, which does not allow prices to rise.

It should also be noted that mortgage rates remain at a high level. In addition, banks are not so active in issuing loans for the purchase of housing.

This fact will affect the sellers' profits, but they can still count on receiving income.

We should not expect drastic changes in the field of real estate in 2023.

Thanks to the seller's decision to restrain prices, consumer demand will remain at its usual level.

Panos Danos stated that the other factors affecting the real estate market and prices will be supply and demand. Although many believe that real estate is the most reliable type of investment.

But in 2023, buyers and sellers will have to get used to changes, including changes in real estate prices.

Danos suggests that no forward-looking forecasts should be expected in 2024.

The opening of the office was the first step in Cyprus's efforts to become a European technology center.

Transfer of 150 employees in connection with the opening of an office of an American software company in Cyprus

On Wednesday, the national investment agency Invest Cyprus said it was positive about the opening of the office of the American company Wrike. The statement also says that such a decision only proves the developing status of Cyprus as a "technological island" in Europe.

The Wrike Company specializes in project management using its software. It is known that at the initial stage, 150 employees will work in the capital office of the company. Among them are specialists from the marketing and customer support departments, as well as the engineering and finance departments. The move can be called the fastest in the entire existence of the company.

The agency emphasizes that Wrike chose Nicosia as the ideal location for its headquarters in Cyprus. The office will be located in a new category A building, which operates in an energy-efficient mode.

George Campanellas, CEO of Invest Cyprus, stressed that Cyprus is an ideal place to strengthen activity in the European direction and the company's entry into new markets. And opening Wrike will only highlight the situation.He added that the company is becoming part of the ecosystem of Cyprus, which is developing on a technological path.

In addition, he noted that this once again shows the correctness of the chosen strategy for the development of technological and innovative spheres. Soon, the island will become a business and entrepreneurial center.

The founder and CEO of Wrike, Andrey Filev, highlighted the advantages of Cyprus, which distinguish it from other investment areas. He noted that now the company's goal will be to form a work management platform with maximum efficiency, since a good Cyprus jurisdiction contributes to such a solution.

In addition, Andrey Filev highlighted the assistance from Invest Cyprus, noting its professionalism and value. He expressed hope for the development of Cyprus as one of the largest European technology centers. Filev said that Invest Cyprus as a partner will help bring the company to the leaders of the international market.

Campanellas assured that Invest Cyprus will support other companies that plan to develop business in Cyprus, despite the global economic situation. He noted that Wrike's decision demonstrated not only the trust of partners, but also the high level of development of the country's economy.

As a result, Campanellas highlighted the advantages that companies receive by opening a business on the island, in particular, a favorable location and climate, as well as highly qualified employees.

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