Day: October 7, 2021

EU environment ministers agreed on the EU’s positions in the upcoming United Nations Climate Change Conference (COP26) and had a first debate on the Fit for 55 package of proposals for climate change mitigation during their Wednesday meeting in Luxembourg, according to a statement on the conclusion issued Thursday morning.

The Ministers exchanged views on the current increase in energy prices following a request by Greece, Spain and Poland, exchanged views on the new EU forest strategy for 2030 and adopted the Council’s position on amendments to the Aarhus Regulation on access to justice in environmental affairs. Cyprus was represented by the permanent secretary of the Agriculture Ministry, Andreas Georgiou.

Source: Cyprus News Agency

Rents and house prices in the EU have continued their steady increase in Q2 2021, going up by 1.3% and 7.3% respectively, compared to Q2 2020, according to data published Eurostat, the EU’s statistical service.

Over the period from 2010 to Q2 2021, rents increased by 16% and house prices by 34% according to Eurostat.

Cyprus has seen the third largest reduction in prices overall compared to 2010, as rents decreased by 3% and house prices decreased by 8%.

Eurostat points out in its analysis of the data that between 2010 and Q2 2011, house prices and rents in the EU followed similar paths, but that since Q2 2011, those paths have diverged significantly.

More specifically, while rents increased steadily throughout the period up to Q2 2021, house prices have fluctuated considerably.

After a sharp decline between Q

Source: Cyprus News Agency

House Price Index (HPI) for the second quarter of 2021 amounts to 104.07 units, according to preliminary estimate of the Statistical Service of Cyprus.

Compared to the first quarter of 2021, the HPI increased by 1.2% while compared to the Index of the corresponding quarter of 2020, the Index decreased by 4.9%.

The index had already fell by 5.8% in the first quarter of the year

Increase in Building permits

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At the same time the Statistical Service announced that the number of building permits issued by the municipal authorities and the district administration offices during July 2021 stood at 727. The total value of these permits reached €184.6 million and the total area 186.7 thousand square metres. These building permits provide for the construction of 874 housing units.

Source: Cyprus News Agency

Inflation in Cyprus remained at high levels in September – although reduced compared to the previous month- amounting to 4.1%.

The increase in energy prices had the biggest impact this on the increase in prices compared to the corresponding month of 2020.

According to the Statistical Service of Cyprus in September 2021, the Consumer Price Index decreased by 0.06 units and reached 104.03 units compared to 104.09 units in August 2021. In September 2021, the inflation increased by 4.1%.

For the period January-September 2021, the CPI increased by 1.8% compared to the corresponding period of the previous year.

As regards the economic origin, the largest changes when compared to the index of September 2020 were recorded in Electricity (39.4%) and Petroleum products (21.1%). In comparison to the index of the previous month

Source: Cyprus News Agency

Cyprus public debt is estimated to drop to €24.1 billion by the end of 2021, the Ministry of Finance’s Public Debt Management Office has said, adding that Cyprus has “significant” cash reserves that cover the island’s financing needs for 2021 as well as a significant part of 2022.

In a newsletter for September 2021, the PDMO furthermore said that Cyprus General Government debt is estimated to be at €24.

Source: Cyprus News Agency

Cyprus can count on Poland’s support, when it comes to respecting international law, the country’s President, Andrzej Duda, said on Thursday, while on an official visit in Cyprus. Speaking after a meeting with the President of Cyprus, Nicos Anastasiades, at the Presidential Palace, in Nicosia, Duda also referred to the Cyprus issue, saying that UN Security Council resolutions point to “which solution is appropriate for Cyprus.”

In joint statements with President Anastasiades and speaking through an interpreter, Duda said that his country maintains friendly relations, both with Greece and Turkey.

Source: Cyprus News Agency

Nicholas Emiliou, the former permanent representative of the Republic of Cyprus in Brussels, started his term as one of the new Advocates General of the Court of Justice of the European Union on Thursday.

Five new Judges and four new Advocate Generals, including Emiliou, took the oath and entered into office during a formal sitting of the Court of Justice of the EU in Luxembourg. Emiliou has been appointed as an Advocate General for the period from 7 October 2021 to 6 October 2027.

Source: Cyprus News Agency