Digest REVERA Cyprus №6

Cypriot KV Fund looking for startups to invest in

The first CySEC-registered Venture Capital fund focusing primarily on Cypriot startups Kinisis Ventures Fund has announced a call to fund more startups this March.

“If you are a startup with an internationally relevant and scalable business idea looking for pre-seed and seed funding, submit your pitch deck to their website” – says the announcement from KV Fund.

Cyprus property sales close to €6 billion with apartment prices and rents heavily growing

According to a report released by the Council for Registration of Real Estate Agents the Cyprus real estate market enjoyed a strong second half of the year, reaching the total value of all property sales to €5.8 billion for 2022.

“The dynamics of the real estate sector throughout the past year contributed decisively to the positive growth rates of the Cypriot economy” – said Council for Registration of Real Estate Agents president Marinos Kineyirou.

The success of the four-day workweek in Cyprus

In July and August 2022, consulting company PwC Cyprus implemented the four-day workweek for the first time, in effect extending their employees’ free, personal time by one day, allowing them to also take Friday off.

According to PwC Cyprus chief people officer Anna Loizou such experiment can be named as a successful since the four-day workweek has numerous benefits, both in terms of employee satisfaction, but also to customers of business. For example, 61% of the employees reported that the quality of customer service remained at the same high level, while 37% said that customer service had really improved.

Cyprus Foreign Direct Investment fell in 2021, Russia the leading partner

According to a report released by the Central Bank of Cyprus (CBC) Cyprus’ net Foreign Direct Investment (FDI) position decreased further in 2021, with the dominant partner, both for inward and outward FDI being Russia.

Cyprus’ net FDI position, meaning the balance resulting from subtracting inward FDI from outward FDI, decreased further in 2021, thus remaining negative.