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Cyta Selects Giorgos Metzakis As CEO Candidate From Five Finalists

Giorgos Metzakis has been selected as the leading candidate for the CEO role at Cyta following a selection process involving five finalists, according to reports. The appointment has not been officially confirmed and remains subject to government approval.

Insight Into The Selection Process

Cyta’s board interviewed five candidates as part of the selection process. An independent partner oversaw the evaluation to ensure transparency. The process focused on identifying a candidate based on experience and leadership criteria. Metzakis emerged as the board’s preferred choice.

Pending Governmental Approval

Final appointment requires approval from the Council of Ministers, in line with Cyta’s governance structure. No official confirmation has been issued by the organization. The process is currently in its final stage, pending formal approval. Further announcements are expected following the government review.

Context Of A Leadership Transition

The CEO position became vacant after Andreas Neokleous stepped down in August 2025. He had held the role since January 2019. The vacancy was formally announced in November 2025, initiating the current selection process. Leadership transition remains a key development for the organization.

Outlook

The appointment will determine Cyta’s leadership direction in the coming period. Market conditions and strategic priorities will shape the company’s next phase.

Cyprus Property Deals Reach €286 Million Despite Second-Quarter Uncertainty

Cyprus’ high-end property market remained active in the first half of 2026, although geopolitical uncertainty may have weighed on investment activity during the second quarter.

€286.4 Million Across The 50 Largest Deals

Property transactions worth a combined €286.4 million ranked among Cyprus’ 50 highest-value deals completed between January and June, according to real estate analytics firm Ask Wire.

Examining the country’s biggest sales across all districts, the report found that the 10 largest transactions alone accounted for €161.7 million, highlighting the concentration of activity at the upper end of the market.

Limassol Extends Its Lead

A €55 million sale involving a building and adjoining fields in Moni was the largest property transaction recorded during the period.

Six of the country’s 10 biggest deals took place in Limassol, with a combined value of €117.2 million. Paphos followed with three transactions worth €35.5 million, while Larnaca recorded one €9 million sale.

Across the broader ranking, Limassol’s 10 largest transactions reached €148.2 million, representing 51.7% of the total value of the top 50 deals. Paphos followed with €68.8 million (24%), while Nicosia recorded €26.7 million. Famagusta narrowly surpassed Larnaca, reaching €21.4 million compared with €21.2 million.

Land Continues To Drive High-Value Deals

According to Ask Wire CEO Pavlos Loizou, land acquisitions continue to dominate Cyprus’ largest property transactions.

“The land market dominates the list of the 10 highest-value property transactions, with seven sales involving fields and plots.”

Many of those sites are expected to be developed into luxury residential and hospitality projects, he added.

Office Demand Remains Strong

Growing demand for office space also reflects the expansion of international companies establishing operations in Cyprus, Loizou said.

“We continue to observe growing demand for office properties, reflecting the expansion of the new ecosystem of international companies that has been establishing itself in Cyprus in recent years.”

Eight of the 10 largest transactions were completed during the first quarter of 2026, with activity slowing in the following three months.

Loizou said the slowdown may reflect investor caution linked to the conflict in the Middle East, which appears to have influenced investment decisions during the second quarter.

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