In 1999, Neofytou was appointed Minister of Transport and Works in the government of Glafcos Clerides, a position he held until 2003.

He is also the leader of the delegation of the House to the Inter-Parliamentary Conference on Stability, Economic Coordination and Governance in the European Union.

[4] On 22 December 2021 Averof Neophytou announced that he would be a candidate in the presidential elections, in February 2023, as the official representative of DISY.

The independent candidate Nikos Christodoulides, supported by DIKO, EDEK, DIPA and Solidarity Movement, received 32.04% of the votes, finishing first.

Andreas Mavroyiannis, an independent candidate supported by the left wing party AKEL, secured the second place, after receiving 29.59%.

[10] Former Cypriot president Nicos Anastasiades in April 2023 gave a speech denying he'd sought to undermine Averof's presidential campaign, stating he'd sought to resolve the conflict with Christodoulides leaving Disy to run as an independent, and had afterwards backed Averof as Christodoulides' opponent.

Largest listed donors were the shipowner’s union, Treppides and CO, Fiduserve management, FX PRO Financial Services, Duat WB, and TCR International.