Cyprus Set to Break Records for 2017 Tourism Levels & Hospitality Sector Revenue

According to the Statistical Service of Cyprus, a significant increase of 24% was recorded in revenues from the tourism sector in Cyprus in February this year. More so, revenue from tourism in February 2017 alone totaled €47 million compared to €38 million in the same period in 2016, results from the latest Passenger Survey show.

This is the 17th of the last 18 months where a consecutive increase in tourism revenue was recorded. For the first quarter of 2017, revenue from tourism is estimated to have been raised to €82 million, compared to €68 million in the same period of 2016.

Meanwhile, Cyprus is heading to set a new record for tourism levels in 2017, after the House of Commons reported a total of 3.3 million tourists passing through the island since last year.

The General Director of the Cyprus Tourist Board commented that occupancy rates of hotels have been increasing at a considerable rate each month, as expected in the lead up to summer, adding that “Cyprus will hit last year’s record, if not exceed occupancy rates entirely for the year.”

She also mentioned that Cyprus hotels have reportedly undertaken extensive renovations including increasing the hotels star rating by adding spas and increasing the overall value of the hotel, which is a good indicator of economic prosperity within any economy’s tourism sector, and is obviously a positive thing for Cyprus.

Speaking to the Commission, the General Manager of the Pancyprian Hotelier Association, Mr Zakarias Ioannidis stated that even despite the increase in demand, resorts did not increase their rates for the summer seasons unlike hotels in other popular holiday destinations such as Santorini and Marbella in Spain. As a result of this, Cyprus received very good comments from foreign partners as share prices for the major hotel chains continue to go from strength to strength.


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