Cyprus booming tourism propels rental market
Financial mirror cited figures from the Passengers Survey and reported that 2.4 million tourists arrived in Cyprus from January to December in 2007 which is an increase of 0.6 per cent from the previous year. Cyprus mail also has reported that government’s official figures showed that more than 50,000 holidaymakers visited Cyprus last month. Holidaymakers came from places such as UK, Germany and Greece. Hermes Airport found a 2.59 percent rise in passenger numbers in January when compared to same period last year.
Britons accounted for nearly half of the foreign arrivals in Cyprus during January. Nearly 95 per cent of road signs are in English and the high English-speaking culture clearly shows the strong influx of British tourists.
Cyprus’ Department of Civil Aviation press release states that aeroplane traffic to and from the island increased in June. Larnaca airport in particular recorded increase in arrival of passengers. In general, there was a 5.9 per cent rise in overall aircraft traffic and that is matched by the 4.1 per cent rise in passenger numbers.
Demographic breakdowns of tourist give a good insight about tourism of Cyprus:
Europe: 85.7 %
Of this total, 57 per cent are from the UK
Germany, the next largest group on 6.8 per cent
Greece: 5.3%
Sweden: 309%
Recently Russian holidaymakers also turned their attention towards Cyprus.
The study by CYSTAT shows that Cyprus earned almost £430 million from tourism and this made the tourist industry as one of the most important contributors to the national economy. The growing year-round tourist trade translated into higher rental yields and Owners of rental accommodation in Cyprus are likely to be profited by country’s booming tourism. The demand for rental accommodation has increased resulting in higher occupancy rates and higher rental returns. The overall revenues generated in rental accommodation went up by 5.9% to £1.4bn last year.
Popularity: 45% [?]
