Government initiatives raise the investment potential of Cyprus
Extensive redevelopment is underway in Cyprus by the government - a move which could further boost the island’s tourist industry and property market, according to reports.
Cyprus has become one of the most popular holiday destinations bringing in over £1.7 billion in revenue every year to the country. Financial Mirror cited government’s official data that more than 307,000 foreign leisure travelers visited the Mediterranean island during June 2008 which is 8.8 per cent higher than the amount recorded same time last year.
Marios Christodoulou, spokesperson of Lovecyprus has stated that Cyprus is getting more and more popular as it is undergoing increasing development for special interest tourism. The initiatives by the government of Cyprus has modernized and broadened its appeal to encompass various demographics. Government has invested in infrastructure up gradation, new transport links and leisure facilities, along with the construction of two new international airports.
Commenting on the development, Akis Kelepeshis, president of the Association of Cyprus Travel Agents has said that a lot of time and money are invested and Cyprus is beginning to see increasing tourist numbers. Cyprus’ popularity as a holiday destination is directly boosting its property market. The findings indicate the growing demand for holiday accommodation and this could potentially lead to house prices going up in the most popular locations.
Popularity: 44% [?]
