The tourism industry in Cyprus recorded an increase in the number of foreign arrivals last month. The Financial Mirror has cited government official data as more than 307,000 vacationers visited the Mediterranean island in June which is 8.8 per cent higher than the previous year as nearly 282,000 people arrived in June 2007. This makes it the highest year-on-year increase.

The Statistics revealed that the surge in visitor numbers was fuelled by holidaymakers from the UK. Brits accounted for more than half of all incoming tourists. More than 160,000 British tourists arrived in Cyprus in June which is 7.7 per cent more than in June 2007. The Cyprus Mail has highlighted the growing popularity of the country among the holidaymakers from various European countries such as Germany, Greece and the UK.

This is likely to be welcomed by owners of rental accommodation in Cyprus, as it means the island is continuing to appeal to new consumer bases and also this suggests that temporary lodgings are in high demand. Consequently, Cyprus could be a potentially lucrative market for overseas property investors to consider. The growing reputation of the country as a holiday destination is also found to have had a positive impact on the country’s economy. This has also made the country an attractive investment prospect for overseas property buyers.

UK newspaper the Telegraph recently reported that Cyprus is a year-round destination, which means that investors are likely to earn higher rental yields than in many other markets.

Co-operative Travel has predicted that the number of British holidaymakers set to visit Cyprus this Christmas is 40 per cent higher than 2007. Already till February 2008, the Mediterranean island attracted more than 70,000 visitors, according to the reports from financial mirror. These figures suggest that Cyprus has promising rental market and temporary lodgings are in high demand. Consequently, Cyprus could be a potentially lucrative market for overseas property investors to consider.

Further more, Cyprus was praised by Home Move for offering a vibrant economy, which has led to capital growth in its housing market.