WHERE TOURISM NEVER SLEEPS

A growing number of tourists

Cyprus’ tourism industry has experienced substantial growth over the last decade. According to the latest figures released by the Statistical Service of Cyprus (CYSTAT), arrivals reached almost 407,000 in October 2017 compared to 357,000 one year earlier, marking an increase of almost 14 percent. October 2017 also had the highest volume of tourist arrivals ever recorded in Cyprus for that particular month. The number of arrivals totaled 3.4 million for the period January – October 2017, up from 3 million in the same period last year, representing an increase of 15 percent and surpassing the total number of arrivals recorded in Cyprus for any first 10-month period in a year.

The tourism market is one of the largest economic sectors in Cyprus and has experienced substantial growth over the last five years, with visitor numbers averaging around 2.5 million annually. In a major boost for the Mediterranean nation, CNN named Cyprus among the hottest destinations on the planet. The country saw tourist spending shoot up by 17 percent last year to nearly USD 2.8 billion. Visitors also flocked to the country, in part due to its reputation as a relatively safe haven compared to other European destinations

Where to invest?

Enhancing the tourism product is one of the primary objectives of the government. The country is working toward further developing the industry and highlighting the untapped potential for investments in specialized subsectors, such as health and wellness, sports, luxury and lifestyle. Other areas that offer attractive and mature investment opportunities are largescale development projects, such as leisure and theme parks, luxury real estate projects, mixed-use developments, marinas, tourism resorts and golf courses. To enhance the hospitality sector further, the government is proceeding with the development of a single Integrated Casino Resort through a tender process. This new landmark attraction will add value to Cyprus’ tourism product. The country’s famous beaches have been awarded 53 Blue Flags and hold three records: The most Blue Flags per capita in the world, the densest concentration of Blue Flag beaches and the most Blue Flag beaches per coastline. Source: Statistical Service of Cyprus

Top spenders per nationality ($)

Ranking Amount spent per person