Cyprus has emerged as a rising star in Mediterranean tourism. According to Statista, international tourist arrivals surged by 20.1% in 2023 compared to the previous year, with 3.8 million visitors recorded. Tourism revenue also grew by 22.6% reaching €2.99 billion, CySTAT announced.
This surge is supported by increased airlift. In December 2023, Cyprus Airways announced its expanded summer 2024 schedule, adding 40% more seats compared to last year, with flights to 19 key destinations, including Athens, Paris, Dubai, and Tel Aviv.
However, it’s not just tourism that’s booming.
Cyprus is also experiencing rapid residential development, driven by geopolitical shifts in the region. With instability in neighbouring countries, many individuals and investors are choosing Cyprus as a safe and attractive destination. This influx of new residents is driving demand for real estate, particularly in high-end residential and tourism-related projects.
Commenting on the current market trends, Group CEO Roger Allen said:
"Cyprus has become a key player in the Mediterranean, not just due to its tourism growth but also because of broader regional dynamics. We’re witnessing a unique convergence of factors creating opportunities for long-term development in both the tourism and the residential sectors. It’s an exciting time to be part of this transformation."
Are you interested in resort and destination development projects? Explore our portfolio here.
Pitch Perfect at IHIF Berlin had a clear winner: Kourtidis Group from Greece. Our Group CEO Roger Allen served as judge, mentor, and proud supporter of the team that took the top prize unanimously. The Greek hospitality sector is in real momentum, and we are glad to be part of it. Read more
Pitch Perfect at IHIF Berlin had a clear winner: Kourtidis Group from Greece. Our Group CEO Roger Allen served as judge, mentor, and proud supporter of the team that took the top prize unanimously. The Greek hospitality sector is in real momentum, and we are glad to be part of it. Read more
RLA Global Group CEO Roger Allen participated in the debut BxR EMEA day at IHIF, leading a roundtable on wellness and longevity in branded residential development alongside Alfredo Bataller, CEO of AB Living Group. Read more
RLA Global Group CEO Roger Allen participated in the debut BxR EMEA day at IHIF, leading a roundtable on wellness and longevity in branded residential development alongside Alfredo Bataller, CEO of AB Living Group. Read more
Hotel owner representation increasingly extends beyond individual projects to supporting investors throughout the entire lifecycle of their assets. Here is how this role can unlock value in key phases of the investment. Read more
Hotel owner representation increasingly extends beyond individual projects to supporting investors throughout the entire lifecycle of their assets. Here is how this role can unlock value in key phases of the investment. Read more
The gap between feasibility and reality often lies in how operational factors are accounted for. A robust feasibility study must go beyond validating demand and financial potential to reflect how the asset will function in practice. Read more
The gap between feasibility and reality often lies in how operational factors are accounted for. A robust feasibility study must go beyond validating demand and financial potential to reflect how the asset will function in practice. Read more
Sign up for our Newsletter
