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.
RLA Global's senior team is in Cyprus, for a new luxury resort project. The island represents a region of exceptional potential, with a record-breaking tourism performance and GDP growth that significantly outpaces the eurozone average. Read more
RLA Global's senior team is in Cyprus, for a new luxury resort project. The island represents a region of exceptional potential, with a record-breaking tourism performance and GDP growth that significantly outpaces the eurozone average. Read more
Roger Allen, our Group CEO, shares insights from the pioneering Taylor Wessing Branded Residences Summit, highlighting key discussions on net profit margins and industry collaboration. Read more
Roger Allen, our Group CEO, shares insights from the pioneering Taylor Wessing Branded Residences Summit, highlighting key discussions on net profit margins and industry collaboration. Read more
Sleep in hospitality is revolutionizing the guest experience. The hotel sleep experience has become a central focus, as modern travelers are willing to pay more for accommodations that enhance their sleep. Hotels that prioritize restorative sleep through innovative technology and environmental design gain lasting competitive advantages. Read more
Sleep in hospitality is revolutionizing the guest experience. The hotel sleep experience has become a central focus, as modern travelers are willing to pay more for accommodations that enhance their sleep. Hotels that prioritize restorative sleep through innovative technology and environmental design gain lasting competitive advantages. Read more
Hotels must come up with new ways to successfully attract and retain employees and boost their appeal to new cohorts of candidates in an ever-intensifying race for skilled workforce. In this article, we examine what difficulties and challenges they need to overcome in the labour market and how they can build resilient and innovative human resources strategies. Read more
Hotels must come up with new ways to successfully attract and retain employees and boost their appeal to new cohorts of candidates in an ever-intensifying race for skilled workforce. In this article, we examine what difficulties and challenges they need to overcome in the labour market and how they can build resilient and innovative human resources strategies. Read more
Sign up for our Newsletter
