Since the founding of the Republic of Cyprus in 1960, one of the key sectors for the prosperity of the Cypriot economy, is tourism. Nowadays, in 2017, after many efforts and actions of the Government and the Private sector in general, the number of tourist arrivals are increasing and the expectations are rising.
The last years, Cyprus is first in tourist arrivals among all Member States, based on statistical data of the European Union. Particularly in 2016, tourist arrivals increased by 20%, meaning that 3,2 million tourists coming from different parts of the world visited Cyprus, and the net revenue exceeded the sum of 2,5 billion euro. Tourism sector occupies approximately 15% of Cuprus’s population, and every Cypriot corresponds to 4 tourists. Its profits equal to 12,7% of GDP of the Republic of Cyprus that make evident its importance for the civil prosperity and the local economy.
The year of 2017 is the best year in score of tourist arrivals, since the fact that in the first 9 months the number increased by 14,7% and according to the estimations of the Ministry of Tourism more than 3, 7 million tourists will visit Cyprus until the end of the year.The rapid development of the tourism sector attracted numerous new investments, which will reinforce its capacity and will cause an increase in tourists’ arrivals, while they will upgrade the quality of the services provided and the competitiveness of the sector.
The marina of Limassol, that operates since 2014, the Ayia Napa marina, that its construction started recently and the marina of Larnaca, that is going through the last stage of investor selection, will provide Cyprus with the opportunity to attract a new kind of tourists and visitors. Large investments in the hotel industry are being made across Cyprus and almost all already existent hotels are being renovated by adding new rooms and best to address the increasing needs of the forthcoming year.
In addition, the first casino resort of Cyprus, which will operate for the first time in 2020 under the principle of Melco-Hard Rock Company, will broaden the capacity of the tourist service products. This investment is estimated to surpass the net revenue of 0,5 billion euro and will correspond to the standards of the casinos in Las Vegas. It will be one of a kind casino resort, not only in the East Mediterranean region but in the whole Europe. It is also estimated to attract more than 500.000 visitors and many other investments in order for the resort to address the needs of the new era.
The vast increase in demand, by tourists coming from all over the world to spend their holidays in the island, the large investments in hotel units, the completion of the marina in Limassol, the new marinas of Ayia Napa and of Larnaca and of the casino resort upgrade the tourist product services. Thus, the future of the tourism sector in Cyprus is promising. The prospects and demands are constantly increasing while the economy sector starts to look upon tourism as one of the main sectors that will provide stability and will reinforce the positive development rates.