Cyprus’s strong gains in the hospitality real estate market is helping the sector recover from the global health crisis, says conference
New research on the tourism and hospitality industry in Europe shows Cyprus was outperforming many of its competitors before the global health outbreak, putting the island in a strong position to attract new investors. The island’s resilience is partly due to multi-million investments in Cyprus by large hotel groups that are still going ahead, as well the government’s handling of the pandemic.
Cyprus outperformed the Algarve, the Turkish Riviera and France’s popular Aix-en-Provence, in terms of generating the highest revenue per available room (RevPAR), in 2019 up to the outbreak. This put the island on par with the Balearic Islands, Marrakech and Lisbon. The island also sustained average daily rates (ADR) for rooms sold in 2019, jumping in excess of 20% from 2008 levels. Venice, Antibes and Cannes were the highest RevPAR earners in 2019. […]
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Image source: Financialmirror.com