Assetz® News - Cyprus pushes tourism boat out

Cyprus pushes tourism boat out

18th August 2008 |

The growth of the Cypriot property market has had many positive influences: The close links with Britain as a Commonwealth country where English is widely spoken and which plays host to a sizeable expat community; membership of the European Union and, most recently of all, the adoption on New Years Day this year of the euro as the national currency.

But for all of this and the speculated possible future prospects if a peace settlement between the north and south is achieved, the fact remains that tourism remains a key element in sustaining the economy and the property market on the island. Having lots of people who speak English is not the main appeal for UK visitors. Instead, it is the sunshine, beaches, nightlife, scenery, culture and history. In the winter, it is even possible to ski on the highest mountains.

The importance of this sector was emphasised by Marios Christodoulou, a spokesperson for tourism agency Love Cyprus. He said: "Tourism is the main generator of the Greek Cypriot economy. It has created many jobs, increasing quality of life for residents as well as the tourists."

He added: "Global products and services are available in Cyprus from leading brands to leading high street shops and retailers but this has not dampened the local atmosphere as Cyprus sticks very much to tradition with its local shops and products and especially its famous cuisine."

Of course, many are the British tourists who would rather have fish and chips than undertake new culinary experiences. But apart from the fact that many other countries provide a large number of tourists, by offering its own identity Cyprus can entice tourists who may look for something that Spain, Italy or the south of France do not offer.

Those who cater for tourists in Cypriot resorts may need to be flexible with what they offer. A property with a distinctly British interior may not appeal to Russian, Swedish, or even Cypriot holidaymakers.

Places like Paphos certainly display seasonal differences, Irene Papazogoulou of the Thalassa five-star boutique hotel told the Cyprus Mail.

She said: "In August, we have mostly foreign visitors for the first two weeks. In the middle of August we have mostly Cypriot, and then at the end of the month it’s a mixture. Many people will be here because of the opera in Paphos."

Property investors may, therefore, be best offering property that retains a Cypriot character so that islanders can enjoy something familiar and overseas visitors can enjoy something distinctly Cypriot.

In the meantime, the economy of Cyprus, unlike many others in the European Union, is still doing well. Reuters reports that the government there expects growth of four per cent this year, an eye-watering figure for those whose countries may hit recession.

Keeping up such growth may go on depending on a strong tourism sector. As long as Cyprus manages this, property investors should have plenty of opportunities.