Hotel occupancy rates for July ranged between 80% and 85%, with even more promising results anticipated for August, the head of the Cyprus Hotels Association (Pasyxe), Thanos Michaelides, told the Cyprus News Agency (CNA).
Michaelides highlighted the encouraging indicators for August, particularly in domestic tourism, while also expressing confidence in a satisfactory situation for September.
Michaelides stressed the prevalence of last-minute reservations in addition to rising revenue figures, showcasing a commendable performance in comparison to the previous year.
The decline in revenues from the Russian market due to ongoing conflicts did present challenges, but the overall resilience is evident, he said.
However, Michaelides pinpointed that the rise of interest rates is inducing a contraction in profitability, hampering possible future investments in the sector.
On the issue of Cyprus’ inadequate connectivity, Michaelides cited the burden of high airfare costs. He underscored the necessity for the Cypriot tourism market to remain competitive, advocating for improvements to the offered products and services.