Cyprus Business Now

Tourist arrivals reached 148,973 in November of this year, a massive jump over the 8,952 during the same month in 2020, but still down on the 169,392 tourist arrivals in November of 2019.

For the period between January and November of this year, tourist arrivals came up to 1,840,003 in total.

This represents a 195.9 per cent year-on-year increase, with 621,927 tourists arriving in Cyprus during the corresponding period of 2020.

However, this is 52.4 per cent fewer arrivals than the same period during 2019, when 3,866,447 arrivals were recorded.

Arrivals from the United Kingdom were the main source of tourism during November of 2021, with a share of 22.7 per cent (33,829) of total arrivals.

This was followed by Germany with 10 per cent (14,945), Russia with 9.6 per cent (14,236), Poland with 8.8 per cent (13,105), Greece with 8.5 per cent (12,629) and Israel with 7.7 per cent (11,474).

For a percentage of 75,8 per cent of tourists, the purpose of their trip in November was holidays, while 13.3 per cent came to visit friends and relatives. 10.9 per cent of foreign visitors came to Cyprus for business purposes.

Respectively, in November of the previous year, 39.4 per cent of tourists visited Cyprus for holidays, 25.5 per cent visited friends or relatives, while and 35.1 per cent visited the island for business reasons.

The Cyprus Asset Management Company (KEDIPES) announced on Tuesday that it will pay €60 million to the state for the fourth quarter of 2021.

Following the €60 million payment, Kedipes’ total payments to the state have reached €570 million in total, with €250 million having been paid during 2021, the third consecutive year in which the amount is higher than the year before.

Kedipes paid €200 million to the state in 2020 and €120 million in 2019.

Kedipes began operation in September 2018 to manage the non-performing assets of the former state-owned Cyprus Cooperative Bank.

According to data by the Cyprus Statistical Service (Cystat) released on Tuesday, a sharp increase of 253.4 per cent was recorded in the trips of Cypriots abroad during November of this year.

A total of 52,668 residents of Cyprus returned from a trip abroad in November 2021, a year-on-year increase of 253.4 per cent, with 14,905 residents returning from trips abroad in November of 2020.

However, this amount is still 50.6 per cent down on the figure from November 2019.

The main countries from which the residents of Cyprus returned in November 2021 were Greece with 42.5 per cent and the United Kingdom with 12.6 per cent.

The Cyprus Stock Exchange (CSE) ended Tuesday, December 21 with minor losses.

The main Cyprus Stock Market Index was at 66.27 points at 12:58 during the day, reflecting a drop of 0.15 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 39.68 points, which represents a 0.13 per cent decrease.

The total value of transactions came up to €13,448, continuing the recent trend of suppressed trading activity.

In terms of sub-indexes, the main index fell by 0.19 per cent, while the investment firm index remained stable.

The hotel and alternative indexes rose by 0.22 per cent and 0.13 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-0.99 per cent), Logicom (+0.61 per cent), Demetra (no change), Constantinou Bros Hotels (+3.25 per cent) and the Cyprus Cement Company (+0.99 per cent).