Cyprus Business Now

Eurostat’s latest data reveals significant developments in European tourism for the year 2023. Among the notable findings is Cyprus’s anticipated 20 per cent growth in tourism, securing the second-highest increase in the EU.

Furthermore, across the EU, almost all member states observed a rise in overnight stays in tourist accommodations, except for Luxembourg, which reported a 0.1 per cent decrease. Cyprus and Malta stood out, with a 20 per cent increase.

Moreover, Germany and Spain recorded the most significant growth, with 32.8 million overnight stays, and 32.3m, respectively.

In addition, in 2023, overnight stays saw a significant uptick, registering an increase of 171m compared to the previous year. The surge was mainly fueled by a substantial rise in international tourist stays, contributing 146m to the overall growth. Domestic tourists also played a role, though to a smaller extent, contributing an additional 25m stays. This expansion exceeds pre-pandemic levels by 25 per cent.

Based on accommodation, hotels and similar accommodation involve 63 per cent of total overnight stays (1.8 billion). Holiday accommodation and other short-term stays followed at 24 per cent, while camping was 13 per cent of the total stays.

The Cypriot economy Cyprus Land and Building Developers Association (LBDA) warmly welcomes the Interior Minister’s decision to implement a new process for issuing property titles more quickly – aiming to complete the process within 3 months. In their statement, the association highlights the significance of this move, expressing optimism that it will finally address a long-standing issue.

The Association emphasises that this matter has consistently been a top priority for them. They have actively presented their views and suggestions to minister Constantinos Ioannou and other involved parties over time. This collaborative effort is seen as a positive step toward effectively resolving the existing challenges in property title issuance.

The Cyprus Stock Exchange (CSE) witnessed a decline in Tuesday’s trading session following the gains observed on Monday. The General Index of the CSE concluded at 135.55 points, reflecting a decrease of -0.66 per cent. Similarly, the FTSE/CySE 20 Index closed at 82.24 points, indicating a decrease of -0.68 per cent.

In terms of individual stocks, the Bank of Cyprus share concluded at €3.40, registering losses of 0.58 per cent, and a volume of €34.1 thousand. Meanwhile, the Hellenic Bank share maintained its value at €2.25, with a trading volume of €14 thousand.

Turning to corporate developments, Demetra Investments reported a noteworthy increase in the value of its investment in Hellenic. The investment stood at €262.8 million at the end of December 2023, compared to €223.2 million at the close of 2022, representing 75.39 per cent, compared to 74.6 per cent in 2022.