Insider Business Cyprus hotel price competitiveness lowest among competitors

Cyprus hotel price competitiveness lowest among competitors

Cyprus ranks the lowest among competitor markets in terms of price competitiveness, according to KPMG’s Cyprus Hospitality Report which was recently released aiming to provide an overview of the hospitality market performance.

The report shows that the average daily stay in Cyprus costs €138, while in Istanbul it is €77, in Lisbon €114 and in Athens €120. Madrid is slightly more expensive than Cyprus with the average daily stay costing €139, but Rome’s is even higher at €147.

At the same time, Cyprus has the fourth highest net bed occupancy rate versus direct competition with 73%, compared with Rome’s 70% and Istanbul’s 69%. Lisbon and Athens are the two cities with the highest net bed occupancy, reaching 78% and 77%, respectively. In Madrid the average net bed occupancy is 75%.

As for investment in new luxury hotels – 3 stars and higher- over the past 10 years, this has greatly benefited Paphos and Famagusta districts with the number of available beds increasing by 11% and 16%, respectively. These two areas contributed with more than 90% of the total increase in available beds.

However, despite the rising demand in tourism and need for additional bed capacity over the past decade, Nicosia and Larnaca performed poorly in terms of quality, according to the report.

In addition, budget hotels of one and two stars have increased by 89%, while luxury beds available decreased by 10%. Limassol is the only city recording a rising number of high-end, 4 to 5-star hotels, and a decline in one to two-star hotels.

With a 7.8% year on year increase in tourist arrivals, 2018 was the most successful year recorded for the Cyprus tourism industry, with the number of tourist arrivals reaching 3.9 million. Since 2014, tourist arrivals have risen for five consecutive years, reaching peak levels in 2018.

In revenue terms, tourism accounted for the equivalent of 13.1% of nominal GDP in 2018, rising by a modest 2.7% to €2.7 billion, according to the prior year.

 

Read more:

 

https://in-cyprus.com/new-hotels-in-cyprus-on-the-rise/

 

 

 

Top Stories

Rain on the way all across Cyprus, snow on Troodos mountain

Rain all across Cyprus is on the way and so is snowfall on Troodos mountain, according to the Mediterranean island’s Met Office. The depth of...

Cyprus’ municipal solid waste per inhabitant among highest in EU

Cyprus' municipal solid waste per inhabitant is one of the highest in the EU, according to data released on Tuesday by the island's Statistical...

Help desk for “CyprusFlightPass” e-platform in operation as of Monday

A help desk assisting passengers who intend to travel to Cyprus from abroad and may have queries regarding the use of the e-platform “CyprusFlightPass”...

UK to unveil hotel quarantine plans, public told not to book vacations

Britain will announce on Tuesday whether it will bring in mandatory quarantine in hotels for some or all arrivals, the country's coronavirus vaccination minister...

Sokratis joins Olympiakos after Arsenal exit

Former Arsenal defender Sokratis Papastathopoulos has joined Olympiakos Piraeus on a deal until the end of the 2022-23 season, the Greek Super League champions...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...