The ever rising number of tourists to Cyprus in recent years has led to an increase in the number of new hotels, according to a KPMG Cyprus report released recently.
Specifically, new hotels accounted for 12% of overall building permits issued in 2018. Hotels made up 20% of ‘big projects’ value which, in absolute numbers, is as high as €250 million.
The upward trend in the number of new hotels continued during the months of January-April 2019 as well, according to data by the Cyprus Statistical Service. A total of 10 new building permits were issued over those months whose value stood at €530 million compared to some €40 million in the corresponding period in 2018.
However, the sharp rise in the overall value of new hotels is due to the town planning permit granted to the grand new casino resort in coastal Limassol. If you exclude this permit, the value is much lower.
All in all, the number of hotels with 3 stars or more over the last 10 years has increased by 7% with an additional 13 new units, mainly in the districts of Paphos and Famagusta. Available beds there have increased by 11% and 16% respectively.
At the same time, KPMG expects this upward trend to continue with the construction of the casino in Limassol as well as with other five-star hotels currently being built there and in the Famagusta district. The construction of the casino in Limassol alone will add 1,000 new beds by end of 2021.
And the completion of Chrysomare Beach Hotel in Famagusta will add 640 new beds, another 490 by Sofitel Cyprus in Limassol and another 460 by Sun City Resort in Famagusta. At the same time, considerable movement in the hotel industry is also recorded in the capital of Nicosia.
Read more:
https://in-cyprus.com/cyprus-banks-are-betting-on-hotels/
