Cyprus tourism revenue increases

Thursday January 31st , 2008

Revenue produced by the tourist sector in Cyprus continued to increase last year, according to new figures.

Data from the Statistical Service Cystat showed that the holiday industry generated £1.4 billion in 2007, reports the Financial Mirror.

This is 5.9 per cent higher than the figure recorded during the previous year and a reflection of its growing popularity.

Figures showed that the number of people visiting the Mediterranean island went up by 0.6 per cent to 2.4 million over the same period.

The findings are likely to be welcomed by property investors in Cyprus, as it means that rental accommodation is seeing increased levels of demand.

This means that property owners could enjoy financial benefits such as higher rental returns and possibly an increase their home's value.

Experts have widely tipped house pries in Cyprus to rise significantly this year as a result of its recent entry into the euro.