Cyprus: Tourism made the Country able to Escape the Financial Crisis

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Interior Minister Mr Constantinos Petrides has stated that tourism has been a leading factor in Cyprus in recent years and allowed the country to exit from the financial crisis.

According to the Cyprus Real Estate Market 2016 Year in Review, the Top Three Pillars of the Cyprus Economy is as follows:

1) Retail, Hospitality & Leisure (Tourist Arrivals & Revenue) – 19.9%.

2) Financial & Professional Services – 19.1%.

3) Real Estate & Construction – 14.1%.

The mere number of applications for tourist developments caused some delays and there has been discussions as to how to improve the ministry services’ efficiencies in order to handle such a large volume of requests.

There was also a proposal regarding a government bill involving hotel rankings and it is now under discussion by the Legal Service. The minister described the bill as beneficial as it will permit considerable upgrading of hotels so that “they can become more competitive”, and appeal to the increasing consumer demand from overseas.