Investors are pouring huge sums of money into the development of Larnaca's tourism sector.
This was announced recently by the head of the Coastal City Tourism Development and Promotion Company (ETAP), Dinos Lefkaritis.
According to him, one of the main areas for investment by locals and foreigners is the modernisation of old hotels and the construction of new ones. In the last six years alone, 15 new hotels have been opened in Larnaca, with a capacity of 1,472 people.
Another 25 new hotel complexes are currently under construction. According to Lefkaritis, this shows the increased interest of investors in the city, which in turn will have a positive impact on its overall development in the near future. The head of ETAP says his department has managed to attract international hotel chains such as Radisson, InterContinental, Best Western and Accor. Statistics show a steady increase in tourist traffic and, consequently, investment in the sector.
These figures reflect the significant advantages that Larnaca offers as a tourist and investment destination. First and foremost is its convenient location. The fact that it is the air gateway of Cyprus, combined with its good infrastructure, is a great advantage that favours its rapid development," said Lefkaritis.
As a reminder, Cyprus offers an ideal combination of a favourable business climate, stability, attractive tax conditions and strategic location, making it an excellent option for those interested in successful investments and profitable diversification of their capital.
With its warm Mediterranean climate, crystal clear sea, delicious food and fascinating culture, the island attracts millions of tourists every year. Therefore, investing in hotels or hotel rooms in Cyprus can be lucrative given the growth of the tourism industry on the island. Cyprus is actively developing its tourism infrastructure, building new hotels and developing the service industry, creating a favourable environment for investment in this sector.