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Cyprus pricing itself out of the market

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Postby Get Real! » Sun Mar 01, 2009 1:33 am

Z4 wrote:
Get Real! wrote:
WeRthePeople wrote:Once again any one on here who points out the FACT that Cyprus, the "best holiday destination in the Med" just won't except that it now operates in a global market.
For a number of years now Bar owners, Airport Operators, Taxi Owners not to mention corrupt developers have been ripping off, Brittish visitors to the Island.
Yes the fall in the pound has been due in the main to greedy bankers here in the UK, but the fact remains in comparison to other Med destinations Cyprus STILL won't meet it's most profitable visitors half way.
The Island is way too expensive, more expensive than most other desitnations WITHIN the Euro zone for Brits.
Live in your own world if you must, but when your tourist income takes a massive hit. Due to lack of UK visitors. Don't start moaning.

Just for the record I love your island, and will be back, but rip of Cyprus will drive many away. FACT.

Cyprus' EU membership also means EU prices so don't be surprised if it gets even more expensive soon. You just can't have both worlds...

Cyprus' current annual income from tourism is now just an odd 15% and falling, so in the near future there won't even be a tourist industry like before, so enjoy it while it lasts for the Cypriots have discovered bigger and better things…


Proof GR?

Cyprus is a tourist destination, and always will be. The tourism income is falling and the island will need to recover that from somewhere.

Page 6 of the PDF at…

http://www.mof.gov.cy/mof/mof.nsf/All/1 ... penElement

From a sectoral view point, the tertiary sectors have continued to outpace the primary and secondary sectors. Strong demand for financial and other business services, health and education, as well as real-estate-related activities has heightened growth, offsetting the continuous below-potential expansion of the tourism sector. At the same time buoyant demand for agricultural exports and dwellings has sustained growth in these key sectors of the economy, resulting in a more balanced growth pattern. The tourism industry, which has been operating below potential for a number of years, has staged a recovery in 2006 as tourist revenues rose at a satisfactory rate.

NB: This report is pretty old now so it’s even worse for tourism.

Anyway, dig deeper into this report for more info.

Hang on a tick mate, my link doesn't seem to work directly.
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Postby Get Real! » Sun Mar 01, 2009 1:36 am

Ok, click on the first link on this page...

http://www.cyprus.gov.cy/portal/portal. ... =AA&e=&i=1
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Postby Z4 » Mon Mar 16, 2009 4:00 pm

So what your saying then CY don't need tourists? :roll:
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Postby Z4 » Tue Mar 17, 2009 3:33 pm

Can last minute arrivals really save us?

FROM CYPRUS MAIL..........

CTO says tourism bookings down 20-30% this summer

THE CYPRUS Tourism Organisation (CTO) is basing its hopes on last minute bookings, after statistics showed there has been a 20 to 30 per cent reduction in bookings for the summer.

The information came to light during yesterday’s House Finance Committee meeting, which discussed the CTO’s 2009 budget.

According to the organisation’s Chairman, Panos Englezos, the situation is currently looking bleak.

Bookings, he said, were reduced by 20 to 30 per cent compared to the corresponding period last year. But he said this was an international phenomenon due to the international financial crisis.

The biggest loss for Cyprus was the 30 per cent reduction in bookings from the UK, which is Cyprus’ biggest tourist market.

There was also a 14 to 16 per cent reduction in arrivals for the first two months of this year, despite a small boost of 15,000 tourists who recently arrived to watch Rally Cyprus.

Now the CTO is basing all its hopes on last minute bookings said Englezos, though he did praise the measures taken by the government to boost ailing tourism, which has resulted in considerable discounts for travel packages.

“The CTO, government and tourist industry are making every effort to maintain tourist arrivals on the same levels as last year, with the least possible losses,” said Englezos.

The CTO budget provides equal income and expenditures of €102 million; both increased by around €22 million compared to lat year.

Speaking to reporters after the meeting, Englezos said the same problem was being faced by the rest of the world’s tourist destinations.

“We don’t believe the reductions we have today will continue, but we do believe that they will increase later, at the last minute,” said Englezos. “This view is also shared by our associates abroad, the travel agents.”

Earlier this year, British tour operators issued a stark warning to Cypriot hoteliers: either cut room rates or they will cut capacity to the island from the recession-hit UK market where only value for money counts.

At the same time it was revealed that bookings to Cyprus for this summer are even worse than expected. From the 20 per cent drop hoteliers were predicting last November, reservations to Cyprus are in reality down between 25 per cent and 35 per cent, according to Noel Josephides a board member of the Association of British Travel Agents.

Cyprus Hotels Association Director General Zacharias Ioannides said he could confirm that these were also the latest figures the hoteliers had. He also confirmed that tour operators were pushing hard for discounts.

Little funds have been forthcoming from the state, which has so far allocated only €12 million to boost tourism, and this was given over to the CTO for advertising.

Copyright © Cyprus Mail 2009
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Postby Baggieboy » Tue Mar 17, 2009 6:50 pm

We've been coming to Cyprus twice a year for 5 years now - so I can provide some insight from the UK tourist point of view. Its just wifey and me so we can visit outside of school holiday time. As a result we can get some excellent package deals by booking on t'internet. This time we've paid £330 each for flight and accommodation for a fortnight (if I'd gambled and waited 2 weeks I could have got it down to £250 each, but hey...).

Anyone with kids and needing to visit during school holidays will find the prices being quoted frightening.

Price wise the poor exhange rate has hit us Brits hard. Before the euro the Cyprus pound was valued at around 25% more than the UK £. The British pound is worth just over one euro now, and Cyprus went in at £1cyp to 1.70 euros (ish). This means that a pre euro pint of beer cost us around £2.50, while it now costs around £3.50. A meal previously costing us around £10 each now is around £15 each. Extrapolate that over a fortnight and its a big difference for us.

As a result tourists will eat out less and go either for all inclusive or do a lot more self catering and drinking at the hotel. Bar and taverna income will be hit by the double whammy of fewer tourists, and those who are there, spending less.

Cypriots have not put prices up (with the possible exception of taxi drivers), the pound is simply worth a lot less.

There are some of us who love Cyprus and will always find a way of getting there, but combine the above with the credit crunch and recession and the UK market will be significantly reduced this year I'm afraid.

When (if) the British pound rallies against the euro and we fight through the recession no doubt you will see things improve.

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Postby Get Real! » Tue Mar 17, 2009 7:25 pm

Z4 wrote:So what your saying then CY don't need tourists? :roll:

Another person who reads what he wants instead of what is actually there...
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Postby Z4 » Wed Mar 18, 2009 2:55 pm

Get Real! wrote:
Z4 wrote:So what your saying then CY don't need tourists? :roll:

Another person who reads what he wants instead of what is actually there...


Just reading the words on Cyprus Mail GR!
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Postby bankier » Fri Sep 18, 2009 9:18 am

prices out of the market are truly crazy
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Postby Gasman » Thu Oct 01, 2009 1:11 pm

I disagree that Cypriots are not putting their prices up. Some are. Hobos on Finicoudes raised the price of a bottle of the cheap Aphrodite plonk from 8euros to 12euros overnight earlier this year. The old guy running the private off street debris car park near Lazarus raised his prices from 2euro to 4euro for 2+ hrs (more than the municipal carparks charge). A taverna I used to use on Makenzy front raised it's 'bargain' selection of meals from 10 to 13 euros between Easter and June. Sunbeds and umbrellas went up from 2.25 to 2.50 (no reduction for short stay).

None of it anything to do with Sterling going down the pan or Cyprus going over to the Euro.
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Postby Baggieboy » Mon Oct 12, 2009 1:08 pm

I've no doubt that some individuals have increased prices unreasonably, but having just returned its my view that if you shop around Cyprus remains very good value. We rarely paid more than 15 euros per person for our evening meals - 2 courses, including wine, which I consider to be very reasonable -especially given the quality of these meals.

As always with Cyprus - shop around - VFM is there if you look for it.


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