Hard summer lies ahead for Cyprus hotels

A hard summertime play is expected for Cyprus’ edifice industry, arsenic uncertainty caused by the geopolitical turmoil successful the Middle East is dampening people’s appetite for travel and holidays. At the aforesaid time, concerns are increasing implicit workers who could stay unemployed passim the summertime season, arsenic well arsenic the hazard of wider instability successful the sector.

Despite the gloomy outlook, nary edifice owners person so acold requested fiscal support oregon repayment alleviation from banks.

Speaking during the presumption of a Bank of Cyprus’ first-quarter fiscal results for 2026, CEO Panicos Nicolaou said the representation emerging successful the tourism assemblage is acold from encouraging, with concern owners worried astir revenues and profitability.

Nicolaou said the situation is considered temporary and noted that the manufacture still has liquidity cushions from the erstwhile two years, which were record-breaking years for tourism successful Cyprus.

At the aforesaid time, edifice owners accidental the challenging tourism play up is unlikely to pb to little edifice prices this summer. According to manufacture figures, cutting prices would hazard damaging work prime and the country’s image.