Golf Tourism Provides A Bright Financial Future
As tourist numbers continue to rise, adding vital revenues to the Cypriot economy, the Cyprus Tourism Office is looking to the future. Tourism represents the bedrock to the island state’s GDP, but the seasonality of tourist visits means that there is an inevitable unevenness in the economy which disrupts cash flow and is a serious break on sustained investment.
Faced with the problem of resort facilities lying empty over the winter months, the Cyprus Tourism Office (CTO) is focusing on the development and promotion of golf tourism. The CTO was an active participant in the 18th International Golf Travel Market trade fair held in Tenerife, Spain in early November. The event represents one of Europe’s key marketing opportunities for golf resorts and destinations looking to attract visitors from the lucrative British and northern European markets. The CTO’s aim was to draw attention to Cyprus golfing resorts and to drum up publicity and enthusiasm amongst golf tour promoters.
Golf’s Perfect Match
The advantage of golf tourism is not confined to the fact that its seasonal quality dovetails perfectly with the established tourist trade. Golf travelers are also notably big spenders. For the CTO that represents a perfect match.
Increasing the net value of each tourist visit is obviously good business, just as the potential to upscale the Cyprus tourist trade in this way represents an attractive investment opportunity.
High Net Worth Appeal
Favourable property investment conditions are attracting not only Cypriot investment but also overseas investors. Combined with Cyprus’ highly competitive citizenship by investment terms the potential within the Cypriot economy is leading high net worth non EU citizens to adopt Cypriot citizenship.
A rising property market (sales are 17% up on 2014 figures), the increasingly realistic prospect of reunification, the developing tourist industry (visitors for 2015 are 13% up on 2014) and the scope for high end investment are all making Cyprus an increasingly attractive destination – for investors and holiday makers alike.
According to analysts KPMG’s tourism market report, Cyprus’ tourist numbers average 2,315 million per year.
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