The ever rising number of tourists to Cyprus in recent years has led to an increase in the number of new hotels, according to a KPMG Cyprus report released recently.
Specifically, new hotels accounted for 12% of overall building permits issued in 2018. Hotels made up 20% of ‘big projects’ value which, in absolute numbers, this is as high as €250 million.
The upward trend in the number of new hotels continued during the months of January-April 2019 as well, according to data by the Cyprus Statistical Service. A total of 10 new building permits were issued over those months whose value stood at €530 million compared to some €40 million in the corresponding period in 2018.
Continue reading at source: in-cyprus
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