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Cyprus Hospitality Industry Outlook 2024 - 2028

See how Cyprus Hospitality performed compared to key markets such as the United Kingdom, Italy and France.

Key Market Indicators

**Cypriot Accommodation Expenditure Forecasted to Hit €1.2 Billion by 2028** Cypriot accommodation expenditure is projected to rise to approximately €1.2 billion by 2028, up from €1.1 billion in 2023. This represents an average annual growth rate of 1.2%. However, since 2000, the demand for accommodation in Cyprus has seen a yearly decline of 2.6%. In 2023, Cyprus ranked 19th in accommodation expenditure, with Denmark surpassing it at €1.1 billion. Leading the rankings were Italy, France, and Germany in the second, third, and fourth positions, respectively. **Revenue from Cypriot Accommodation Services Expected to Reach €1.6 Billion by 2028** Revenue from Cypriot accommodation services is anticipated to grow to around €1.6 billion by 2028, up from €1.4 billion in 2023. This growth reflects a compound annual growth rate (CAGR) of 2%. Since 2010, the Cypriot market has shown a yearly increase of 2.4% in accommodation services revenue. In 2023, Cyprus was ranked 22nd, with Finland just ahead at €1.4 billion. Spain, France, and the United Kingdom occupied the second, third, and fourth spots in the rankings, respectively.

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Cyprus Hospitality Market Data and Forecasts