Budget Airlines to Boost Cyprus Investment Potential

Cyprus Tourism Organisation hoping to attract budget airlines to the island

Panos Englezos, Chairman of the Cyprus Tourism Organisation (CTO), has announced he will increase efforts to court budget airlines to include the island as a low-price destination.

This will have a dramatic effect on the tourists industry in the country, and a follow on effect on the property market both for overseas buyers and buy-to-let investors.

As has been shown in other countries - most notably Spain - cheap and easy access is key to developing a strong overseas property market.

Alongside attracting budget air routes, the CTO is also calling for an increase to its current budget to increase overseas advertising for the island.

According to Englezos, the current push has already attracted a "significant increase of arrivals from Greece, Russia and Scandanavia."

The CTO chairman said that Cyprus receives an estimated annual £1.3billion from tourism, which makes up around 15% of the island's GDP.

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