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Budget airline boost for Cyprus

29th March 2007 | back to article listings BACK    print this article PRINT

Cyprus has always been a popular choice with British holidaymakers, so many buy-to-let investors see property on the island as a safe bet. On the whole, property in Cyprus has represented a good investment, with a fairly steady stream of tourists and foreign visitors keeping the market buoyant over the years.

Now it seems that Cyprus is set to benefit from the intense competition between budget airlines. There are several that already offer cheap flight to the island, while Monarch Airlines also entered the market this week, offering flights from £69.99 one way between Luton and Larnaca. Tim Jeans, managing director of Monarch's scheduled services, said the company was "delighted" to be offering the scheduled service. He said Monarch was expecting the new service to be "warmly welcomed" by the "growing holiday and overseas property markets in Cyprus".

Monarch claims that the service will be "breaking the stranglehold" currently exercised on the market by national airlines such as British Airways. However, a recent article in the Daily Telegraph disputed this and said that, while operators such as British Airways may be on the whole more expensive, it is still possible to get cheap flights from other carriers, such as Thomas Cook and Globespan. One travel agent that specialises in Cyprus told the newspaper that Ryanair, one of the biggest budget airlines in the world, will be opening routes to the island "soon".

The popular resort town of Paphos has several developments planned that will increase its attraction for holidaymakers. Situated on the coast, there are plans to regenerate both the old harbour and the surrounding beaches. On top of this, there is a 1,000-berth marina slated for construction in the Coral Bay area. The town can also lay claim to being the golfing capital of the island – there are three courses in the area and plans for a further six, one of which will be PGA championship course.

Perhaps the biggest news for Paphos, however, is the planned 'Neapolis' development. Estimated to cost around £500 million, the complex will have many impressive features. A new university will sit alongside a hospital and an international business centre, while there will be also be sports and leisure facilities and a theatre.

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