The Troika – Cyprus’ international lenders comprising of the EC, IMF and ECB – are carrying out discussions on the island this week ahead of visits by top troika officials this summer.

In statements to CNA after the meeting, also attended by the Association of Cyprus Tourist Enterprises, PASYXE Financial Manager Haris Theocharous said they reviewed the touristperiod of the first half of 2015. PASYXE presented data from the Statistical Service for January – May 2015 arrivals which recorded an increase of 9.6%, and the January – April 2015 revenue which has also recorded a 1.4% rise.

Theocharous said Troika technocrats were particularly interested in getting the hoteliers’ view on tourism for 2015.

“We expressed the view that we will have approximately the same number of arrivals as last year,” Theocharous said, playing down a projected 25% Russia drop as it is being offset by other traditional tourist markets.

Despite an equal number of arrivals, the PASYXE manager pointed out that revenue is down but not by much.

“What concerns us is that the revenue will be less as we, the hoteliers, had to lower the prices, due to the problem we had with the Russian market,” he added.

He said this year shows that traditional markets, which recorded a low turnout during the past years, are beginning to make a comeback.

He also said that there is an increasing flow of tourists from Israel, the United Arab Emirates and the Middle East, adding that measures need to be taken to further encourage this trend.

According to Theocharous, the hoteliers brought up in their meeting with troika officials the “unbearable cost ofthe immovable property taxation,” and elaborated on the reasons why they believe it is unfair to the hotel industry.

Theocharous also said they discussed the need to cut the red tape, as bureaucracy delays investment and growth.

Source: InCyprus