He said last month, hotel occupancy in Paphos – which has some of the best hotels — reached a “satisfying level” and was approximately 70%, Michaelides told CNA.

July is expected to see an increase in the number of visitors and range between 75%-80% of the available bed capacity.

Michaelides said that losses from the Russian market cannot be covered and that the flow of tourists is affected by airline cancellations and changes in flight timetables.

He also believes the negative impact of spiralling energy costs and the subsequent impact on airfares increasing, resulting in individuals with limited financial resources finding it difficult to fly abroad.

Apart from the stay-away Russian, Paphos is popular with British tourists, and there is increased interest in the UK market for Cyprus holidays.

However, Michaelides said this does not cover the large shortfall from the Russian market.

Cypriots travelling abroad triple

Cypriots travelling abroad increased more than three-fold in June from June last year, according to data from Cystat.

A total of 121,146 residents of Cyprus returned from a trip abroad last month, compared to 35,361 in the same month last year, recording an increase of 242.6%.

Greece continues to be the most popular destination for Cypriots, with 34.9% taking a trip there in June, followed by the United Kingdom with 17.9%, Italy with 6.5%, Israel with 4.1% and Germany with 3.4%.

Source: Financial Mirror