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Cyprus Airports Break Passenger Traffic Records in 2024

Cyprus has recorded an all-time high in passenger traffic for 2024, with figures surpassing last year’s total by 30 November. The Ministry of Transport, Communications and Works announced that passenger volume is projected to grow by 5% compared to 2023, marking a significant milestone for the country’s aviation sector.

Transport Minister Alexis Vafeadis expressed his satisfaction with the remarkable results, highlighting the broader economic and tourism benefits. 

Unprecedented Passenger Numbers for November

November 2024 alone saw a record-breaking 715,231 passengers pass through Larnaca and Paphos airports — a 7.01% increase from the same month in 2023. This achievement represents the highest-ever performance for November.

From January to November 2024, passenger volume also hit a historic peak, registering a 5% increase year-on-year. Larnaca Airport experienced a 7.39% rise in passenger numbers, while Paphos Airport saw a 6.05% increase. Key source markets included the United Kingdom, Greece, Poland, Israel, and Germany. Air traffic at both airports grew by 4.89%, with a total of 6,309 flights recorded.

Growing Demand Presents New Challenges

The surge in passenger numbers presents what the Ministry described as a “pleasant problem” — managing the growing demand until necessary infrastructure investments are completed. Plans are underway to expand airport facilities to better accommodate the increased traffic.

Minister Vafeadis acknowledged the collective effort behind the success, extending gratitude to his team and key stakeholders, including the Deputy Ministry of Tourism and Hermes Airports Ltd. Their coordinated efforts to expand the country’s airline network and introduce new routes played a decisive role in achieving this growth.

“The addition of new airlines and routes has been a game-changer,” the Ministry noted, emphasizing the role of enhanced connectivity in driving passenger traffic growth.

With demand on the rise and investments in airport infrastructure in progress, Cyprus is well-positioned to sustain its role as a key regional aviation hub, further bolstering its economy and tourism sector.

doValue Cyprus Strengthens Market Leadership With New Astrobank Portfolio

Expanding Market Influence

Loan and real estate management firm doValue Cyprus has significantly reinforced its domestic presence in non-performing loan servicing by acquiring a new portfolio from Astrobank Public Company Limited. This development follows Astrobank’s recent transition, marked by the transfer of key operations to Alpha Bank Cyprus Limited and the subsequent surrender of its banking licence.

Strategic Acquisition And Swift Execution

Finalized on November 3, 2025, the agreement underscores a decisive strategic shift as doValue Cyprus assumes management of Astrobank’s remaining portfolio. The immediate commencement of portfolio management is a testament to the firm’s commitment to delivering specialized, resilient solutions within the non-performing loan market.

Expertise Driving Market Growth

Chief Executive Officer Varnavas Kourounas emphasized that the latest portfolio acquisition not only expands the firm’s operational footprint but also validates its credibility and deep expertise in the competitive Cypriot financial sector. The strategic move is aligned with the broader growth ambitions of the doValue Group.

Broader Market Implications

Operating as part of the international doValue Group—the largest independent loan and real estate management organization in Southern Europe—doValue Cyprus is well-positioned to leverage its newly expanded portfolio. With approximately €136 billion in assets under management, the group maintains a dominant presence across Italy, Greece, Spain, Portugal, and Cyprus. Moreover, its subsidiary, Altamira Real Estate, runs Cyprus’ largest real estate platform, managing extensive property portfolios alongside the island’s most comprehensive sales network.

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