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Limassol Tourism Grapples With Cancellation Surge Amid Regional Tensions

Rising Cancellations Disrupt Limassol’s Tourism Season

Hotel bookings in Limassol declined following increased international coverage of tensions involving Iran. Industry representatives report lower occupancy levels and rising cancellations.

External Perceptions Versus Local Realities

Representatives from Limassol Chamber of Commerce and Industry (Evel), Pasyxe, and Stek said international coverage does not reflect local conditions in Cyprus. Andreas Tsouloftas, President of Evel, said cancellations followed media attention around an incident in Akrotiri and flight cancellations by airlines including Lufthansa and Austrian Airlines.

Reinforcing Cyprus’ Reputation

Industry stakeholders state that Cyprus remains a safe destination. Efforts are focused on improving international perception through targeted communication campaigns and engagement with tourism partners.

Quantifiable Impact On Bookings

Christos Angelides, General Manager at Pasyxe, said cancellations reached 42% during March and April. May data show a smaller decline, though booking levels remain below expectations. Industry responses include outreach to travel agents, media campaigns, and coordination with the Deputy Ministry of Tourism.

Sector-Wide Pressures And A Call For Collaborative Solutions

Chrysemily Psilogeni, General Manager at Stek, said hotel operators face operational pressure during the spring period. A wage support scheme covering 30% of salaries for April remains in place. Uncertainty persists due to flexible booking policies and ongoing geopolitical developments affecting travel demand.

Charting A Course Toward Recovery

Industry participants are focused on limiting losses and stabilizing demand. Coordination between public authorities and private sector stakeholders remains a priority. Future performance will depend on external conditions and tourism demand in the coming months.

Eurobank Wins Two Euromoney Awards Following Cyprus Merger

Eurobank has been named Cyprus’ Best Bank for 2026 by Euromoney, while also receiving the award for Best Bank for Large Corporates at the publication’s latest Awards for Excellence.

Merger Marks A Milestone

The awards recognise the bank’s performance during 2025, a year marked by the completion of the legal merger between Hellenic Bank and Eurobank Cyprus. The transaction created Eurobank Limited, which the group says is now Cyprus’ largest banking and insurance organisation, with assets exceeding €28 billion.

Euromoney’s Awards for Excellence evaluate banks’ performance over the previous calendar year, with this edition covering January 1 to December 31, 2025.

Lending, Customers And Digital Growth

Eurobank said its business lending portfolio expanded by around 17 per cent during 2025, while its customer base grew to more than 710,000 retail clients and 11,500 business customers.

The bank also continued its digital expansion, saying more than 96 per cent of transactions are now completed through digital channels, and most financing applications are submitted via its mobile app.

Expanding International Presence

Eurobank also highlighted the opening of its first representative office in India, describing the move as a step toward strengthening business links between Cyprus and India while supporting Cyprus’ role as a gateway to the European Union for Indian businesses and investors.

According to the bank, Euromoney recognised not only the successful completion of the merger but also its lending growth, digital transformation and contribution to Cyprus’ position as an international business and investment hub.

CEO On The Awards

“The Euromoney awards confirm Eurobank’s strong momentum and the successful implementation of our group’s strategy in Cyprus,” Chief Executive Michalis Louis said.

He said the merger strengthened the bank’s ability to support households, businesses and the wider economy, while highlighting continued investment in digital services and the opening of the representative office in India as key milestones during the year.

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