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UK, Poland And Israel Propel Record November Tourist Arrivals In Cyprus

by THEFUTURE.TEAM

December 17, 2025

Robust Growth In Arrivals

Cyprus has once again demonstrated the resilience of its tourism sector, with November 2025 recording a significant surge in visitor numbers. According to the state statistical service, Cystat, tourist arrivals climbed to 234,580 from 179,941 year over year—a robust 30.4 percent increase. For the period from January to November 2025, total arrivals reached 4,377,114, marking a 12 percent rise compared to the same period in 2024.

Key Markets Driving Growth

The United Kingdom continues to be the principal contributor to Cyprus’ tourism industry, constituting 22.7 percent of arrivals with 53,267 visitors. Poland and Israel followed closely as the second and third largest markets, contributing 13.2 percent (30,983 visitors) and 11.4 percent (26,816 visitors) respectively. Germany contributed 10.4 percent with 24,361 tourists, while Greece accounted for 6 percent with 13,965 arrivals.

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Market-specific gains were particularly notable from Austria, where arrivals more than doubled to 6,948, and Romania, which nearly doubled to 5,875 visitors. Poland, Germany, and Israel experienced impressive annual increases of 52.4 percent, 48.3 percent, and 42.3 percent respectively, in stark contrast to a 12.8 percent decline in arrivals from Greece.

Outbound Travel Trends And Economic Impact

Holiday travel remains the dominant motive for visiting Cyprus, with leisure trips accounting for 72.0 percent of arrivals in November 2025—up from 64.5 percent in the previous year. Visits to friends and relatives comprised 13.1 percent, and business travel accounted for 14.4 percent. This shift highlights a growing appeal of Cyprus as a year-round destination that caters to both leisure and professional engagements.

Cypriot outbound travel also saw a substantial increase. A total of 137,210 residents returned from trips abroad in November 2025, up from 120,248 in November 2024, a 14.1 percent rise. Greece was the primary destination for returning residents, representing 30.9 percent (42,442 individuals), followed by the United Kingdom at 9.7 percent (13,286 travelers) and Italy at 4.5 percent (6,114 returns). Holiday travel remained prevalent among Cypriot travelers abroad, constituting 65.9 percent of departures, while business-related travel made up 31.5 percent.

These detailed insights, derived from comprehensive passenger surveys at Larnaca and Paphos airports and administrative data from all legal entry and exit points in government-controlled areas, reaffirm the strategic importance of the tourism sector in driving economic activity in Cyprus. The impressive upward trend not only supports local employment and consumption but also solidifies Cyprus’ position as a dynamic hub in the global tourism market.

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Bank of Cyprus Upgrade Signals Fresh Optimism For Greek And Cypriot Banks

by THEFUTURE.TEAM

June 26, 2026

Regional Banks Enter A More Favorable Cycle

Bank of Cyprus and Eurobank are well positioned to benefit from a renewed re-rating of Greek and Cypriot bank stocks, according to Cyprus-based investment firm Roemer Capital, which upgraded Bank of Cyprus to a buy rating and reaffirmed its positive view on Eurobank.

The firm cited easing geopolitical tensions, resilient economic growth in Greece and Cyprus, lower funding costs and Greece’s expected transition to developed-market status as the main factors supporting the sector.

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Roemer Capital also lowered its cost of equity assumptions, updated its forecasts following first-quarter 2026 results and extended its valuation horizon to the end of 2027, raising target prices across its banking coverage.

Bank Of Cyprus Gets The Largest Upgrade

Bank of Cyprus received the biggest revision, with Roemer Capital upgrading the stock from hold to buy and setting a target price of €11.10, implying potential total upside of 27%.

The firm highlighted the bank’s strong capital generation, profitability and projected 100% dividend payout, describing it as the strongest capital-return story among the banks under coverage. Roemer Capital maintained its buy rating on Eurobank, assigning a target price of €4.90 and forecasting potential upside of 28%. The report said the bank is well placed to benefit from loan growth, improving operating performance and merger-and-acquisition synergies.

National Bank of Greece and Piraeus Bank also retained buy ratings, with expected returns ranging from 25% to 36%. Optima Bank was upgraded to buy, while Alpha Bank remained at hold on valuation grounds.

Why Growth Still Sets The Region Apart

According to Roemer Capital, Greek and Cypriot banks continue to benefit from stronger economic fundamentals than many western European peers. The report pointed to faster economic growth, healthier balance sheets, low levels of non-performing exposures, capital ratios approaching 20% and strong customer deposit bases.

Analysts expect performing loans across the sector to grow at a compound annual rate of 6% to 8% through 2028, supported by private investment, digitalisation, green manufacturing, supply-chain expansion and a gradual recovery in household lending.

The report also said the conclusion of lending under the EU Recovery and Resilience Facility is unlikely to materially affect credit growth, as banks have already shifted back towards traditional commercial lending. Roemer Capital expects Euribor to remain between 2.2% and 2.5%, a level it believes should support both lending activity and net interest margins.

Geopolitics, Valuation And Market Structure Support The Case

The report said improving geopolitical conditions have strengthened the investment outlook, noting that Brent crude prices have largely returned to pre-war levels while Greek government bond yields have stabilised at around 3.5%. Although geopolitical risks remain, Roemer Capital believes the likelihood of a major inflationary shock or significant pressure on bank profitability has eased.

Another important catalyst identified by the firm is Greece’s expected promotion to developed-market status by FTSE Russell, STOXX and MSCI over the coming months.

According to the report, the reclassification should improve liquidity and attract a broader base of international investors. Roemer Capital also said Euronext’s acquisition of the Athens Exchange is expected to strengthen market infrastructure and increase international visibility, particularly for Bank of Cyprus and Optima Bank.

The firm noted that Bank of Cyprus has already benefited from its Athens listing, with average daily trading value increasing from less than €400,000 before its September 2024 move to nearly €6 million afterwards.

Economic Momentum Remains A Core Tailwind

Roemer Capital said both Greece and Cyprus have moved beyond post-crisis recovery and are now supported by private-sector-led growth. For Cyprus, the report highlighted recent tax reform and efforts to simplify the legal and regulatory framework, while also noting that limited foreign banking competition continues to support domestic lenders.

Overall, Roemer Capital expects Greek and Cypriot banks to remain well-positioned for profitable loan growth over the coming years.