Philenews

Thanos Michaelides: Stable Environment in the Cypriot Hotel Industry

Published January 16, 2026, 11:21
Thanos Michaelides: Stable Environment in the Cypriot Hotel Industry

The president of PASYXE, Thanos Michaelides, stated that Cyprus is experiencing a period of stability in tourism and the economy, thanks to two consecutive years of good tourist traffic. However, he emphasized that the profitability of hotel units has not increased proportionally to revenues, due to the significant increase in operating costs. The positive performance of tourism creates prospects for achieving Cyprus's long-standing goal of becoming a year-round tourist destination, especially if the positive trend continues in 2026. Furthermore, PASYXE has submitted proposals to the Ministry of Labor to create job stability for workers from third countries, who constitute a significant part of the labor force in the tourism sector.