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Slow Recovery of Mediterranean Markets

News Many destinations in the Mediterranean and Middle East show signs of recovery, as it is mentioned in the newest report prepared by MKG Hospitality. Improvements are achieved in both ADR and RevPAR.

Surprisingly, the tourist industry of Cyprus shows serious improvements despite the depressive mood of the region caused by economic problems. According to the Cyprus Tourism Organization the total number of tourist arrivals during 9 months of 2012 increased by 4.6% comparing to the same period of 2011. However, 2011 was also a good year, and tourist arrivals added tremendous 10.2%. This has also caused the growth of tourism revenues. The revenues increased by 12.9% during January-September 2012. One of the reasons for such a boost is clever initiatives of the local authorities. Cyprus started supporting low-cost carriers and, thus, the destination became more affordable. Another reason is that Cyprus has been included in the rotating presidency of EU.

Hotels in Turkey and Croatia also showed good results for first 9 months of 2012. RevRAR of hotels in Croatia grew by 8.5%. The achievement of Turkish accommodations was a bit less – the growth here estimated 6.5%.

Among the Middle East destinations, good results were shown by hotels in Tunisia and Morocco. After depressive 2011 Tunisia hotels managed to increase their occupancy by 7.8% to 48.3%. RevPAR grew by 27.5% and reached US$52. Hotels in Morocco featured the boost of occupancy of 0.9% (54% in total), and RevPAR lost 0.5% and estimated US$81.


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