As Greece and its islands, in a remarkable shift, emerged as the top choice for billionaires seeking luxurious getaways in the Mediterranean, outshining Italy, Cyprus struggles to attract the super-rich.
Cyprus is out of favour with the ultra-wealthy elite, as its lack of infrastructure and location do not make the island an attractive destination.
In comments to Greek media, Edward Granville, director of Red Savannah, a prestigious London-based company specialising in catering to the travel needs of the world’s wealthy, said Greece had taken the lead among the top destinations, surpassing Italy, which previously held the top spot.
The class of the super-rich spend an average of €40,000 on their vacations, with some extravagantly splurging up to €1 mln.
Business insiders identify the trend of “surf-and-turf travel,” where billionaires spend one week in opulent hotels or villas and another week on lavish yachts.
Notably, yacht sales skyrocketed during the pandemic, and the interest in yacht rentals continues to be high.
Stakeholders in the tourism sector told the Financial Mirror that, although steps have been taken towards attracting higher-end clientele, the island is not a contender.
“Cyprus cannot cater to the demands of this clientele.
“The island does not have the image nor the infrastructure to support their demands,” said Noel Josephides of Sunvil Travel, former chair of the Association of Independent UK tour operators (AITO).
Cyprus is simply out of the race, said Josephides, as it cannot compete with destinations such as Greece, Italy and Croatia which have built an image as destinations for the rich and famous.
“This is not something you can do overnight or even years.
“Countries with these kinds of destinations have been building their image over decades, and in many cases unintentionally.
“Usually, high-end tourists are on the lookout for serene experiences on uninhabited islands accessible only by boat.
“Although Cyprus does have one or two luxury accommodations that could cater to that, it is still isolated from nearby destinations”.
Island hopping
He explained that Cyprus, unlike the Greek islands, is not near other islands, allowing wealthy travellers to hop from one destination to another.
“What’s more, these people love serene experiences on uninhabited islands accessible only by boat.
“But they do want amenities nearby. Cyprus cannot offer such venues.”
“In Greece, an undisclosed isolated gem, a property in Porto Heli (Peloponnese), resembling a charming village offers seven houses, a quaint square, and a taverna,” said Josephides giving an example.
The property, owned by a shipowner who built it for personal use, costs $185,000 weekly.
The owner prefers to keep it discreet and has no intention of advertising or promoting it, granting rental approval only to select clients.
Chair of the Cyprus Hotel Association, Thanos Michaelides, said the island is occasionally visited by the rich and famous, “but that’s a rare exception”.
“We have seen some rich and famous visit the island for a getaway, but not by boat.
“They prefer to come incognito with a private jet, heading for one of the luxury hotels on the coast,” said Michaelides.
“We’re talking about the elite class of travellers, who prefer to travel by boat and stay at luxury villas.
“They also love their privacy and prefer to avoid crowded places,” he added, hinting they would probably not enjoy the crowded tourist areas.
He said the island used to attract high-end clientele, albeit in small numbers, mainly from Russia.
“However, that part of the market was lost following the war in Ukraine and sanctions on Russia.
“Cyprus’ tourist model is designed to attract en mass, people from the middle class.
“The island’s tourist product is not too expensive, but at the same time, it is not as cheap as neighbouring destinations in Egypt and Turkey.
“This is not a bad thing, especially with stakeholders constantly working on diversifying the island’s tourist product,” said Michaelides.
He argued that high-end projects such as the newly inaugurated City of Dreams, the casino resort in Limassol, could help attract high-end clients.
“The casino resort will offer visitors something that cannot be found in the wider region.
“The opportunity for luxury holidays in the Mediterranean sun and sea while living the experience offered by the only casino in the region”.
According to booking.com, a three-night stay at the City of Dreams next July (2024) for three nights for two adults in a family room would cost an eye-watering €51,546.
