Holiday packages to Cyprus costing more

The price of package holidays in Cyprus as well as in the EU continued increasing in 2024, with Cyprus recording the third highest increase among member states in July, according to data released by Eurostat, the statistical service of the EU.

In July 2024, the consumer price of package holidays in the EU was 6.6 per cent higher than in July 2023. The price of domestic holiday packages was up 11.1 per cent, while international holiday packages saw a 5.7 per cent increase.

In Cyprus, the consumer price of package holidays in July 2024 was 16.7 per cent higher than July 2023. The price of domestic holiday packages had increased by 11.8 per cent while international holiday packages saw a 17.2 per cent increase.

The price of package holidays has been rising across the EU since August 2021, with Cyprus recording similar trends since 2018.

The annual rate of increase exceeded 10 per cent in most months throughout 2022 and 2023. In particular, domestic package holidays saw a price surge in 2023, with the annual inflation rate surpassing 20 per cent for 7 months in that year.

In July 2024, most EU countries reported a positive annual inflation rate for package holidays sold within their respective countries. The highest increases were recorded for the packages purchased in France (+22.2 per cent compared with July 2023), Italy (+19.5 per cent) and Cyprus (+16.7 per cent).

In contrast, three EU countries reported a negative inflation rate for holiday packages: Malta (-2.9 per cent), Finland (-2.7 per cent) and Denmark (-0.2 per cent).