One in five arrivals in licensed accommodation establishments in Cyprus is a local resident - Cypriot and non-Cypriot - and account for 7.5% of total overnight stays. CTO figures for 2012 show a total of 509,000 Cyprus residents stayed in hotels and tourism establishments in the government-controlled areas.
A NEW law passed last night aims to slash residential and industrial rents for a period of one year, in a bid to ease the pressure on tenants and shopkeepers amid the financial squeeze. Residential rents up to €300 will see a reduction of 15 per cent (up to €45). From €300 and above, a reduction of 20 per cent applies, with a maximum reduction in absolute terms of €120.