Whoops, sorry posted this in the wrong forum - Protaras by mistake!!
We have just returned from a most wonderful holiday in Paphos which we split between the Athena Royal and the Elysium. Two pretty expensive hotels but both surpassed even our best hopes!! If I had to pick between them I would chose the Elysium over the Athena Royal simply because the rooms at the Elysium were far superior. We have been visiting Cyprus both east and west for nearly 15 years usually twice per year, certainly not always in 4 and 5 star hotels and the purpose of this post is what we noticed the conversion rate from cypriot pound and the euro equivalent on some of the receipts we received this year (June).
It matters not what the receipts were for, it was the exchange rate that shocked us. For example CYP 8.35 the cost if it had been in euro would have been 17.77 euros (some of the bars/restaurants are now dual pricing). I'm not saying my maths is the best but would say that CYP 8.35 would be approx £10.00 but the conversion from UK pound to euro for 17.77 using 1.43 as the exchange rate would have cost us a whopping £12.42!! Is it just me or does anyone think holidaymakers to Cyprus are going to be absolutely ripped off next year? It shocked us to see what little we are going to get for our money. That receipt was for a draught pint and small bottle of keo and two toastie sandwiches! Think should point out that it was at least a third more expensive at the "triangle" end of Paphos compared to the Tomb of the Kings Road area.
It saddens and pains me as someone who has always always thought Cyprus to be without doubt my favourite holiday destination and good value for money will be giving it a miss next year until we see some of the exchange rates and prices. To make the most of our beloved Cyprus at decent cost we have just booked a week at the beginning of October and am afraid that may be it for a few years. My gut feeling is that quite a few people who would normally go BB or SC will be looking at AI and lord alone knows what that will do the taverna and bar owners.
I was talking to one of my buddies who is from Malta about going into the Euro and this was one of the things I suggested would happen. Things get rounded up, priced rise just to make the maths easier etc....
While in Cyprus in May our Taxi driver said the change to the Euro will affect the tourist trade even more than the high prices do now.
Well this is the big week, the Cypriot £ gets locked into the euro, and it will never change again, not that it's valuation has in recent years, this means us locals will be in some strife as all our pensions now will have to be transferred into the euro, but then again nobody knows here at what rate the CY£ will be set at, some say there maybe a slight downward valuation in the Cy£ but also some say this will not be the case, most think here that the CY£ has been over valued for many years, and the reason for the massive turn down in the tourist industry, the Cypriot authorities seem oblivious to this and the high cost of air travel here, looks like another opportunity for the Cypriots to shoot themselves in the foot, of course they have to go into the euro as this was a condition of EU entry, for better or worse.
The first of January (maybe) next year we are told this is the date for the big change over, we will have one week here to get that cash from under the bed (not that I have much)
The first of January (maybe) next year we are told this is the date for the big change over, we will have one week here to get that cash from under the bed (not that I have much)
will the euro have a dramatic effect on the property prices also?
You will find, as with other holiday destinations in countries that changed over to Euros, that traders WILL round up prices, they just can't seem to help themselves, they see the opportunity to make a few extra Euros on a days trading and just fall into the greed trap.
This has made All Inclusive in places like Spain so attractive and has been the main reason for so many bars and eateries being on the market for the past couple of years.
For example a small bar and snack bar that we know well in Majorca was sold in 1999 for the equivelant of £195,000 that included a two bed apartment above. The same bar and apartment sold again in late '06 for £160,000.
Simply because the local hotels have taken advantage of spiralling food and drink prices in bars and offered very attractive All In Packages.
If the bars and eateries of Cyprus fall into the same trap of rounding up prices they too will feel the wrath of many holidaymakers that will take the All Inclusive route.
This has made All Inclusive in places like Spain so attractive and has been the main reason for so many bars and eateries being on the market for the past couple of years.
For example a small bar and snack bar that we know well in Majorca was sold in 1999 for the equivelant of £195,000 that included a two bed apartment above. The same bar and apartment sold again in late '06 for £160,000.
Simply because the local hotels have taken advantage of spiralling food and drink prices in bars and offered very attractive All In Packages.
If the bars and eateries of Cyprus fall into the same trap of rounding up prices they too will feel the wrath of many holidaymakers that will take the All Inclusive route.
The property market is in the doldrums, if it effects it in any way it will not be to anyone's advantage, it is already slow here, too many re sales and far to many new builds, and more importantly not enough buyers.
We went to Paphos in March this year and a lot of people we spoke to, incl our jeep safari driver were not looking forward to the euro coming in. 
He'd travelled around a bit and been to the UK, compared prices, and said he could see the tourism industry being hit very hard in Cyprus....I don't think the flights have ever been cheap to Cyprus but accomodation costs have been reasonable.
And yet more and more villas are being built!
I thought I would have been able to find a decent 3 star plus B&B hotel in March for £250.00 each for Paphos but not a chance this year, paid £350.00 each....but same goes for the Greek islands too, since adopting the euro, holiday prices seem to have gone up..undoubtedly if you just want a cheap and cheerful holiday you can still get a bargain but as you get older, you start to want a bit of comfort!
Tinka14
He'd travelled around a bit and been to the UK, compared prices, and said he could see the tourism industry being hit very hard in Cyprus....I don't think the flights have ever been cheap to Cyprus but accomodation costs have been reasonable.And yet more and more villas are being built!
I thought I would have been able to find a decent 3 star plus B&B hotel in March for £250.00 each for Paphos but not a chance this year, paid £350.00 each....but same goes for the Greek islands too, since adopting the euro, holiday prices seem to have gone up..undoubtedly if you just want a cheap and cheerful holiday you can still get a bargain but as you get older, you start to want a bit of comfort!
Tinka14
The problem will apply more to the tourist than the resident population. Whilst you can expect a rise on some prices others will drop.
There was/is a myth that prices rose sharply following decimalisation in the UK in 1971 - Statistics show that inflation and RPI did not jump as expected. That is only correct when based on all prices. Some actually went down yet the things you bought on a daily basis went up.
Cyprus was at one time considered expensive against places such as Spain. With the introduction of the Euro prices as far as the tourist was concerned did jump sharply. It is the money you spend when you get there that you really notice, not what your holiday costs when booking.
When we discussed it with people when we were there last year we were told tourism was down around 40% - more people were flying into Larnaca/Paphos who were then going into the north. If moves to enable direct flights were a success then they saw an even bigger drop. Businesses were expected to drive even more tourists away if the prices rose as with Spain.
Next year we are going back to Spain for our spring holiday. Whilst we have had some great holidays in Cyprus we shall be taking a look at what people report back before we decide our other holiday.
Cyprus wanted to join - like other countries they only looked at what money they were going to get from the EEC development fund.
All the building going on is simply another big scam. I wonder how long before the fall out in Spain from the developments start to surface in Cyprus.
fwh
There was/is a myth that prices rose sharply following decimalisation in the UK in 1971 - Statistics show that inflation and RPI did not jump as expected. That is only correct when based on all prices. Some actually went down yet the things you bought on a daily basis went up.
Cyprus was at one time considered expensive against places such as Spain. With the introduction of the Euro prices as far as the tourist was concerned did jump sharply. It is the money you spend when you get there that you really notice, not what your holiday costs when booking.
When we discussed it with people when we were there last year we were told tourism was down around 40% - more people were flying into Larnaca/Paphos who were then going into the north. If moves to enable direct flights were a success then they saw an even bigger drop. Businesses were expected to drive even more tourists away if the prices rose as with Spain.
Next year we are going back to Spain for our spring holiday. Whilst we have had some great holidays in Cyprus we shall be taking a look at what people report back before we decide our other holiday.
Cyprus wanted to join - like other countries they only looked at what money they were going to get from the EEC development fund.
All the building going on is simply another big scam. I wonder how long before the fall out in Spain from the developments start to surface in Cyprus.
fwh
Your opening statement on not effect ex pats well what about our pensions that we live on, they have to converted to the euro and after that we will still will have to pay for any further rises if any should effect the cost of living here, I am sure it will, it really depends on the authorities and if or when they devalue the CY £.
Apologies for that. Yes I do agree that pensions can/will possibly suffer.
The point I was trying to make was that tourists will vote with their wallets.
If they feel they are paying more they will look for alternative destinations. It is far easier to keep a customer (tourist) than to get them back if they leave.
A holiday is more than how much you pay for a pint but it is surprising how many people use that as a yardstick when costing things.
fwh
The point I was trying to make was that tourists will vote with their wallets.
If they feel they are paying more they will look for alternative destinations. It is far easier to keep a customer (tourist) than to get them back if they leave.
A holiday is more than how much you pay for a pint but it is surprising how many people use that as a yardstick when costing things.
fwh
Last year we went self catering and spent double what we paid for the holiday/transfers/taxis etc on food and drink .. so if the Euro ups the prices again, it might make me start looking elsewhere (and this will be the 3rd visit now.. first time we've ever returned to the same destination..so we do like Cyprus but we ain't made of money)
So Cyprus in now locked into the euro, and the authorities again have missed a golden chance to devalue the CY£ and get there flagging tourist trade going again, it will be more expensive for all of us I fear, the tourist will pay more and so will we living here and having to convert UK £ sterling in the euro, plus of course we are all expecting price hikes here, the lock in rate is now CY£1= 1.71 Euros you may have to bring more spending money, and I guess we will have to tighten our belts here..
Money change over to the euro on Cyprus is expected on January the first next year!! but the rate will remain that above!
Cost for a large bottle of local beer is still about £1.35cents (average), so still a bargain in Cyprus.
Oh and then there is our climate, how much would you pay for nine months of summer, even if it is sheer hell here at the moment, not the best time to visit the island, too darned hot!! 
Money change over to the euro on Cyprus is expected on January the first next year!! but the rate will remain that above!
Cost for a large bottle of local beer is still about £1.35cents (average), so still a bargain in Cyprus.
Oh and then there is our climate, how much would you pay for nine months of summer, even if it is sheer hell here at the moment, not the best time to visit the island, too darned hot!!
As much as we like Cyprus I fear it is pricing itself out of the market,time to start looking elsewhere.
I cannot understand why nobody in the government doesnt listen to the tourist trade they have been hurting for the past 5yrs or so.We have seen a large downturn when we have been visiting for our September holidays over this period.Shame.
I cannot understand why nobody in the government doesnt listen to the tourist trade they have been hurting for the past 5yrs or so.We have seen a large downturn when we have been visiting for our September holidays over this period.Shame.
To be honest, the exchange rate is a pretty accurate one - Cyp £ = 1.71, UK£ = 1.48, so you SHOULD still get the same for your money as now.
Of-course how the rate is interpreted by Cypriots in the tourist industry is another matter!
Of-course how the rate is interpreted by Cypriots in the tourist industry is another matter!
I hope so, otherwise all the currency we kept from last year won't buy me as many Leons as I thought!
What AM I talking about? I've got this year to offload all my "old" money!
I did this calculation yesterday:
CY£1 = Eu1.71 = £1.16
£1 = Eu1.48 = CY£0.86
Mark
What AM I talking about? I've got this year to offload all my "old" money!
I did this calculation yesterday:
CY£1 = Eu1.71 = £1.16
£1 = Eu1.48 = CY£0.86
Mark
I don't care what the rate is, just let me go back!
Every time I've been so far (twice upto now) I've saved some notes so I have to go back and spend them... not going to work this time is it...
This year yes! failing that please post them to me...
I will always go to Cyprus whatever it costs, nowhere is cheap nowadays, i spent £ 900, in Kafelonia last year in two weeks, and i will probably spend £ 1000 in Cyprus this year, so that works out at roughly £7 more a day in Cyprus WOW. We pay more for a pint and a good meal in England than abroad. I would only go all inclusive in the Caribeean, if you have paid for everything, and the food is no good you would have to go out anyway, if you have a bad meal in a restaurant you can try another. sometimes the beer is only the local stuff served in plastic glasses, it can be like being at a footie match getting served. Italy is a rip off, every country seems to have rippes us off since introducing the euro, so why does everyone seem to knock Cyprus. It is simple if you think it is too expensive then go elsewhere. I have not been for two years as i had been previously been 7 years running, but when i return in September i know i will get a little emotional as we get there, Roll on September bring it on, if a good pint is a fiver then line them up, you only live once.
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