BUSINESS

Israelis eye Cyprus for affordable holidays

TAGS: Tourism, Cyprus

Israel’s booming economy has made the shekel soar, local prices rise and travel fans compare what their money can buy and come to the conclusion – it’s time for a vacation abroad.

Domestic prices, particularly for hotels and leisure activities, have risen sharply.

They are now unaffordable for many Israelis, whose household incomes remain toward the lower end of OECD averages.

A five-day stay in June for a family of four at a spa hotel in Eilat, Israel’s Red Sea resort, will cost around $3,000, while the equivalent stay at a five-star hotel in Cyprus will cost around $1,000, according to online agents.

“The Israeli sitting at home thinking, ‘Where should I go on vacation without any deals, Eilat or Cyprus?’ Of course he’ll go to Cyprus,” said Henry Jakubowicz, general manager of iBookIsrael, a travel booking website.

[Reuters]

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