Ouch that is a lot of extra money. Who have you booked with?

we booked with olympic on line and it was orriginally 423 each which we thought was really good so booked it. we had been quoted 451 each in the local travel agents so we had no need to query the price. they have said we can have our deposit back or change the holiday with a 10% discount

Hotels here are beginning to reduce their rates to encourage tourists, and I think the Cyprus Govt has reduced VAT or taxes for hotels. The problem could be the poor exchange rate, but that is too much extra to pay. Look in your terms and conditions of booking or check with ABTA. I don't think the Cyprus Tourist Organisation would be very impressed by companies doing this, perhaps you could look for them online and ask some questions.
Carol