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CYPRUS: Paphos continues to lead in property sales to overseas buyers

20 July, 2017

Property sales continued to grow for the sixth consecutive month in 2017, both from the domestic and especially from overseas markets. During the first half of 2017, domestic sales have risen by 13% and the overseas market by 44%, compared with the same period last year.


 
Paphos continues to have the lead in purchase contracts by foreign buyers with a 36.5% share, compared to Limassol with 35.4%. Larnaca is third with 16.3%, Nicosia 6.7 % and Famagusta with just 5.1%. Paphos also continues to enjoy an increase in purchase contracts by foreign buyers recorded at the Department of Land and Registry by 72% in comparison to Limassol which follows with 60%.
Paphos has remained in first position and continues to attract foreign buyers and investors who express their preference mainly for beachfront luxury villas (Coral Bay, Kissonerga, Chloraka) or modern apartments (Kato Paphos) in organised property developments which provide security, convenience and multiple services, because of its lifestyle, the quality of life, the investment potential and also with the continuous and targeted efforts made by local property developers.
Furthermore, Paphos as the European Capital of Culture for 2017 is “Linking Continents and Bridging Cultures” and aims to be more functional, modern and creative and will affirm its place as a prominent tourist, cultural and investment destination.