CYPRUS: Paphos dominates property sales to overseas buyers

Property sales continued to grow for the eleventh consecutive month in 2016, both from the domestic and especially for overseas buyers, particularly from Russia, Ukraine, China and the Middle East.

 
Paphos continues to lead in purchase contracts by foreign buyers recorded at the Department of Land and Registry by 39%, in comparison to Limassol which follows with 30%. Third is Larnaca with 24%, and lastly Nicosia with 5% and Famagusta with just 3%
These property purchases from foreign investors in Paphos were due to the granting of residence permits when purchasing a property valued at EUR 300,000, as well as with the new schedule of citizenship with an investment in properties of EUR 2 mln.
Paphos has managed to remain in first position and to attract foreign buyers and investors who express their preference mainly in beachfront villas or in luxury apartments in organised property developments which provide security, convenience and multiple services.
Furthermore, Paphos is moving with fast speed to welcome the thousands of tourist, visitors and investors as it has been selected as the European Capital of Culture for 2017.