CYPRUS: Paphos maintains 10mo lead in sales to overseas buyers

Property sales continued to grow (19%) for the nine consecutive month in 2017 compared to the same period last year, both from the domestic and especially from overseas markets, with Paphos district maintaing the lead.

During the first nine months of 2017, domestic sales contracts rose by 12% and to overseas buyers by 42%, compared with the same period last year.

Paphos continued to have the lead in purchase contracts by foreign buyers recorded at the Department of Land and Registry with 37% compared to Limassol which follows with 33%.

Larnaca is third with 16.5%, Famagusta with 7% and Nicosia with just 6.5%. Property sales to the overseas market in September rose to 25% compared to the same month last year. Property sales in Paphos rose 66, where sales in Limassol fell 6%

Paphos remained in first position and continues to attract foreign buyers and investors who express their preference mainly for seafront luxury villas (Coral Bay, Polis, Chlorakas) 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.