CYPRUS: Paphos retains ‘most popular property sales’ title among foreigners

Paphos is once again in the lead as the most popular district for overseas buyers and investors for the first quarter, accounting for 40.6% of all sales in the January-March, according to preliminary data.

Limassol followed with a 29.7% share of property sales, Larnaca was third with 17.2%, Famagusta with 6.6% and Nicosia with 5.6%.

Sales during the first quarter of the year rose 11% compared to the same period last year, which follows the same growth momentum for February that saw property sales go through the roof, as the second month of the year recorded an increase of 25% in sales documents being submitted with the Land Registry, earlier official data d shown.

Total sales until the end of March stood at 2,366, up from 2,129 in the first quarter of last year. Sales to EU nationals tose 13% compared to the first quarter of 2018 and sales to non-EU nationals dropped marginally by 2% compared to the same period last year.

“For many property buyers and investors Paphos seems to be amongst other elite new and trendy cities, emerging as an increasingly attractive destination,” said a spokesperson for the Leptos Group.