Cyprus Paphos and Limassol are the locomotives of this country's real estate market. Last year, demand in the first of them grew by 38%, and in the second - by 33%. According to statistics, these cities have the largest number of real estate transactions, as well as a serious interest in rental housing. The main factor that affects this state of affairs is the unique location that provides a lot of tourist traffic.
Paphos has been an elite resort in the country for many years. The wealthiest tourists prefer to rest here, often with their families. Basically we are talking about both the British and the Scandinavians. Therefore, the entire service sector is aimed at making their vacation in Paphos as comfortable as possible. Paphos is less noisy, there are not many discos working day and night, and there are not even many entertainment for children. But this city was literally created for a measured rest on the beaches, quiet gatherings in restaurants, visiting cultural attractions. The corresponding specificity and in the real estate market of Paphos. The objects here are very diverse. Basically, these are elite housing: villas, residences, bungalows, townhouses. But at the same time, prices here are often 50% lower than in Limassol, in particular due to the lower cost of land and the established consumer demand, which is provided by European tourists and local buyers.
Last year, Paphos recorded 865 real estate transactions, up nearly 38% more than a year earlier. Given the tax relief provided by the decisions of the country's authorities, such growth figures are not surprising. At the moment, buying a property in Paphos is very profitable. Prices here are significantly lower than in Limassol, which is the main competitor; all conditions for a comfortable stay have been created; the system of taxation and the possibility of obtaining additional benefits in the form of citizenship of the country are known. For example, there is an economic citizenship program that allows you to count on permanent residence in the country with an investment of € 0.3 million and for citizenship with an investment of € 2 million or more. Also, Paphos is interesting to many from the point of view of earning income from real estate investments. At the moment, it is most reasonable to buy residential properties in Paphos. They provide 5 to 8% annual return on value growth. If you rent out real estate in Paphos, you can get another 3 to 5% per year. Thanks to the tourist flow, demand for real estate in Paphos will be provided almost at any time of the year.
