Buying Property in Cyprus and the Paphos Market

Taking a look at the Cyprus property market in Paphos where real estate is intensely in demand

The historic landscape, beautiful beaches and spectacular Mediterranean climate of Cyprus lure many Britons who are looking to invest in property or relocate abroad.

If Cyprus calls to you too, be prepared to enter a rather competitive property market especially in the case of Paphos.  In this article we’ll take a closer look at buying property in Cyprus and the Paphos market in particular where prices are still booming.

While the whole of the Cyprus property market is more than holding its own, some areas are enjoying a rather large appreciation in property values.  Paphos in particular has seen a major increase in its prices as investors flock to Cyprus to snatch up available property. 

Over the past four years Citigroup reports that Paphos property has tripled in value in some cases.  Other regions of the country are also seeing high appreciation rates - Limassol and Larnaca for example have seen property prices doubling in recent years.

So, what is it that makes Paphos so popular?

Location, of course!

This ancient city is found on the Southwest coast of Cyprus and serves as the capital of the Paphos District.  Paphos’ beaches are considered some of the most inviting in the Republic of Cyprus and its sights, sounds and flavours are something to write home about as well.

Add to this the fact the town’s history is steeped in mythological tradition, and the perfect recipe for an ideal vacation or a dream new home location is complete.

Beyond some incredible beaches, visitors and real estate buyers in Paphos will find a number of other attractions - the city’s harbour is home to the Castle of Paphos for example, which was first built by the Byzantines.  The Petra tou Romiou, or the Rock of the Greek or Rock of Aphrodite is a famous tourist spot and the mythological birthplace of the goddess of love.  Many visitors take time away from the beaches to pay a call to this site in particular because it is just so peaceful and beautiful.

In addition to all of this Paphos is noted for its dining and shopping opportunities, its incredible mosaics, its golf courses, catacombs and churches – so as you can tell, there is just so much to do, to see and to enjoy in Paphos which is why it is so in demand.

The Paphos property market is more than hot for those looking at buying property in Cyprus.  Investors here will find there is a fair selection of real estate to look at - from older resale villas to resort-style apartment developments, from brand new luxury home construction to retirement bungalows - the Paphos market offers it all. 

Buyers will find that although the prices have gone up in recent years, they are still fairly competitive when compared to other international investment hotspots such as Spain for example. 

If the allure of Cyprus calls to you, the market is still considered strong.  The only question is whether it’s personally worth buying in while the market is so hot or waiting to see if a dip in prices is about to come!