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REAL ESTATE

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Paphos in the Lead in Purchase Contracts by Foreign Buyers

Paphos in the Lead in Purchase Contracts by Foreign Buyers

Paphos is once again in the lead in purchase contracts by foreign buyers recorded at the Department of Land and Registry by 40.3% in comparison to Limassol which follows with 29.7%.Larnaca 3rd with 14.3% and lastly Famagusta with 11.4% and Nicosia with just 4.3%.

During February a total of 666 contracts or the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus. This is the highest number of contracts deposited during February since 2010 when 704 contracts were deposited. Of the 666 contracts, 306 (46%) were deposited by domestic (Cypriot) purchasers, while 54% (360) were deposited by overseas (non-Cypriot) purchasers. This is a very sharp increase in the number of overseas sales

Sakis Hadjialexandrou Leptos Group Marketing Director, said that, “Paphos has managed to be in first position and to attract foreign buyers and investors who express their preference mainly in seafront luxury properties (Coral Bay, Latchi, Chloraka) or modern apartments (Kato Paphos) in organized property developments which provide security, convenience and multiple services”.

Hadjialexandrou also added that “the area of Paphos has become the new attraction for Russian, Chinese and the Middle East as well as for Europeans buyers and entrepreneurs.  The town of Paphos and the entire province is the safest and most secure area on the island, where one can live, work and holiday. The perfect climate along with the new cosmopolitan culture in the region has increased the turnout of foreign buyers and investors. Last year Paphos was identified as the best city to buy a holiday home abroad”.

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