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REAL ESTATE

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Paphos Remains Most Popular District to European and Non-European Buyers

Paphos Remains Most Popular District to European and Non-European Buyers

Paphos is once again in the lead as the most popular district for overseas buyers from Europe and Non Europeans by 40, 2% in comparison to Limassol which follows with 29.8%. Larnaca is 3rd with 14.1% and  lastly Famagusta with  11. 4% and Nicosia with just 5.5%.

During the first four months of 2018, a total of 1,410 property sales contracts have been deposited by overseas buyers, with 413 deposited by EU nationals and 997 by non-EU nationals. The total number of contracts for the sale of property deposited at Land Registry Offices has risen 38% to 2,784 compared to the 2,011 deposited during the first four months of 2017.

The number of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during April 2018 rose 23 per cent compared to April 2017 according to official figures published by the Department of Land and Surveys. This follows increases of 23% in March, 46% in February, and 64% in January.

The figures show a continuing improvement in the economic conditions, coupled with government measures, such as the Citizenship by Investment Scheme plus the banks are now in a better position to grant loans to those buying property.

Paphos has been modernized and upgraded, reforming its urban identity and image to become a competitive destination and an attractive place for foreign investors.

Over the past few years, Paphos has reached the level of other large cities of technologically advanced countries, offering residents and visitors new, modern and innovative prospects.  The restructuring into a modern, contemporary and smart city has contributed towards the total improvement to the quality of life, the improved efficiency of services provided and at the same time has met all its functional requirements.

Paphos seems to be amongst other elite new and trendy cities, emerging as an increasingly attractive destination. The connection of Paphos as the Birthplace of the Goddess Aphrodite enhances its glory as the new, modern, smart and vibrant city of the Mediterranean where its contemporary architectural and urban gems rank it amongst the modern cities of the 21st Century.

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