Property sales in Paphos in 2023 were phenomenal, experiencing a surge that broke records and cemented the city’s position as a top real estate destination. Below is a breakdown of the boom:
- Record Number of Homes Sold: Paphos saw a record number of properties sold in 2023, surpassing previous years by a significant margin. In the first 10 months of 2023, Paphos sales increased from 2,297 to 2,878 – a 25% increase! This indicates strong demand and a thriving property market.
- Strong Q3 Performance: Ekathimerini reports that the third quarter of 2023 was particularly successful, with Paphos showcasing its potential in the real estate market. This suggests sustained momentum throughout the year.
- Value Growth: The value of properties sold in Paphos also increased in 2023, further highlighting the attractiveness of the city for investors and buyers.
Several factors contributed to this thriving property market in Paphos:
- Increased Tourism: The return of tourism to Cyprus after the pandemic boosted demand for holiday homes and investment opportunities.
- Government Incentives: Government schemes like the reduced VAT on property purchases attracted foreign buyers and investors.
- Favourable Location: Paphos’s stunning scenery, rich history, and proximity to the airport make it a desirable location for both permanent and temporary residents.
- Competitive Prices: Compared to other European destinations, Paphos still offers relatively affordable property options, making it an attractive choice for budget-conscious buyers.
The Paphos Housing Market – Looking Ahead:
While the exact figures for 2023 are not yet available, the available information indicates a positive outlook for Paphos’s real estate market in the future. The city’s continued development, coupled with its natural beauty and strategic location, is likely to attract even more buyers and investors in the coming years.
To get a more comprehensive picture of the Paphos property market, you can:
- Check our website as we are local experts and specialize in the Paphos area. You can see the different types of properties available and current prices based on the market value.
- Contact us as we can offer personalized insights and advice based on your specific needs and budget.
- Stay informed with news updates: Subscribe to our newsletter, our social media, local newspapers and online publications to track the latest developments in the Paphos real estate market.
