Choosing the ideal place to live depends on a wide range of objective and indirect factors. In addition to personal preferences, investors need to comprehend the property’s purpose and evaluate the present and future market conditions. Specialized agencies predict that 2024 will be a positive year for financial investments in real estate in Cyprus.
What makes Paphos appealing?
Paphos, renowned for its rich history and designation as a UNESCO cultural heritage site, offers stunning beaches, comfortable hotels, and top-notch tourist infrastructure. The city frequently hosts cultural events and provides numerous options for family vacations. Its airport facilitates convenient travel beyond Cyprus. According to experts, Paphos is at the forefront of the island in terms of quality of life and safety. The region’s consistent demand for real estate positions it as a key and promising area for investment. This viewpoint is substantiated by the following statistics:
- Paphos accounts for 23% of the total number of transactions in the country, according to the Cyprus Department of Lands and Surveys.
- The region experienced a 29% increase in the number of properties sold in the past year of 2023.
- Paphos leads in terms of real estate sold to foreign nationals, at 35%.
- According to the Central Bank of Cyprus, Paphos is the leader in the average annualized increase in residential property prices, with a rate of +18.5%.
Paphos offers a diverse housing stock, ranging from modern complexes with their infrastructure to luxury villas featuring personal swimming pools and electric car charging stations. The following neighborhoods may be of interest to investors seeking properties for personal or commercial purposes.
Kato Paphos
The harbor of Paphos is one of Cyprus’ most popular tourist centers. The Kato Paphos area is home to a wealth of architectural and historical landmarks and boasts a highly developed service and entertainment sector catering to tourists. For those who prefer tranquil strolls, a popular route runs from Geroskipou in the south to the Tombs of the Kings in the north. However, by the end of October, many establishments close until the next season, leading to a noticeable decrease in street traffic.
Although the neighborhood’s development primarily dates back to the 1990s, modern residential complexes have been actively constructed in recent times. Municipal authorities are systematically modernizing and expanding communal infrastructure, including the road network and lighting. Kato Paphos is suitable for investors who value its historical significance and are not deterred by the bustling tourist atmosphere. The neighborhood is appealing to homeowners seeking to rent out their properties. Additionally, it is an attractive location for those who spend only a few months a year in Cyprus. The cost of new apartments ranges from 200,000 euros to 4 million euros.
Universal Area
Universal Area, situated in the southeast of Paphos, is a modern and centrally located neighborhood that has become popular among both Cypriots and foreign real estate buyers, including those who speak Russian. The area is predominantly comprised of 4- and 5-story residential complexes featuring public swimming pools, playgrounds, and green walkways—amenities highly sought after during the hot season. In addition to these complexes, small private cottages can also be found in the neighborhood. Universal offers ample access to schools, cafes, stores, and consumer services.
Within a 10-15 minute walk, residents can reach well-maintained beaches offering a variety of marine activities. The area has few hotels and minimal tourist attractions. Universal is an ideal choice for individuals seeking a comfortable and tranquil environment for themselves and their families. Additionally, investing in real estate in Universal is viewed as promising and profitable, especially for those considering subsequent rental of their properties.
The cost of new apartments in Universal ranges from 200,000 euros to 500,000 euros.