Paphos has a booming tourist trade and a property market to match. Despite the increase of other investment locations in Cyprus, property here holds its value and is set to enjoy further growth in years to come.
Growth figures for property in Paphos were at their peak between 1996 and 2002. During this time four out of five properties in Paphos were owned by non-Cypriots and the tourist infrastructure was well advanced with natural hillside beauty and a cultural heritage that outperformed all other towns on the island. As time went on new villages within the Paphos area emerged to cater for the growing numbers of people retiring and moving there to live permanently.
Today, Paphos properties are priced on average 20% to 30% higher than properties with similar characteristics in say, Protaras or Larnaca. This seems to have slowed down the demand for Paphos properties while other areas of Cyprus have become developed with comparable standards to Paphos, for a fraction of the price. This slowdown is seen as temporary as demand increases for the other locations and slowly drives prices in these regions up to a similar level.
Many investors were the first to make the geographical shift from Paphos since they predicted the slowing down of the market. This phenomenon is keeping prices constrained in Paphos and many investors argue that the market has now stabilized.
It is true the property industry in Paphos seems to lack the activity that it enjoyed over previous years and this is due to the higher prices here when compared to other similar locations in Cyprus. Demand is expected to increase again when prices in other towns reach similar levels to those in Paphos. Considering the current growth rates, this is expected to occur within the next two to three years.
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