Paphos remains the top choice for overseas property buyers
Property sales continue to grow for the fifth consecutive month in 2015, both from the domestic and especially from the overseas markets, with Paphos continuing to lead in purchase contracts by foreign buyers recorded at the Department of Lands and Registry by 36%. By comparison, Limassol accounted for 26%, Larnaca 18%, Nicosia 10% and Famagusta District with just 9%
The massive property purchases by foreign investors in Paphos were due to the granting of residence permits to non-EU investors if they bought properties worth at least 300,000 euros, while an investment of 3 mln makes citizenship.
The natural environment, the attractive areas and mild climate of Paphos also seem to i mpress foreign investors with large development companies creating suitable projects with amenities, facilities and services that raise the quality of lifestyle throughout the region.
Leptos Group said in an announcement that it has concluded “another very large investment on the coastal area of Coral Bay, this time by a Russian investment company.”