Paphos property market booming

The property market in Paphos is thriving as major deals push the total value of transactions over EUR 190 mln during the second quarter of 2023, according to a report by Ask Wire. The company specialising in real estate profiles said the Paphos district has showcased its potential in the real estate market with deals for all wallet sizes, including nine luxury home sales valued at over EUR 1 mln.

A total of 851 properties across four major categories (houses, apartments, land parcels, and fields) were sold in Paphos for a combined value of EUR 193.8 mln during the second quarter of the year.

The value of properties sold in Paphos reached remarkable figures, with apartment sales generating EUR 46.1 mln, houses EUR 99.6 mln, field sales generated EUR 34.1 mln, and land parcels EUR 14 mln.

Apartments sold in the Paphos district accounted for 14.4% of all apartment sales islandwide, “making it a significant player in the Cyprus property market”, according to Ask Wire CEO Pavlos Loizou.

Loizou said: “The Paphos district continues to exhibit strength in the housing market, driven by luxury home sales.

“Notably, the apartment market also shows resilience, with a strong interest in apartments priced between EUR 100,000 and EUR 200,000”.

Six out of ten apartment sales in Paphos were valued between EUR 50,000 and EUR 200,000, with the most substantial interest from buyers falling within the EUR 100,000 to EUR 200,000 price range, representing almost four out of ten apartment transactions. Paphos also continued to perform in house sales, contributing 30.8% of the total value of house sales.

According to the data, seven out of ten house sales were in the EUR 100,000 to 500,000 price range, with 75 out of a total of 201 falling between EUR 300,000 and 500,000.Paphos recorded nine sales of luxury homes valued at over EUR 1 mln each.

Analysis based on land area revealed that 51.6% of field sales were plots of up to 4,000 square metres, 31% were between 4,000 and 10,000 square metres, and 17.4% were over 10,000 square metres.

Paphos accounted for 17.2% of the national volume and 21.1% of the value of field sales.

It also represented 11% of land parcel sales nationwide and contributed 11.5% of the total value of such sales.

Some 60% of land parcels sold were priced between EUR 50,000 and EUR 200,000, with nearly seven out of ten having an area ranging from 400 to 800 square meters.

“The field sales figures are particularly intriguing, reflecting substantial transactions for large plots,” Loizou said

“This would suggest a continued interest in constructing luxury homes and apartments”.