Paphos Tops Foreign Real Estate Investment in Cyprus

Paphos proved to be the most popular area for foreign investment in real estate in Cyprus between 2010 and 2014. According to figures released by Cyprus Economic Intelligence (CEI) - a databank for the Cyprus economy - some 156 residences valued in excess of €1 million were sold during the period.

The CEI report notes of these transactions, the majority involved detached luxury beachfront residences and villas, indicating low demand for apartments from international buyers. Demonstrating the trend of declining sales in 2013 and 2014, some 22 property sales were completed in Paphos in 2013, according to CEI, of which 15 related to property valued between €2 and 2.5 million.

During the first half of 2014, meanwhile, 14 sales were made, 12 of which related to properties valued at less than €2 million. Island-wide, 52 sales over €1 million each were made over the course of the first six months of 2014.