29.09.2023
According to a report from Cypriot firm Ask Wire , the Paphos property market has seen a surge in property sales, with total transaction values exceeding €190 million in the second quarter of 2023.
During this period, the value of property sold in Paphos reached outstanding figures: apartments totaling €46.1 million, houses worth €99.6 million, fields worth €34.1 million and plots of land worth €14 million.
In addition, the Paphos area, renowned for its picturesque landscapes and natural beauty, has demonstrated its potential in the property market with the sale of nine luxury homes valued at over €1 million.
According to the report, a total of 851 properties were sold in Paphos across four main categories (houses, apartments, land and fields) for a total of €193.8 million.
It is noteworthy that in the Paphos municipality, as well as in the district as a whole, 270 apartments, 294 houses, 214 plots of land and 73 fields were sold.
Sales of apartments in the area totaled €46.1 million, houses €99.6 million, fields €34.1 million and land added €14 million to the total sales value. Moreover, the Paphos area accounted for 14.4% of apartment sales throughout the country, making it an important player in the Cyprus property market.
Pavlos Loizu , CEO of Ask Wire , commenting on the data, stated that “the Paphos area continues to show strength in the housing market, supported by luxury home sales. Notably, the apartment market is also showing resilience, with strong interest in apartments priced between €100,000 and €200,000.”
The report shows that six in ten apartment sales in Paphos were priced between €50,000 and €200,000, with the most significant interest from buyers in the €100,000 to €200,000 price range, accounting for almost four in ten transactions with apartments.
The Paphos area continued to maintain its strong position in house sales, accounting for 29.2% of the national volume and 30.8% of the total value of house sales. Almost seven in ten home sales were in the €100,000 to €500,000 price range, with the majority (75) in the €300,000 to €500,000 range. There have been nine sales of luxury homes worth more than €1 million each in Paphos.
Meanwhile, a significant proportion of local sales, almost seven in ten, in Paphos were for plots priced up to €50,000, with the majority priced under €25,000.
Analysis based on land area showed that 51.6 percent of local sales were for plots of up to 4,000 square meters, 31 percent for between 4,000 and 10,000 square meters and 17.4 percent for more than 10,000 square meters.
Paphos accounted for 17.2 percent of national volume and 21.1 percent of local sales value. Moreover, the Paphos region accounted for 11 percent of land sales throughout the country and 11.5 percent of the total value of such sales. Six out of ten plots of land sold were priced between €50,000 and €200,000, with almost seven out of ten measuring between 400 and 800 square metres.
“The local sales figures are particularly intriguing because they reflect large transactions on large properties,” Loizou said . “In addition, the land market suggests continued interest in the construction of luxury houses and apartments,” he added.
“It is clear that this type of analysis serves as a valuable tool for investors, sellers, banks and other decision makers,” concluded Ask CEO Wire .
