08.06.2023
Luxury properties worth over €400,000 are driving the Paphos housing market in 2022.
On Thursday, Cypriot company Ask Wire released its 2022 Paphos property market report, including an analysis of sales of apartments and houses in the area. “This provides a comprehensive understanding of the market situation, reflecting the prevailing trends,” the company said in a statement.
In addition to the number of sales, Ask Wire, which specializes in combining real estate knowledge with cutting-edge technology and analytics, also provided the value of all properties sold.
According to the report, the market for apartments in the Paphos area is slightly larger than the market for houses. In total, 1652 apartments were sold in Paphos in 2022, and during the same time 1504 houses were sold.
“2022 has been a year of great momentum for the Paphos property market,” said Ask Wire CEO Pavlos Loizu. “Home markets are back to pre-citizenship investment program crash levels, while apartment markets are at their highest levels since at least 2016,” he added.
The market for apartments under 160,000 euros had the largest sales volume (1,218) in Paphos last year. In particular, 409 apartments worth up to 80,000 euros were sold, 509 apartments worth between 81,000 and 120,000 euros and 300 apartments worth between 121,000 and 160,000 euros. In addition, a significant number of apartments, accounting for 19% of sales registered in 2022, were worth between 161,000 and 320,000 euros.
Sales of luxury apartments worth more than 320.000 euros amounted to 118 units in 2022, representing 7% of the total.
“It is clear that in addition to the market for houses and apartments bought by locals to live in, Paphos saw a significant increase in luxury real estate in 2022, especially houses,” Loizu explained. “However , 2023 is off to a more subdued start compared to last year, and it will be interesting to see how things play out going forward,” the Ask Wire CEO added.
In addition, the report highlights the fact that the driving force behind the Paphos housing market in 2022 was the luxury property category, valued at over €400,000. In particular, 388 houses were sold in this price range, which is 25.8% of the total.
At prices ranging from 201,000 to 400,000 euros, 566 houses were sold – 37.6% of the total sales. Thus, houses worth more than 201,000 euros accounted for 63.4% of the housing market in the Paphos area in 2022.
In addition, the remaining 36.6% relate to sales of houses up to 200,000 euros. 228 houses worth up to 120,000 euros were sold, as well as 322 houses worth between 121,000 and 200,000 euros.
“Initial data on the housing market in the Paphos area for 2023 indicate a slow start to the year,” the company said in a statement. “However, the sales trend as a whole remains the same as in 2022, for both houses and apartments,” it added.
According to the report, in the first quarter of 2023, a total of 239 houses and 285 apartments were sold. Finally, 62% of the aforementioned houses were sold for prices above 201,000 euros, while 70% of apartments were sold for prices below the range of 80,000–160,000 euros.
