31.12.2021
2.5 billion euros – this is the total amount of transactions related to real estate in Paphos over the next 5 years. The analysis was carried out by WiRE, a real estate consulting firm. The provided report shows how the real estate market fluctuated during the specified period.
The bulk of the signed acts were recorded in the municipalities of Paphos and Peyia. The total sales volume in both territories amounted to €2.2 billion.
Geroskipou and Polis Chrysochous account for the remainder of the transactions. A total of 9,000 transactions were registered in the four municipalities of Paphos.
Total sales in Paphos exceeded €1.1 billion, with a total of 5,364 purchases and sales over the past 5 years.
The average transaction amount was €104,061, prices ranged from €65,000 to €184,388.
The majority of transactions took place in 2019 (1,239), with the majority of sales (2,880) related to real estate not exceeding €110,000 in value.
The maximum price of a property in Paphos was €17.8 million over the past 5 years.
In Peyia, the total amount of sales exceeds €1.1 billion, as well as in Paphos, where 2,700 transactions were concluded.
The average property price in Peyia was €159,728, and the average price ranged from €81,482 to €327,174.
The main number of sales occurred in 2018 – 587, and the bulk of transactions were carried out in the amount within €193,000. The maximum value for a property in Peyia was €8.1 million.
The amount of sales in Geroskipou is close to €300 million, 740 transactions have been registered in 5 years.In the municipality, the average property price was about €135,000, while the usual price range is from €84,750 to €340,979.
The main number of sales were in 2018 – 185, and most of the transactions were carried out in the amount of around €257,000. The most expensive property was sold for an unimaginable €23.5 million.
Finally, in Polis Chrysochous, the value of sales exceeded €113 million, with 600 transactions registered.
The average price was €84,700, with typical property values ranging from €50,072 to €145,500.
The peak in terms of the number of sales was 2018 – 161 transactions, while the maximum price of the main part of the sales did not exceed €128,000.
Some 20 properties sold were valued at over €1 million, with the most expensive recorded price being €8.3 million.
According to the report, the total value of real estate transactions in Cyprus has reached €25 billion. During these 5 years, more than 100,000 transactions have been completed.
