Paphos Remains the Champion in Property Sales

10/03/2020

Paphos is in the lead for January - February 2020, as the most popular region for overseas buyers and investors (Europeans and Non-Europeans) by 38,5% in comparison to Limassol which follows with 25.8%.   Larnaca is 3rd with 18.9% followed by Famagusta with 10,4 % and lastly Nicosia with just 6.4%.

 “Paphos has managed, with continuous and targeted efforts made by local, large property developers, to remain in first position for the whole of 2019 as well as for January and February 2020, and to attract foreign buyers and investors who have expressed their preference mainly in exclusive beachfront villas and luxury apartments,”

Official figures published this week reveal that of the 1481 sales contracts for the purchase of property, 819 (55%) were deposited by local (Cypriot) purchasers and the remaining 662 (45%) were deposited by foreign buyers of whom 233 (16%) were EU citizens and 429 (29%) were non-EU citizens.

Local sales in Famagusta and Limassol fell by 45% and 26% respectively, but they rose in the remaining three districts. Sales in Paphos rose by 29%, while sales in Larnaca and Nicosia rose by 14% and 3% respectively.

Property sales to the overseas EU market, which accounted for 16% of all sales, fell 1% compared to January - February 2019 and property sales to the non-EU citizens, which accounted for 29% of all sales and almost twice the number of sales to EU nationals fell 15% compared to January - February 2019. 


 

 


 

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