Why invest in Paphos – Cyprus today?

Website design By BotEap.comCyprus has long been sought after for overseas property locations among the British. With several new resorts to choose from across the island, why exactly are many of today’s investors opting for comparatively expensive properties in Paphos?

Website design By BotEap.comWhere the sea laps the coast in southwestern Cyprus, Paphos stands majestic as it has for millennia, now offering both a rich history and elegant new developments to create a haven that tourists and property buyers have flocked to. during years. Aphrodite, goddess of love and beauty, may well balk at the number of developments that have sprung up in her legendary birthplace over the years, but a sympathetic smile will also be in order as the entire area retains a certain aura of magical mystique that continues to bring people back for more year after year.

Website design By BotEap.comIn fact, for many Paphos is synonymous with Cyprus, so much so that between 1996 and 2002, four out of five properties here were owned by non-Cypriots. Later, other destinations such as Limassol, Larnaca, Ayia Napa and Protaras emerged as new lower priced international real estate hotspots to attract more tourists and investors who are often looking for a vibrant nightlife and home away from home experience. Due to these new resorts, recent years have seen a leveling off in Paphos property prices, but they are still around 15% higher today than in other parts of the island. It is therefore true that the property market in Paphos has been slow in recent years, but with increasing demand elsewhere on the island, local property prices in these regions are now reaching similar levels to those of Paphos.

Website design By BotEap.comThat said, Paphos as a property location seems to retain its cachet of distinction and, unlike many of its cheaper competitors, boasts some of the island’s biggest attractions, including UNESCO world heritage sites, many excellent golf courses golf courses and a new marina to be completed in the near future in Coral Bay. Added to this, Paphos exudes a well-established air, with perhaps fewer signs of new development than anywhere else on the island, making the whole area a clear choice with many discerning, high-end investors.

Website design By BotEap.comGrowth rates in Paphos have been very healthy, around 15% per year for the last five years. With a strong and stable economy, zero unemployment and an excellent tax regime with no inheritance tax, Cyprus is a tempting option for investors. The effect of Cyprus joining the EU in 2004 has been to inflate property prices and most agents and developers agree that they will start to rise further with the entry of the Eurozone in January 2008. Since then , other Eurozone participants have experienced a 16% price increase. in the year prior to entry and many experts predict that Cyprus will be no exception.

Website design By BotEap.comWith tourism figures to the island increasing by 500% in the last five years, there are already excellent air links to welcome Cyprus visitors and property buyers. Paphos’s own international airport serves the city well and currently receives over 120 flights from the UK each week. Meanwhile, the expansion of the airport is underway and more low-cost airlines are gradually being introduced, all good news for tourism in Cyprus.

Website design By BotEap.comVisitors are drawn to Paphos’ beautiful sandy or small pebble beaches, the best in Coral Bay and 320 days of sunshine a year means plenty of sun bathing and a strong influx of tourists to support Paphos’ buy to let market. throughout the year. . The magnificent sparkling waters of the Akamas Peninsula offer excellent swimming, sailing and snorkeling opportunities, while a spectacular sunset here will remain a cherished and lasting memory. The temperate climate in Paphos is designed to be the best on the island. Due to the hills behind Paphos, in summer the area is not as hot as other parts of Cyprus, while in winter it is one of the warmest places on the island and you can usually swim until November with average temperatures 23ºC

Website design By BotEap.comFinally, remember the island’s British legal and banking systems, which means a host of English-speaking lawyers and bankers which attract some of the most cautious British buyers. Simple home-like property purchase and loan procedures and efficient land registration systems make the entire investment process easily manageable. This attracts a steady stream of English-speaking buyers to the island, all looking for a solid, hassle-free investment or dream home in the sun.

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