Paphos property market sees sales exceeding €190 million

The Paphos property market has seen a surge in real estate sales, with major deals pushing the total value of transactions in excess of €190 million during the second quarter of 2023, according to a report by Cypriot firm Ask Wire

During this period, the value of properties sold in Paphos reached remarkable figures, with apartments totalling €46.1 million, houses at €99.6 million, fields at €34.1 million, and land parcels at €14 million.

In addition, the Paphos district, known for its picturesque landscapes and scenic beauty, showcased its potential in the real estate market with nine luxury home sales valued at over €1 million.

According to the report, a total of 851 properties across four major categories (houses, apartments, land parcels, and fields) were sold in Paphos, amounting to a combined value of €193.8 million.

Notably, the municipality of Paphos, as well as the district in general, saw 270 apartment sales, 294 house sales, 214 land parcel sales, and 73 land field sales.

The district’s apartment sales totalled €46.1 million, houses reached €99.6 million, fields contributed €34.1 million, and land parcels added €14 million to the total sales value.

Moreover, the Paphos district accounted for 14.4 per cent of apartment sales nationwide, making it a significant player in the Cyprus property market.

Paulos Loizou, CEO of Ask Wire, commenting on the data, stated that “the Paphos district continues to exhibit strength in the housing market, driven by luxury home sales”.

“Notably, the apartment market also shows resilience, with a strong interest in apartments priced between €100,000 and €200,000,” he added.

The report revealed that six out of ten apartment sales in Paphos were valued between €50,000 and €200,000, with the most substantial interest from buyers falling within the €100,000 to €200,000 price range, representing almost four out of ten apartment transactions.

Additionally, the Paphos district continued to maintain its strength in house sales, contributing 29.2 per cent of the national volume and 30.8 per cent of the total value of house sales.

Nearly seven out of ten house sales were in the €100,000 to €500,000 price range, with the majority (75) falling between €300,000 and €500,000.

In addition, Paphos recorded nine sales of luxury homes valued at over €1 million each.

Meanwhile, a significant portion of field sales, almost seven out of ten, in Paphos were for plots valued at up to €50,000, with the majority priced under €25,000.

Analysis based on land area revealed that 51.6 per cent of field sales were plots of up to 4,000 square metres, 31 per cent were between 4,000 and 10,000 square metres, and 17.4 per cent were over 10,000 square metres.

Paphos accounted for 17.2 per cent of the national volume and 21.1 per cent of the value of field sales.

What is more, the Paphos district represented 11 per cent of land parcel sales nationwide and contributed 11.5 per cent of the total value of such sales.

Six out of ten land parcels sold were priced between €50,000 and €200,000, with nearly seven out of ten having an area ranging from 400 to 800 square meters.

“The field sales figures are particularly intriguing, reflecting substantial transactions for large plots,” Loizou said.

“Furthermore, the land parcel market suggests a continued interest in constructing luxury homes and apartments,” he added.

“It’s evident that these kinds of analyses serve as valuable tools for investors, sellers, banks, and other decision-makers,” the Ask Wire CEO concluded.