Property sales continued to grow for the third consecutive month in 2017, both from the domestic and especially from overseas markets, according to data compiled by Leptos Estates.
Paphos continues to have the lead in purchase contracts by foreign buyers by 43%, in comparison to Limassol which follows with 30%. Larnaca is third with a 15% share, Famagusta with 9% and Nicosia with just 3%.
Massive property purchases from foreign investors in Paphos are due to the granting of residence permits when buying a property valued at EUR 300,000 and above, as well as citizenship with an investment in properties of 2 mln euros. Moreover, it is mostly also due to the beautiful natural environment, attractive areas and especially the mild climate of Paphos.
Paphos has managed with the continuous and targeted efforts made by local property developers to remain in first position and to attract foreign buyers and investors who express their preference mainly in beachfront villas (Chlorakas, Kissonerga, Coral Bay) or apartments (Kato Paphos) in organised property developments which provide security, convenience and multiple services.
Furthermore, Paphos as the European Capital of Culture for 2017, is “linking continents and bridging cultures” and aims to be more functional, modern and creative and will affirm its place as a prominent tourist and cultural destination.
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