Paphos Real Estate Market Overview

Обзор рынка аренды недвижимости Пафоса
12 November 2020 DOM LiVE
3853

A bit of history

Despite its rich and great history, Paphos is now the fourth largest city in Cyprus, after Nicosia, Limassol and Larnaca.

Paphos was the cradle of Cypriot Christianity and the ancient capital of the island, but today it is just a typical city. Nevertheless, British tourists have long paid attention to Paphos. And first of all, for the Brits, they local authorities built here a new airport in 2006. The British not only come to Paphos for holidays, but also they buy real estate here.

Why Paphos?

Because the British, as the former colonialists of the island, know a lot about Cyprus. For example, they know that Paphos has a milder climate than other parts of the island. They know that in summer, here it is always 2c cooler and in winter 2c warmer than in Limassol. And also they know that Dassoudi Park in Limassol was a swamp 100 years ago, which the British dried up.

Paphos has been considered a popular holiday resort in Cyprus for many years. Here you can find housing to rent or buy for every budget and taste. Everyone can find something special for themselves here. Families with children can find an ideal quiet place for recreation and permanent housing, good schools and kindergartens; young couples like it for romantic secluded houses or villas on the coast, where they can enjoy the sunsets and sunrises on the horizon of the emerald Mediterranean Sea; wealthy people prefer Paphos for luxury villas or apartments with exquisite decoration, golf courses, huge tennis courts, yacht clubs and much more.

Paphos is known for its landscape. Many luxurious villas are located not only on the first line, but also on the hills, from where you can admire breathtaking views of the surroundings and the sea horizon. Sunsets? - They are beautiful!

Unlike Limassol and Ayia Napa, Paphos is a place to calm your soul. It is less noisy, there are few discos and night parties. Paphos is a place created for relaxation, enjoying the almost untouched nature, beautiful beaches, family gatherings in restaurants, wonderful sights. So this town and the surrounding villages are suitable for shoppers seeking peace and tranquility in life.

What are the prices for Paphos real estate?

First we will make a short excursion around the areas of the city of Paphos.

What is Paphos?

Each Cypriot city has its own "face". And if Limassol, as a former Cypriot industrial zone, stretches along the coast, making it convenient for the delivery, unloading and loading of products for wineries, then Paphos was and still remains the ancient capital with its inherent charm.

Today Paphos can be roughly divided into 3 parts:

Kato Paphos or Lower Paphos

Pano Paphos or Upper Paphos

And the suburbs of Paphos

Where is the best place to live?

Well, it all depends on the individual preferences.

For someone, it is important to see the sea every day, and to walk along the promenade from the Old Port to a runaway cargo ship.

In this case, Kato Paphos and the Tombs of the Kings will do.

It is important for someone to be in the city center, next to supermarkets, cafes, restaurants, boutiques, schools... then they should prefer Pano Paphos.

Others love clean air, the quiet of the suburbs and banana groves.

What about rental prices in Paphos?

Of course, in recent years, the price of rental properties has risen substantially throughout the island. The reason for this was the growth of the country's economy, the opening of new offices (the predominant number is concentrated in Limassol), and as a result, there was a high need for real estate for newly arrived employees from third countries.

The paradox is that the prices for long-term rent in any of the city's areas are almost the same, and depend rather not on the location, but on the quality of the residential complex and apartment.

For example, for €590 you can find a stunning studio right on the seashore, there will be everything you need like a gym or an indoor pool.

And if the studio is in a new building, with a swimming pool, BBQ zone, new appliances and furniture, then the average cost is about €600 - €650 per month.

And if you need a studio for a family with a child?

In this case, a two-bedroom apartment is ideal. Prices for such apartments vary from EUR700 to 2000, depending on the complex, goodies and luxury status.

For example, a two-bedroom apartment close to shops, schools, a general hospital, with quality furniture and a swimming pool in the complex will cost about € 800.

A two-bedroom apartment with stunning panoramic views of the sea and mountains in a beautiful location, in the elite complex Aphrodite Hills Resort is only EUR 1350 per month.

And if you want privacy and you don't want to hear your neighbors, then the ideal solution is to rent a detached house or villa.

The cost starts at €700 per month (for a two bedroom house with a pool).

For example, a three-bedroom villa with a large heated pool, with stunning sea views, next to the amazing Akamas Peninsula - can be found for € 1100.

Or a three-bedroom villa in a quiet area (a plot of 1000 m2) for €1300.

And if the family is big? And if you need a lot of space?

You can rent a five-bedroom villa. For example, in the lovely village of Tala, which has stunning sea and mountain views. You can have picnics around the pool, or in the BBQ area and see the sunset with a noisy company.

The cost of such a palace is about € 4,000.

And if you want more, then you can rent in a gated complex under security protection on the Aphrodite Hills. Every morning you will be brought a basket with fresh bread, pastries, and other goodies. A five-bedroom villa on a large plot and with a pool cost around € 10,000.

As you can see, Paphos real estate is quite diverse. And everyone can find something suitable for their needs and desires. The main thing is to search.

And also do not forget to ask for a discount, always and everywhere.

Moreover, now we live in the reality of the current quarantine measures, due to which the flow of foreign tourists and newcomers has stopped. Lack of demand has done its job. Property owners are forced to compromise and significantly reduce prices in order not to lose a client. Thus, the rental price indicated in the advertisement is not final, and in fact can be rented out at a discount.

To summarize

Paphos, with its weather advantages, absence of traffic jams, and convenient air communication is significantly cheaper than Limassol. Obviously, Paphos is losing to Limassol in such areas as:

  • jobs
  • service, specialist doctors, etc.

But the choice of where is the best place to live is up to you.

Interested in renting or buying property in Paphos? Just contact the DOM real estate agency in Cyprus. The company's specialists will help find an apartment or house according to your request. They will tell you about all the pros and cons of the selected object, and help you get a good discount. And all this will be absolutely free for you! Contact us now, why put off until tomorrow ?!

Read more:

  • Limassol city overview: a place to live, relax and invest (link)
  • Pissouri. A place in Cyprus where you want to live (link)
  • Paphos - the best place to buy property in Cyprus (link)
  • Paphos vs. Limassol. All the pros and cons (link)
  • Should you buy property in Larnaca? (link)

Source: DOM LiVE
Photos: pixabay.com, DOM LiVE
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