According to consultancy Ask Wire, 4,853 deals totalling €1.19 billion will be concluded in Paphos in 2024.
This is almost a third more than in the period before the code was introduced – a really impressive growth that shows that investors are interested in the region.
Experts said that the price of housing in Paphos was affected by three main things: how big the property was, where it was and how good its condition was. The higher the floor and the newer the building, the more expensive it is. The postcode is another important piece of information. In the best areas of Paphos, properties sold for more. Ask Wire said that this information helped them understand which projects were dropped at the start of sales, and which ones were left on the market for a long time without anyone paying attention.
The company also said that when choosing flats, buyers first decided how much they could spend, and then chose the area. In 2024, 25% of total sales were one-bedroom apartments. These cost an average of €212,605 each. 34% of total sales were two-bedroom apartments. These cost an average of €350,750 each. 11% of total sales were three-bedroom apartments. These cost an average of €391,000 each.
The price of flats in the city went up depending on the floor. The higher up the apartment, the more expensive it is. In 2024, the average cost of 1 m2 on the ground floor of a standard multi-storey building was 3,583 euros. On the third floor, the cost was 4,634 euros (+29%), on the fifth floor it was 5,388 euros (+50%), and on the eighth floor it was 10,476 euros (+192%). In 2024, 44% of all property transactions were for newly built properties, and these accounted for 64% of the total value. At the same time, the price difference between new and secondary properties was as high as 43%. This is because many new projects offer things like swimming pools, gyms and concierge services.
According to Ask Wire experts, the prices of new build and secondary properties in Paphos in 2024 were formed as follows:
- The middle segment — the cost of properties in this category ranged from €3,300 to €4,700 per square metre, and the price of apartments ranged from €300,000 to €750,000. This group was responsible for around two-thirds of all new apartment sales. Properties usually sold out within six months of the sales start.
- The bargain segment included apartments on the first floors or in older buildings that cost less than €3,300 per square metre. These options were mainly sought after by local buyers, for whom affordability was a key factor.
- The premium segment included properties that cost more than €4,700 per square metre. Here, the demand for a property depended on how unique it was. This could be because of the floor, the sea view or other special features. Projects without a strong 'wow effect' in this category sold more slowly.
So, in Paphos, as anywhere, the details matter: size, floor, modernity and location. These are the things that decide if a project will be successful and if investors will like it.