The closure of the Citizenship by Investment program and the coronavirus pandemic have had a significant impact on real estate sales in Paphos.
According to the Land Cadastre, during the first three quarters of 2021, the number of purchase and sale transactions here decreased almost twice compared to the same period last year.
The preference of local and foreign investors has shifted from houses to apartments.
From January to September 2021, 2-bedroom apartments were a priority for buyers in Paphos. They accounted for 36% of total sales. In total, 321 apartments were sold for the amount of 32.8 million euros. It is worth noting that compared to the same period last year, there was a decrease of 22.8% in quantitative terms and 30.2% in value.
A little less often, clients bought apartments in Paphos this year with 2 (29%) or 3 (18%) bedrooms, as well as studios (16%).
The most popular area for buying a home in all three quarters of 2021 was the area of the municipality of Paphos, which accounted for 63% of the total number of transactions.
It is noteworthy that the highest average real estate price for three quarters was recorded in the municipality of Kouklia – 2466 per 1 m2. At the same time, the highest price for 1m2 of housing for the reporting period was registered in the municipality of Paphos - 7071 euros. Next comes the municipality of Peyia – 4762 euros per 1m2, Kouklia - 4290 euros per 1 m2. But in the municipalities of Polis Chrysochus, Geroskipou and Chloraka, these figures ranged from 1,190 euros to 1,620 euros per 1m2.
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