Coral Bay is a suburban area of Paphos located in one of the most favorable locations. Geographically, it belongs to the municipality of Peyia (which is north of Paphos) and is situated near the bay of the same name. Here, you'll find some of the best beaches in the region, as well as excellent infrastructure for living and leisure. In this article, we will discuss why it is advantageous to buy property in Coral Bay.
Coral Bay for Permanent Residence
Coral Bay Bay and the corresponding district are located 12 km from Paphos, which means you can reach the city center in just 10 minutes by car. Taxis are also available, but you won't have to travel to Paphos regularly since everything necessary for daily life is within reach. Supermarkets, pharmacies, gyms, cafes, and restaurants are all conveniently located within walking distance. Private schools and clinics are a few kilometers away in Peyia, and you can reach them in just a couple of minutes by car.
Almost the entire area is considered elite, with a lot of high-class real estate. The atmosphere for living is perfect for those who dislike the hustle and bustle of the city: Coral Bay is quiet, peaceful, and residents know each other. The location boasts a high level of safety and relaxation.
Foreign buyers of property in Coral Bay often use their homes as residences for periodic vacations. It is truly pleasant to spend several months a year here, with each season having its own charm:
- Spring: abundant blossoms, bright sun, the beginning of the beach season, and fewer people in the resort area.
- Summer: the height of the beach season, an abundance of delicious fresh fruits, water activities, and sports.
- Autumn: the velvet season, soft warm sun, a more tranquil atmosphere, and the most comfortable time for active leisure activities (hiking, trips outside the city).
- Winter: plus temperatures, absence of tourists, a peaceful atmosphere, and the opportunity to escape the cold in your home country.
Many foreigners live on Cyprus for part of the year while renting out their properties for the remaining time. This allows for a quicker return on investment, and owning real estate is always a reliable investment.
The environmental friendliness of the Coral Bay area is worth noting. The air and sea here are very clean. Additionally, you can easily and quickly reach the foothills with dense forests or the Akamas Peninsula, a protected area. Nature lovers will also find much to enjoy here.
Coral Bay for Leisure
In terms of leisure, Coral Bay is excellent. Many consider it one of the best places, and there are numerous reasons for that. The first and foremost is the wonderful beaches. The main focus is, of course, on Coral Bay Beach, which stretches for almost a kilometer and is located in a cozy bay that protects it from storms and strong winds. As a result, the water here is almost always calm and peaceful. All the necessary beach equipment can be rented, and there are changing cabins, toilets, showers, and drinking fountains available. Lifeguards are always on duty.
The beach has a sandy bottom, unlike many other beaches in Paphos, and a gentle entry into the water, which is highly valued by families with children. Many other beaches in Paphos have rocky bottoms, making Coral Bay unique in its kind. It is also awarded the Blue Flag, which signifies the highest level of safety and cleanliness.
For water activities, you can choose among water skiing, diving, banana boat rides (which kids will love), and boat trips. Boat rentals with glass bottoms are available for those who prefer to stay above water but are interested in the underwater beauty of the sea.
The infrastructure in Coral Bay is designed to ensure a carefree vacation. Along the coast and further inland, there are cafes and restaurants offering cuisine from around the world. Supermarkets and grocery stores are within close reach, and you can find refreshing frappes at every corner.
For adventure enthusiasts, there are nearby interesting places to explore. In Coral Bay itself, there is a ranch where you can enjoy horseback riding. Alternatively, you can take a buggy or jeep tour to natural attractions such as the Baths of Adonis and waterfalls. With your own or rented car, the possibilities for excursions expand even further. You can visit the mouflon reserve in the high mountains, the beautiful medieval monasteries, the Avakas Gorge, one of the dams, or the protected turtle beach in Lara. In other words, leisure in Coral Bay offers countless adventures that are available every day.
Coral Bay for Investments
Tourism and real estate investments in Cyprus go hand in hand, as renting out property during the high season can be a profitable venture. Therefore, it is highly recommended for investors to read the section on leisure from beginning to end. Experts provide different figures, but on average, the annual rental yield from properties leased to tourists in Paphos ranges from 4% to 12%.
Furthermore, Cyprus as a whole has a situation where properties are purchased during the construction phase at a favorable price, and then their value appreciates. Initially, this happens after the property is completed and later due to increased demand. Sometimes, the cost of the property can increase by 15-20%. Therefore, purchasing off-plan property in Coral Bay or anywhere in Cyprus is a highly lucrative investment within a 5-10 year timeframe.
It is also worth noting the significant potential of the area in light of the upcoming construction of the Paphos Marina. The marina will be located in the neighboring Potima Bay, adjacent to Coral Bay. This grand project will include luxury resort infrastructure. It is planned to be the largest yacht marina in Cyprus, complete with a promenade and various establishments, as well as elite real estate.
Consequently, the surrounding properties will automatically increase in value as a result of the introduction of infrastructure of an entirely new level. Therefore, buying property in Coral Bay in the next couple of years is one of the best investment decisions.
Another aspect that applies not only to Paphos but to all of Cyprus is the existing program for simplified issuance of Permanent Residency to foreign buyers. Investors who complete a transaction with a value of at least 300,000 euros (excluding VAT) are eligible to participate in the program. Important conditions include the property being new (i.e., the transaction is strictly through a developer) and a one-time payment of at least 200,000 euros. The remaining amount can be financed through a loan or mortgage. It is interesting to note that PR is granted to both the buyer and their family members (if desired). The documentation process is typically completed within a few months.
Real Estate in Coral Bay for Living and Investment
Real estate in the Coral Bay area is predominantly represented by villas, although apartments are also available. Typically, these are small gated complexes with their own swimming pools, parking, and other amenities.
The majority of properties consist of villa complexes or standalone cottages, which are in demand among both holidaymakers (for rental purposes) and those planning to spend a significant amount of time on the western coast of Cyprus. The complexes can vary in size, from large to intimate. For example, Ascos Beach Villas has only 4 villas, ensuring high privacy and a sense of seclusion.
Coralia Villas offer a similar proposition. With only 5 villas, plus their location set back from the coast, it guarantees a peaceful and tranquil environment. This complex is ideal for family holidays and living.
On the other hand, Coral Seas Villas is a large-scale project by Leptos Estates, comprising 63 different villas. Many of them have swimming pools, and all the houses are delivered with a finished interior, including renovations and furniture. The windows offer magnificent sea views, and residents receive discount cards for local restaurants and the spa center.
Pegeia Coral Bay Villas is a medium-sized complex with 16 villas. Each cottage has its own pool, parking spaces, relaxation area, and barbecue facilities.
You can also explore properties in Peyia, which is located very close to the Coral Bay area and may be suitable for your requirements.
For detailed information about all the projects in Paphos, you can contact the specialists at the number +357 26 030 205 of the leading real estate agency in Cyprus, DOM, or arrange a personal meeting at 1st Apriliou Street 8, Aristo Center 8011, Paphos, Cyprus.