The question "Which neighborhood of Paphos is considered the best?" does not have a universal and categorical answer.
The right choice of place of residence depends on a whole complex of objective and indirect factors. In addition to personal preferences, the investor must understand the purpose of the object, and assess the current and future situation in the market. According to the forecasts of specialized agencies, 2024 will be a favorable year for financial investments in real estate in Cyprus.
Why is Paphos attractive?
Paphos, with its rich history, is a UNESCO cultural heritage site. It has beautiful beaches, comfortable hotels, and world-class tourist infrastructure. The city often hosts cultural events and offers many options for family vacations. The presence of its airport makes it possible to conveniently travel outside Cyprus. According to experts, Paphos ranks first on the island in terms of quality and safety of life. Stable demand for real estate makes the region one of the key and promising for investment. This opinion is supported by the following statistics:
- according to the Cyprus Department of Lands and Surveys, Paphos has 23% of the total number of transactions in the country;
- over the past year 2023, the number of properties sold in the region has increased by 29%;
- Paphos is first in terms of real estate sold to foreign nationals, which is 35%;
- according to the Central Bank of Cyprus Paphos is the leader in the average annualized increase in residential property prices, namely + 18.5%.
The housing stock of Paphos is quite diverse: from modern complexes with their infrastructure to luxury villas with personal swimming pools and charging stations for electric cars. The following neighborhoods may be of interest to investors looking for properties for their own use or commercial purposes.
Universal
Universal is a modern and centrally located neighborhood in the southeast of Paphos. Due to the developed infrastructure and convenient transport links, it has gained popularity among Cypriots and foreign buyers of real estate, including Russian-speaking. Universal is predominantly built up with 4- and 5-story residential complexes with public swimming pools, playgrounds, and green alleys. Such amenities are highly valued on the island during the hot season. Apart from the complexes, there are small private cottages in the neighborhood. There are enough schools, cafes, stores, and consumer services.
For 15-20 minutes you can walk to well-maintained beaches with their own set of marine entertainment. There are few hotels in the area and practically no objects that deserve the attention of tourists. Investing in real estate Universal will suit, first of all, those who are looking for a comfortable and measured environment for themselves and their loved ones. The purchase of housing for subsequent rental will be evaluated as promising and profitable.
The cost of new apartments: from 250 thousand euros to 600 thousand euros.
Chloraka
Chloraka district is located in the western part of Paphos on the way from the old harbor to Coral Bay. The name of the region came from the large number of green areas. Chloraka is derived from the Greek word "chloros", which translates as "green". Half of the area occupies the coastal plateau, the other half rises to a height of about 50 meters. Chloraka has developed an international community of locals and people from other countries, in particular Great Britain, Scandinavia, and China. Strolling along the cozy streets one can't miss Orthodox churches and temples of Byzantine architecture.
Colorful taverns and restaurants where you can taste dishes from different nations of the world are at the service of locals. There is a well-developed shopping network and many places for pleasant evening leisure. Residential development is represented by townhouses and villas with sea views. The coastline is mostly stony, and the best beach in St. George is protected from big waves. Given the proximity to the sea here is an advantageous place to buy property for rent or own residence. In comparison with other neighborhoods, Chloraka can be classified as the most versatile.
The cost of new apartments: from 230 thousand euros to 450 thousand euros.
Kato Paphos
One of the most popular tourist centers of Cyprus originates in the harbor of Paphos. In the area of Kato Paphos is concentrated a large number of architectural and historical sights and like nowhere else in the city such a developed sphere of service and entertainment for tourists. Here is the so-called "bar" street - Agios Antonios, attracting lovers of noisy recreation and active nightlife. For those who prefer quiet promenades, there is a popular route from Geroskipou in the south to the Royal Tombs in the north. However, at the end of October, half of the establishments close until the next season, and the flow of people on the streets noticeably decreases.
The neighborhood's development predominantly dates back to the 90s, but recently modern residential complexes have been actively built here. The municipal authorities are methodically modernizing and expanding the communal infrastructure, including the road network and lighting. Kato Paphos will suit investors who appreciate its historical significance and are not afraid of the noisy tourist aura. The neighborhood is attractive for owners who wish to rent out their homes. In addition, here buy real estate for those who spend only a few months a year in Cyprus. The cost of new apartments: from 250 thousand euros to 2 million euros.
Konia
The eastern suburb of Paphos is located on the hillsides, from where you can admire the unique sea scenery. Here begin the roads to Nicosia and Limassol, the city center can be reached by car in five minutes. Not far from Konia is the Paphos International School, the largest shopping center, and the city hospital. About a third of the local population are Cypriots, the rest are foreign investors, among them a large Russian-speaking diaspora. The neighborhood is predominantly built up with townhouses and comfortable villas with large terraces, green areas and personal swimming pools.
In the central square stands the Greek Orthodox Church, where the annual summer festival of national music and folklore is held. Traditional restaurants and taverns offer tasty farm products. Konya has several public parks, sports, and children's playgrounds. This area is primarily optimal for a quiet family life in nature. There are good conditions for children and elderly people.
The cost of villas: from 300 thousand to 1.8 million euros.
Kissonerga
A small cozy area Kissonerga is conveniently located between Paphos and the "haven of millionaires" - Peyia. Here is still preserved the flavor of the Cypriot village, which is of genuine interest to foreigners. Around Kissonergi grow exotic banana plantations, and from the picturesque hills are wonderful views of the Mediterranean Sea. The neighborhood is built up with apartment buildings and private cottages. The main street is lined with stores, mini-hotels, eateries and cafes that, among other things, prepare exquisite dishes made from local bananas. In the village there is a stadium and a horse riding center, in the yacht club you can rent a yacht and take a trip along the coast.
As a sign of respect and remembrance of the countrymen who died for the independence of Cyprus, the locals have erected a mournful monument. Kissonerga may be of interest to investors who want to live on the coast, to learn the traditions and way of life of the indigenous population of the island. Acquisition of real estate for rent will be a promising and rational decision. It is not excluded that in this place will unfold the construction of a new harbor of Paphos, which will give a powerful impetus to the development of the area.
The cost of new apartments: from 170 thousand euros to 350 thousand euros.
Read also:
- 10 ways to reduce electricity costs in Cyprus
- Two floors, terrace and gorgeous sea view: Cyprus new buildings with exclusive apartments
- Overview of the Rental Market in Paphos
- Paphos vs. Limassol. All the pros and cons
- Schools in Paphos
- Paphos Harbour: From Antiquity to the Present Day
- Party Venues in Paphos
