The property resale market in Paphos has now exceeded new property constructions and sales, until recently it was immature and was classed as 'in its infancy' . Traditionally properties were built within tight knit circles and quite often for the family on demand. Very little was built on spec to be completed as property for sale on the open market.
From 2000 to 2010 things significantly changed, particularly in the so called tourist sector, attributable to the influx of foreign investment, many villas, town houses, apartments and properties on project like developments were completed and sold. However as a direct result of the global economic downturn many purchasers were unable to proceed with the purchase or sell without title deeds and developers were unable to finance the completion of the properties, leading to many half completed properties stuck in limbo and spread across the region.
During 2015 significant steps were taken by the Cyprus government to address the issue of pending title deeds; incentives were offered to buyers and developers, such as a relaxation of some cumbersome Cypriot legal processes and a 50% reduction of property transfer tax, leading to many more properties now having title deeds available and assisting the resale property market. There are now many resale properties available and full ownership for the buyers is now gauranteed; since upon completion the title deeds are registered in to the name/s of the buyer/s.
A note to all prospective purchasers about properly differentiating between holiday accommodation and residential homes; be aware of that it is of paramount importance to select the correct type of property for the purpose you intend to use it for, meaning that if the primary function of a property was to be a holiday home it will naturally not be suited for those wishing to live here permanently.
A prime factor that is expected to positively effect the Paphos property market is the Paphos Marina, due to be constructed at Podima Bay in Kissonerga and completed during 2019. We anticipate a very high demand for both rental and sales properties, particularly in the Kissonerga, Coral Bay, St Georges and Peyia areas.
For further information please contact us.