Cyprus has long been a sought after foreign property location within the English. With assorted new resorts to select from throughout the isle, why precisely do lots of today's buyers opt for relatively pricey properties in Paphos?
From where the sea laps the shoreline in south western Cyprus, Paphos sits majestically as it has been doing for millenniums, now offers both a rich history and sleek new developments to make a haven visitors and property purchasers have been flocking to for years. Aphrodite, Goddess of Love and Beauty, may well hesitate at the quantity of developments which have gone up in her renowned birthplace over time but a sympathetic smile will also be in order as the complete area keeps that certain atmosphere of enchanting aura that keeps bringing people back for more every year.
Actually, for many Paphos is associated with Cyprus, so much so that between the early nineties and 2002, four out of five homes here were owned by non-Cypriots. Afterwards, other spots for instance Limassol, Larnaca, Ayia Napa and Protaras sprouted as fresh new foreign real estate hotspots boasting lower prices to attract more tourists and investors often seeking a throbbing night life and a home-from-home experience. Due to these types of brand new resorts, recent years have observed a levelling off in Paphos home prices, however they continue to be about 15% higher today than on other places of the island. Therefore it is true to say that the house marketplace in Paphos has lacked activity lately, but with increased demand in the other locations of the area, local house prices of these regions are now achieving similar levels to those in Paphos.
That said, Paphos as a property location appears to maintain its cachet of difference and, in contrast to many of its more affordable rivals, it boasts most of the attractions around the island, including UNESCO world heritage sites, several fine golf areas, and a brand new harbour due for completion soon at Coral Bay. Included in this, Paphos exudes a greatly established air, with perhaps much less signs of new development than elsewhere on the island, making the whole area an obvious choice within many discerning, up-market investors.
Growth rates in Paphos have been very healthy at around 15% per annum in the last 5 years. With a strong and steady economy, zero unemployment and a great tax regime without inheritance tax, Cyprus is a seductive option to investors. The result of Cyprus joining the EU in 2004 continues to be to inflate property prices and most agents and developers agree that they will start to increase further with the joining of the Eurozone in January 2008. Other Euro zone members have since experienced a 16% price rise in the year prior to entry and many experts anticipate that Cyprus will be the same.
From where the sea laps the shoreline in south western Cyprus, Paphos sits majestically as it has been doing for millenniums, now offers both a rich history and sleek new developments to make a haven visitors and property purchasers have been flocking to for years. Aphrodite, Goddess of Love and Beauty, may well hesitate at the quantity of developments which have gone up in her renowned birthplace over time but a sympathetic smile will also be in order as the complete area keeps that certain atmosphere of enchanting aura that keeps bringing people back for more every year.
Actually, for many Paphos is associated with Cyprus, so much so that between the early nineties and 2002, four out of five homes here were owned by non-Cypriots. Afterwards, other spots for instance Limassol, Larnaca, Ayia Napa and Protaras sprouted as fresh new foreign real estate hotspots boasting lower prices to attract more tourists and investors often seeking a throbbing night life and a home-from-home experience. Due to these types of brand new resorts, recent years have observed a levelling off in Paphos home prices, however they continue to be about 15% higher today than on other places of the island. Therefore it is true to say that the house marketplace in Paphos has lacked activity lately, but with increased demand in the other locations of the area, local house prices of these regions are now achieving similar levels to those in Paphos.
That said, Paphos as a property location appears to maintain its cachet of difference and, in contrast to many of its more affordable rivals, it boasts most of the attractions around the island, including UNESCO world heritage sites, several fine golf areas, and a brand new harbour due for completion soon at Coral Bay. Included in this, Paphos exudes a greatly established air, with perhaps much less signs of new development than elsewhere on the island, making the whole area an obvious choice within many discerning, up-market investors.
Growth rates in Paphos have been very healthy at around 15% per annum in the last 5 years. With a strong and steady economy, zero unemployment and a great tax regime without inheritance tax, Cyprus is a seductive option to investors. The result of Cyprus joining the EU in 2004 continues to be to inflate property prices and most agents and developers agree that they will start to increase further with the joining of the Eurozone in January 2008. Other Euro zone members have since experienced a 16% price rise in the year prior to entry and many experts anticipate that Cyprus will be the same.