Insider Business Limassol, Paphos vie for foreign buyers

Limassol, Paphos vie for foreign buyers

As Limassol and Paphos compete to attract property investments, the two towns have managed to absorb 70 % of foreign property buyers.

Paphos is popular with EU citizens, while Limassol holds a small edge over Paphos as regards non-EU buyers who tend to make the most expensive purchases.

Limassol recorded the biggest number of sales in the first seven months of 2018 with a total 1975 sales contracts deposited at the Land and Surveys Department which represents 37% of the total and is 23% up on the 1604 of the same period the previous year.

Paphos is second with 1,270 sales — up 17% from 1,083 in the corresponding period of 2017.

As regards foreign buyers, Paphos recorded 1020 sales while Limassol recorded 785. Foreign EU citizens tend to prefer Paphos (412 compared to 147 in Limassol). As concerns third country nationals, many of whom invest as part of the citizenship scheme  Limassol has a slight edge with 638 compared to 608  who bought in Paphos.

Read more

https://in-cyprus.com/news/business/one-in-three-property-sales-to-non-eu-buyers/

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