Starting a real estate project is one of those life events that can be both daunting and exciting. Of course, there are many reasons for buying property and some are more fun than others. If, for example, you’ve set your heart on Cyprus then searching for property for sale in Paphos is probably one of those great moments of your life.
Benefits of Searching for Property for Sale in Paphos
There are many reasons for looking for properties for sale in Paphos Cyprus, regardless of whether you’re buying your retirement house or somewhere to set up your new online business. The main benefits are listed below:
- Location and climate
- A range of choice
- Prices are low and on the way up
- Access to Europe and citizenship
Paphos Cyprus is a town within the Paphos District that was also once upon a time the centre of Aphrodite’s religion. You can therefore expect to see beautiful remains of the ancient Cypriots, including the UNESCO heritage sites such as the Tombs of Kings, amongst others. Overall though, Paphos Cyprus isn’t just a stunning coastal area overlooking the Mediterranean with a great climate. It also has all the modern amenities and facilities you could hope for. So why not, give it a chance and look at properties for sale? You never know what you could find.
Paphos District has a wide choice depending on what you’re looking for. Perhaps you’ll prefer to search for properties for sale in the main town area such as Kato Paphos? Alternatively, you might enjoy the quieter villages dotted around including Kissonerga and Tremithousa or the popular Universal area. Don’t forget that you can also view some gorgeous properties in the Aphrodite Hills where you’ll also enjoy more of a breeze during the summer months.
These days, property prices are down, mainly due to the pandemic. In fact, demand has been low due to the restrictions on travel. However, visitors have started increasing again as a result of the recent government aviation scheme. It’s therefore the perfect time to search for properties for sale in Paphos Cyprus as the prices are low but starting to go back up again.
Europe and Citizenship
Cyprus is one of the easiest places to get your residency and even citizenship. The process is easy to follow and can be fast-tracked if you invest in property. A lawyer will be able to advise you but think of all the possibilities available to you with a European passport? You’ll be able to explore the continent as well as look for a job.
Disadvantages of Searching for Property for Sale in Paphos
Nothing is perfect in this world and even an idyllic coastal area has its downsides, as listed below:
- Increased demand
- Active tourist industry
- Potential real estate scams
- Over development risk
Over the past few years, before the pandemic, there was a surge in foreign real estate investors coming into Cyprus. This clearly went down during COVID but it’s due to come back up again. Depending on how you look at it though, this could also be a positive. For instance, a property you invest in today is bound to go up in value over the next year or so.
Interestingly, this can be both a positive and a negative. Of course, we all want our space and quiet with most people trying to avoid the hordes of tourists. Having said that, Cyprus has been making an effort to build up the tourism industry in a balanced way. This means that they’ve been promoting Cyprus so that people realize there’s more to offer than just beaches.
The island has a lot to offer, especially Paphos Cyprus. Consider the UNESCO heritage sites that people can visit? There are also several traditional festivals throughout the year that attract all types of people including food lovers. In general, Mediterranean food is very good and healthy and the Cypriots take great pride in providing the perfect food.
Real Estate Scams
Unfortunately, most countries have some sort of scam, including within real estate. Cyprus in general is a very safe country. It has good laws with a strong infrastructure and it’s actually rare to find scams these days. Nevertheless, be aware of them when searching for properties for sale and so make sure that you check your property developer’s license. You should also make sure you ask for references that you can verify.
Risk of Over-Development
Another risk of tourism and foreign investors is that property developers get slight over-enthusiastic. The government has been focusing on sustainable development for the past few years though. You can also talk to your agent to understand the current trends and building restrictions. However, as mentioned, Cyprus is focusing on a balanced approach to attracting foreigners so it will be interesting to see how development and construction pan out.
Final Recommendations on Searching for Property for Sale in Paphos
At the end of the day, the choice is yours. Only you can know what risk you’re willing to accept and live with versus what you want and need. Nevertheless, if you’re looking for a Mediterranean lifestyle in a safe country that speaks generally good English then Paphos Cyprus is a great place to start.