Paphos Dominates Cyprus Property Market in 2024
In a remarkable show of market strength, Paphos leads in property sales in Cyprus in 2024, with 665 transactions out of a total of 1,962 island-wide. This impressive figure not only underscores the city’s allure but also its dominance over other regions. Limassol trails with a respectable 530 sales, while Larnaca, Nicosia, and Famagusta complete the list with 471, 187, and 109 sales respectively.
The data reveals a clear preference among foreign investors for Paphos. It also attracts the most non-EU buyers, with 487 purchases, and EU buyers, with 178 purchases. This trend highlights Paphos’s unique position in the real estate market, offering a blend of lifestyle, investment opportunities, and perhaps tax incentives that resonate strongly with international clientele.
Comparatively, Limassol reported 397 sales to non-EU buyers and 133 to EU buyers, indicating its own significant pull among foreign investors. Larnaca’s appeal resulted in 360 non-EU and 111 EU transactions. Meanwhile, Nicosia and Famagusta attracted fewer foreign buyers but still maintained a presence in the market with Nicosia drawing 89 non-EU and 99 EU buyers, and Famagusta securing 66 non-EU and 43 EU property sales.
The figures not only reflect the current economic climate but also the strategic choices made by investors. Paphos’s ability to draw such a diverse and substantial number of foreign buyers speaks volumes about its position as a top-tier destination for real estate investment in Cyprus.
