Property Market Overview

Numerous economic factors have fuelled high levels of growth in the Cyprus property market over the last few years, including the entry into the European Union, the level of investment in the infrastructure and the growing awareness and popularity of Cyprus as an all year round holiday destination. This has resulted in Cyprus becoming one of the fastest growing property markets in Europe, with annual property price increases in the order of 15-20%.

The continued investment in infrastructure, the growing popularity of Cyprus, entry into the Euro in January 2008 and the relatively low prices compared with the likes of popular European destinations such as Spain, France, Portugal, and other Mediterranean Islands support the expected continued growth in property prices for the foreseeable future.

As highlighted in a recent Sunday Times article, Cyprus is very much becoming an upmarket destination with significant levels of investment across the island. The key areas of investment in the Paphos region are listed below.

Major investment is due to commence shortly with plans for a new 1,000-berth luxury marina to be built near Coral Bay (Paphos).

Paphos already boasts 3 golf courses including the internationally acclaimed Aphrodite Hills complex, however, there are an additional 10 courses in plan, with six of them being in the Paphos region including a PGA championship course.

A rejuvenation project for the old Paphos harbour and major beach improvements, with the pedestrianisation from the harbour through to Geroskipou.

The Cypriot Government is investing heavily in the Paphos region and refurbishments to Paphos International Airport, due to be completed in 2008, will allow the airport to have the facilities to cater for 2.7 million passengers per annum.

A very first for Cyprus, and one of the largest in the world, is plans for a $1 billion mixed-use development, consisting of a 250 acre site which will be known as ‘Neapolis’ . It will include a new hospital, private university, research and development centre, international business centre and office park, plus cultural and leisure facilities including theatres and sports grounds.

A new motorway linking Paphos International airport to Polis is due to commence soon, and this will significantly reduce the travel time to this part of the region as well as attracting increased levels of visitors and residents.

This sustained level of investment should result in significant levels of growth in the economy and the property market.

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