Paphos real estate market sees surge in luxury properties

Luxury properties valued above €400,000 were the driving force in Paphos’ housing market in 2022

Cypriot firm Ask Wire on Thursday released a report examining the Paphos property market for 2022, including an analysis of all apartment and house sales in the district during that period of time.

“This provides a comprehensive snapshot of the market situation, reflecting the prevailing trends,” the company said.

In addition to the number of sales, Ask Wire, which specialises in the blending of real estate knowledge with the use of advanced technology and analytics, also presented the values of all sold properties.

According to the report, the apartment market in the Paphos district slightly outweighs the housing market. In total, 1,652 apartments were sold in Paphos in 2022, while 1,504 houses were sold during the same time.

“2022 was a year of great momentum for the Paphos market,” Ask Wire CEO Pavlos Loizou said.

“The housing markets have returned to pre-citizenship investment programme collapse levels, while apartment markets have reached their highest levels since at least 2016,” he added.

The market for apartments up to €160,000 accounted for the largest volume of sales (1,218) in Paphos during the previous year.

Specifically, 409 apartments valued up to €80,000 were sold, a total of 509 apartments valued between €81,000 and €120,000, and 300 apartments valued between €121,000 and €160,000.

In addition, a significant number of apartments, corresponding to 19 per cent of the sales recorded in 2022, were valued between €161,000 and €320,000.

Sales of luxury apartments valued above €320,000 reached 118 units in 2022, accounting for 7 per cent of the total amount.

“It is clear that besides the market for homes and apartments bought by locals for residential purposes, Paphos has seen significant increases in luxury properties, especially in houses, in 2022,” Loizou explained.

“However, 2023 starts off more subdued compared to last year, and it will be interesting to see how things evolve in the future,” the Ask Wire CEO added.

Furthermore, the report highlighted the fact that the driving force in Paphos’ housing market in 2022 was the category of luxury properties valued above €400,000.

Specifically, 388 houses were sold in this price range, accounting for 25.8 per cent of the total amount.

In prices ranging from €201,000 to €400,000, 566 houses were sold, representing 37.6 per cent of the total sales.

Therefore, houses valued above €201,000 reflected 63.4 per cent of the housing market in the Paphos district in 2022.

Additionally, the remaining 36.6 per cent corresponds to sales of houses valued up to €200,000.

Specifically, 228 houses valued up to €120,000 were sold, along with 322 houses valued between €121,000 and €200,000.

“The initial data for 2023 regarding the housing market in the Paphos district points toward a slow start to the year,” the company said.

“Nevertheless, the sales trend remains generally the same as in 2022, both for houses and apartments,” it added.

According to the report, during the first quarter of 2023, a total of 239 houses and 285 apartments were sold.

Finally, 62 per cent of the aforementioned houses were sold at prices above €201,000, while 70 per cent of the apartments were sold at prices below the €80,000-€160,000 range.