Israelis ‘have made many investments’ in Paphos

Israelis “have made many investments in the Paphos district”, according to George Mais, chairman of the Paphos Chamber of Commerce.

Speaking on Wednesday, he said these investments have been directed at tourist and hotel units, as well as in apartments and larger residential properties.

The money flowing into Paphos’ economy from Israelis is made both in the form of investments as well as in property purchases, with those purchases being made either for use as holiday homes or as buy-to-let properties.

He added that a number of individual buyers have bought multiple properties in the area for use as rental properties, while others have invested in commercial properties.

In addition, he said “many investments” have been made in the hotel and catering industry, while one Israeli hospitality company already operates hotels in Paphos, and others in the town and in Polis Chrysochous have also been purchased by Israeli nationals and businesses.

Asked about the impact the current conflict may have on Israeli investments in Paphos, he said it is “too early to assess such a thing”, but noted that “some people, who were thinking of one day having a second home in Cyprus, may hasten their efforts to buy one.”

He also noted that investments have been made in the Paphos district by Russians and Ukrainians but said the largest volume of purchases has come from Israeli nationals and said “we will wait to draw safer conclusions” on the matter of future investments.

Regarding the current situation, he pointed out that Paphos police is increasing protection measures for Israelis, while a permanent guard has been placed outside the town’s synagogue.