What does your money buy in Paphos?

Published on 19 May 2021, 11:30

What does your money buy in Paphos?

Located on Cyprus' south-west coast, Paphos is a picturesque district with an incredible history and culture that spans 3,000 years. Said to be the birthplace of Venus, the Greco--Roman Goddess of Beauty, you will come to appreciate that Paphos is just as beautiful.

Various conquerors have left their mark on Paphos, but the most dominant influences in terms of architecture and culture are the ancient Greeks, medieval Europeans and the British.

While retaining its rustic charm, Paphos’ population remains under 100,000. The vast majority of residents are Greek-Cypriot followed by Russian, Georgian, Romanian, Asian, and British.

2020/21 housing prices in Paphos
The district offers a choice of property investment potential, whether it's an apartment or a villa complex. Paphos is second only to Larnaca as the most affordable district for a property in Cyprus. Values have remained stable over the last 20 years, with a slight rise of 1-5% during the 2008-2010 global banking crisis, and a similar increase during COVID-19 in 2020.

Based on research and local agency data, detached homes for sale are valued at €2500-2800 per square meter compared to €2800-€3000 last year. The maximum selling price per sqm is €3600 as opposed to €3000 last year. Over the last decade, the highest recorded home selling price was 2017-2019, with prices reaching €4200 per sqm.

Apartments for sale in Paphos are currently priced on average at €1400-1700/sqm. Average apartment rentals are around €393 for a single 1-bed city center apartment, €327 for similar outside the city, €712 for a 2-3 bed city apartment and €599 for a similar unit outside the city center.

Area Breakdown
Paphos city and municipality are split into Ano Paphos (Upper Paphos) and Kato Paphos (Lower Paphos). Ano Paphos refers to the old Paphos town area, the town center and northern-eastern part mainly inhabited by Greek-Cypriots. Kato Paphos is a small tourist-friendly area stretching from Paphos harbor to the Tombs of the Kings.

With the city's highest Greek-Cypriot population, property prices are significantly higher compared to Kato Paphos. Here's an outline of each division and their average selling prices:

Old Town-Paphos Center: The oldest municipal area hosts Paphos Municipality, public library, garden, theatre and other historical buildings. The area has been revived in the last five years with walk lanes, shops and restaurants. Average selling prices range from €146,000 for a 1-bed apartment to €417,000 for a 3-bed detached house.

Mousallas-Ekso Vrisi: This an upper town area merged with Paphos town center and the highest point, boasting magnificent views. It is mainly inhabited by middle-class Greek-Cypriots and a small British/European community.

Moutallos: Once a Turkish village, Moutallos now unites Ano Paphos and Kato Paphos. Mainly inhabited by Greek-Cypriot refugees following the 1974 Turkish invasion of Cyprus, and working/low-income families, this was once the town's cheapest property area. Prices have risen significantly recently, with a 1-bed apartment with a communal pool selling for €194,000 compared to a 3-bed detached house for €461,000.

Inhabited by mainly permanent British, European, and Asian residents in the working class and pensioner age groups, the area is the cheapest for property compared to Paphos town center.

Prices differ in each sub-division. In Paphos Harbor/Tourist Area, a 1-bed apartment with communal pool will cost €158,000, while a 3-bed detached home sells for €392,000. However, a 1-bed flat in Tombs of Kings will set you back €213,000 compared to €413,000 for a 3-bed detached villa. A 2-bed apartment in the Universal Area will cost €145,000, a 3-bed semi about €145,000 and €392,000 buys you a 3-bed detached villa.

Paphos suburban areas consist of a few villages about 12 minutes from the city center. They are under Paphos municipality or operate under their own municipal division. These areas are favored by local Greek-Cypriots and foreigners alike of various socio-economic backgrounds.

Average property prices for 2020-21 range from €120,000 for a 1-bed apartment with a communal pool to €333,000 for a 3-bed villa in Geroskipou, and around €352.000 for a 3-bedroom detached house in Anavargos.

In Mesogi, a 2-bed apartment will fetch €175.000, while a three-bed villa can cost €355,000. In Emba, property prices range from €65,000 for a 1-bed apartment up to €367.000 for a 3-bed detached house.

Outlying Paphos Areas
These areas lie about 30 minutes north-west of Paphos. The biggest coastal area are Polis and Peyia Village/Coral Bay. These are popular with locals and foreigners alike, particularly couples, families and foreign pensioners.

Prices in Polis range from €59,000 for a 1-bed apartment up to €893,000 for a 3-bed detached villa with pool. At Coral Bay/Peyia, you can buy a 1-bed apartment for €62.000 and €429,000 for a 3-bed house.

Paphos Estate Agents
The largest, most reputable realtors in Paphos with excellent customer service ratings include BuySell Cyprus, Zyprus, 21 Property Finder, Meli Property Services, Cyprus101 and Renos Pitros Estates.

Most agencies have offices in other areas of Cyprus, with thousands of listings on their websites. The average selling commission is typically imposed on the property's seller and ranges from 3-5%. Local and smaller agencies with fewer listings may charge lower fees.

2021 Price Forecast
During 2019-2020, property selling and rental prices in Paphos increased slightly by 1.6% (apartments) and 0.7% (houses). But both demand and supply declined significantly in 2020 due to COVID-19. There is potential for a slight increase in the supply and demand for apartments in the second half of 2021, with selling prices remaining at 2020 levels.