Published on 03 Aug 2021, 15:10
Paphos, despite its small area and population, has demonstrated a slow and modest yet noticeable growth in developments over the past few decades. And while this growth may not be as apparent as in bigger cities across the island like Limassol, with prestigious large-scale developments such as the Limassol Marina and high-rise commercial buildings overlooking the coastal areas, Paphos is slowly becoming a more lively city without abandoning its rustic and scenic character.
In fact, having spoken with a few major developers in Paphos, the development of much larger-scale projects on par with Limassol would be catastrophic to the natural scenic character of Paphos. With that in mind, the projects in Paphos that are currently underway for the second half of 2021, are of medium scale with a strong focus on utilizing environmental sources to yield establishments that are eco-friendly and appealing to both locals and foreigners. The projects under development also respond to the current high demand for seaside and semi-mountainous properties scattered throughout the Paphos district.
Here are the most noteworthy developments in Paphos for 2021 that set to be completed by the end of 2021 or realty 2022:
1. “Pelagos Beachfront Residences” by Aristo Developers.
The awardwinning developer is currently at the forefront of coastal residential developments with 20+ prestigious residential projects underway. The “Pelagos Residences” project in Kato Paphos coastal area, combines ideally a highly functional architecture with breathtaking views of the boundless meditteranean blue, all blending seamlessly with the natural surroundings of the area. The Pelagos project consists of 3-5 bedroom contemporary villas with spacious interiors and quality amenities such as swimming pools, gardens and mini playing fields. Its convenient location is just a few minutes away from local amenities such as Kato Paphos beaches, Kings Avenue Mall, and local healthcare providers.
Prices range from €1,022,700 for a 3-bedroom villa and reach up to €4,016,250 for a 5-bedroom villa with a pool.
2. “Bluebell Residences” in Geroskipou, by Aristo Developers
Another prestigious project by Aristo Developers that responds to the high demand for luxury yet value-friendly residences in Paphos suburban and semi-coastal area. The project consists of an array of 3-bedroom semi-detached houses of high esthetics and premium contemporary architecture. The residences are characterised with extremely spacious and functional interiors and exteriors with special emphasis given to detail and making every spot count. Due to the fact that the residences are set in a highly privileged area in Geroskipou with several local amenities nearby, they make perfect residential spots or opportunities for investment.
Prices start from approx. €300.000/3-bedroom villa plus V.A.T, aligning with the company’s aim to offer its clients luxury Cyprus property solutions at affordable rates.
3. “Waterside” in Kato Paphos, by Domenica Group
Just like its name suggests, waterside is a lush residence complex located in the heart of coastal Kato Paphos, within a few minute walk’s distance from sandy beaches, restaurants, shops, the Paphos Harbour and other amenities. The appealing exterior and interior spaces are merged into functional floor plans with 3-bedroom maisonettes, roof terraces, a communal swimming pool and a spacious 50 sq.meter roof garden offering magnificent views of the blue mediterranean sea. The project therefore makes a great opportunity for investment as a holiday residence and tourist rental residence spot.
Prices start from €1.100.000/3 bedroom maisonette.
4. Large-scale multi-use development in Peyia, by George Vasiliou LTD and associates
Following a 3+ year wait for approval and despite some objections by local bodies, the Cyprus Department of Environment has finally approved the huge-scale multiple-use project in the Peyia coastal region by George Vasiliou LTD and associates (former president of the Cyprus Republic). The large-scale project will feature an array of luxury villas and apartments, an environmental research center, a water waste process facility, an exhibition/museum showcasing local handicrafts, leisure amenities, playing fields, restaurants and a gym among others. The project is set to be completed in 2 phases. The first phase consists of the development of 45 3 - bed luxurious villas and 1 bed apartments, leisure spaces and a large restaurant-cafeteria. The second phase features the creation of another 45 3 - bed villas, 75 1 - bed apartments and a rehabilitation center hosting 100 beds.
Prices: currently unknown
5. IBC Commercial and Residential Tower by Blue Island Group
Set in a privileged and busy area that merges Kato Paphos tourist area with Pano Paphos, the IBC tower aspires to be a modern residential and commercial office tower of high standards and a high ROI for aspiring investors. The 5-level establishment will consist of a base floor plan with large parking spaces and storage rooms, a 1st level with showrooms and open parking spots, a 2nd and 3rd floor plan with 3 bedroom apartments, and a 4th and 5th floor that will host two spacious penthouses with a roof garden and a swimming pool. The project is expected to finish by the middle of 2022.
Prices: currently unknown
Based on our latest research, the prices of new projects underway in Paphos have fallen by more than 20% as result of the global COVID-19 and economic crisis and are expected to rise slightly by the end of 2022. Thus, this is a great time for potential foreign investors to buy properties in advance at lucrative prices with a high ROI potential over the next 5-8 years.