Reasons Why Many Property Investors Desire Houses For Sale in Paphos

Reasons Why Many Property Investors Desire Houses For Sale in Paphos

Cyprus has long been a desired foreign property place within the English. With assorted new resorts to select from through the entire island, why precisely do lots of present day investors choose comparatively pricey properties in Paphos?

From where the sea laps the coast in south western Cyprus, Paphos sits majestically as it has done for millenniums, now offers both a rich history and sleek brand new developments to create a paradise travellers and property purchasers have been flocking to for many years. Aphrodite, Goddess of Love and Beauty, could very well balk at the quantity of developments that have gone up in her famous birthplace over the years but a sympathetic smile will also be in order as the complete location retains that particular atmosphere of magical mystique that keeps bringing men and women back for more year after year.

In fact, for many Paphos is identified with Cyprus, so much in fact that somewhere between 1996 and 2002, four out of five properties here were owned by non-Cypriots. Afterwards, other spots for instance Limassol, Larnaca, Ayia Napa and Protaras sprouted as fresh new foreign real estate hotspots promising lower prices to entice more travelers and buyers often looking for a throbbing night life and a home-from-home experience. Because of these types of brand new resorts, recent years have observed a levelling off in Paphos property prices, however they continue to be about 15% higher today than on other parts of the island. So it is true to say that the property marketplace in Paphos has lacked activity lately, but with increased demand in the other spots of the area, neighborhood property costs in these regions are now reaching similar amounts to those in Paphos.

Nevertheless, Paphos as a house location seems to maintain its cachet of distinction and, distinct from many of its less expensive rivals, it boasts most of the points of interest around the island, such as UNESCO planet heritage sites, several great golf resorts, and a brand new harbour due for completion soon at Coral Bay. Added to this, Paphos provides a well established air, with possibly fewer evidence of new growth than elsewhere on the island, making the whole area an obvious option amongst critical, up-market investors.

Development rates in Paphos are already very healthy at about 15% per annum in the last 5 years. With a powerful and steady economy, no unemployment and a great tax regime without having inheritance tax, Cyprus is a tempting choice to investors. The effect of Cyprus joining the EU in 2004 has been to increase property prices and most real estate agents and builders agree that they will begin to rise more with the joining of the Eurozone in January 2008. Some other Euro zone members have since experienced a 16% price increase in the year prior to entry and many specialists anticipate that Cyprus is going to be the same.

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