Cyprus has long been a sought after overseas property place amongst the British. With assorted new resorts to choose from throughout the island, why precisely do many of today's buyers opt for comparatively expensive houses in Paphos?
Where the sea laps the coastline in south western Cyprus, Paphos rests majestically as it has been doing for millenniums, now presents both an abundant history and streamlined brand new developments to make a paradise visitors and property purchasers have been flocking to for years. Aphrodite, Goddess of Love and Beauty, may well balk at the amount of developments which have risen in her celebrated birthplace through the years but a sympathetic smile will also be in order as the total area maintains that certain atmosphere of enchanting mystique that keeps bringing people back for more year after year.
In fact, for many Paphos is identified with Cyprus, so much in fact that between the early nineties and 2002, four out of five properties here were owned by non-Cypriots. Afterwards, additional spots such as Limassol, Larnaca, Ayia Napa and Protaras sprouted as fresh foreign real estate hotspots boasting lower prices to tempt more vacationers and investors usually seeking a throbbing night life and a home-from-home experience. Because of these brand new places, recent times have witnessed a levelling off in Paphos home costs, however they remain about 15% higher today than on other places of the island. Therefore it is true to say that the property market in Paphos has lacked activity in recent years, but with greater demand in the other locations of the island, neighborhood house costs in these regions are now reaching comparable amounts to those in Paphos.
Nevertheless, Paphos as a house location appears to retain its cachet of distinction and, unlike many of its less costly competitors, it boasts some of the greatest points of interest on the island, including UNESCO world history sites, several good golf areas, and a brand new marina due for completion in the near future at Coral Bay.
Growth rates in Paphos are already very healthy at about 15% per annum over the past five years. With a strong and steady economy, zero unemployment and an excellent tax regime without having inheritance tax, Cyprus is a tempting choice to buyers. The result of Cyprus joining the EU in 2004 has been to inflate property prices and most real estate agents and developers agree that they will start to rise further with the joining of the Eurozone in January 2008. Some other Euro zone participants have since experienced a 16% price increase in the year just before entry and many experts forecast that Cyprus will be the same.
Planning to Buy A Cyprus Dream Property? Consider Houses for Sale in Paphos