We all want to find the hottest trends and this is especially true in real estate. Buying property can be expensive so it’s worth trying to find ways to save some money. Furthermore, trends can give you a sense of what others are buying to guide your decision. Perhaps you want to stay away from the crowds? Alternatively, you might be able to use the information when searching for property for sale in Paphos. This could mean that you find the perfect niche investment that gives you a healthy return in a few years.
6 Hot Trends for Property for Sale in Paphos Cyprus
As you might expect, the pandemic has had an impact on Paphos, Cyprus, real estate. Generally, things have slowed down although the trends are starting to shift and look more positive again. For instance, the government recently launched an aviation scheme to encourage visitors again. This should also have a positive impact on the real estate market. Although, these things take time and will only really be felt in 2022. Overall though, these are the key themes you can expect to find when searching properties in Cyprus:
1- Apartment Buildings in Favour when Searching for Property for Sale in Paphos
According to a Deloitte survey, apartment buildings in Paphos Cyprus are becoming popular again and will be the most in-demand this year and next. This could be driven by the fact that the overall price is less than for a bungalow, villa or detached house. Therefore, the amount to spend feels slightly less daunting.
In general, people will remain cautious when searching for properties for sale in Paphos Cyprus. It usually takes a while for a market to regain confidence and so, 2022 will start seeing the benefits. Also, apartments are easier to resell because they are more accessible in terms of price. Furthermore, they need less upkeep and have lower running costs.
2 – Paphos, Cyprus
Overall, both local and foreign investors tend to favour Paphos Cyprus when searching for properties for sale because of its seaside location. It also offers a more relaxed lifestyle than, for example, the larger and more urban Limassol. In fact, many people live in Paphos Cyprus and commute daily to Limassol.
Regardless of which property type you prefer, you’re bound to find something in the Paphos District real estate. You can view properties for sale on the coastline or near the Sea Caves and Coral Bay, for example. Alternatively, your property developer can show you luxury properties in the villages dotted around the area. Names such as Chloraka, Tremithousa, Kissonerga or the highly popular Universal would most likely be top of the list. Furthermore, the Aphrodite Hills offer some exceptional properties in the heart of the ancient Aphrodite religion and its historical sites.
3- Sales Drop with Lower Demand
An important part of any investment decision when searching for properties in real estate is how much value you feel the property is worth. This is separate to what the market is currently willing to pay for a property. Although, historical records will give you a good benchmark. With lower prices though, you could find some great deals when searching for property for sale in Paphos. These could then generate a very good percentage increase in the next few years.
As a market, Paphos, Cyprus, has everything in its favour to attract further investment for property to go up in value. Not only is Cyprus a growth economy but the government is also looking at how to support the economy post covid.
4- Retail and Commercial Sectors on the Up
Depending on what you’re looking for when searching for properties in Cyprus, it might be interesting to note that there are currently some exceptional deals on retail and commercial buildings. New shopping areas have been developed in 2020 so this could be good timing for you if you’re planning on setting up a retail business. People and entrepreneurs move to Cyprus for many reasons that don’t simply include retirement because it’s also a good place to do business.
5- Large-Scale Construction Projects Decline
Construction might be another useful trend to follow. No one wants to be on an over-developed island but then again, you want to be part of a thriving economy. It’s a fine balance and the pandemic might have helped Cyprus think about how to approach this moving forwards.
6- Structural Reform and Tourism Boost
The pandemic has been tough for everyone. This could therefore be a good time for searching properties in Cyprus as the government currently starts to implement reforms. They’ll also be looking at how to boost the economy for tourism. Once you do your research and find your property developer and lawyer then they can also give you some more local insights. With these, you’ll be able to decide where you want to be located and in what kind of property type. Make sure you view everything from all the bungalow, villa, and detached house options to apartment buildings that might be out there.
Parting Words on the Hot Trends for Properties for Sale in Paphos
All real estate markets have trends and patterns that you can look out for. How these influence your decision depends on what you’re looking for when searching for property for sale in Paphos. For instance, an entrepreneur will have very different motivations than a retiring couple. Talking to people on the ground also helps you fine-tune your thoughts. Either way, do your research based on what you need, including property type, location and lifestyle. Then, you won’t be disappointed and you’ll easily find your dream house.