Paphos simply shined as the Cultural Capital of the EU 2017 and the whole year event in Paphos has been a phenomenal draw card for the tourism sector. Tourist arrivals reached a record of 3,652,073 arrivals clocking a 15% rise on the year before. Even the month of December 2017 has attracted very close to a 100 thousand visitors , (98,924 arrivals in fact) , an increase of 13%!
Cyprus is on line to have more incoming flights this year as never before. Cyprus will enjoy more flights from many new destinations in Europe, the Mediterranean and more. What phenomenal prospects are promised for the 2018 arrivals! Many would appreciate the cheaper fares too! Incredibly, Cyprus is expecting 15% more tourist arriving in Cyprus in 2018!
For us as real estate agents we understand that there is a close relationship between tourism and real estate. Overall, the ‘foreign buyers’ buying real estate in Cyprus are a very important segment which at times even exceeds the number of property sales by ‘local buyers’ . Visitors love Cyprus and often have a Cyprus home on their mind…. Glorious summers and sunny winters, easy lifestyle and a handy airport some 15 minutes away!
According to the RICS Cyprus Property Price Index which shows the demand for properties is buoyant. The average price for residential apartments has risen by 7.4% since the third quarter of 2017. Villa prices increased by 4.2% in the same period.