How much does it cost to buy a 1 bedroom apartment in Paphos, Cyprus in 2024?
Published on 21th of February, 2024
Paphos is a popular region in Cyprus, known for its archaeological sites, magnificent beaches, and high standard of living. This place attracts investors and real estate buyers from all over the world thanks to its mild climate, developed infrastructure, and high quality of life. In 2024, purchasing a 1-bedroom apartment in Paphos remains an attractive investment, although prices vary depending on the location, condition of the property, and market conditions.
Real Estate Market Overview in Paphos
Paphos is one of the main real estate centers in Cyprus. The region offers a wide range of residential properties, from budget apartments to luxury villas. In 2024, a stabilization of real estate prices is observed after a period of growth, which was associated with the economy's recovery after the COVID-19 pandemic and an increase in investment interest.
Where to Look for 1-Bedroom Apartments for Purchase
In Cyprus, there are two current websites for searching for real estate: 1) Facebook Marketplace - the largest offer for rent. 2) Bazaraki.com - the most convenient for searching for real estate for purchase.
Factors Influencing the Cost
Prices for 1-bedroom apartments in Paphos are influenced by various factors:
- Location: Apartments located closer to the sea or in the city center usually cost more.
- Infrastructure: The presence of developed infrastructure, such as shops, schools, hospitals, and public transport, can increase the value of real estate.
- Condition of the Property: New or recently renovated apartments are sold at a higher price compared to old or in need of repair.
- Supply and Demand: High demand for real estate in Paphos, especially among foreign investors, can lead to price increases.
Price Trends
At the beginning of 2024, the average price for a 1-bedroom apartment in Paphos can vary. The cost depends on the above factors, as well as the specific location in the city or its outskirts. Apartments in new buildings usually cost more than in the secondary housing market, but offer modern conditions and infrastructure.
How Much Does It Cost to Buy a 1-Bedroom Apartment in Paphos, Cyprus, in 2024?
The cost of a one-bedroom apartment in new buildings averages 4500 euros per square meter. The average cost of apartments ranges from 150 to 250 thousand euros for a 1-room apartment with an area of 40-80 square meters.
The cost of a one-bedroom apartment on the secondary market ranges from 50,000 to 100,000 euros. In fact, there are no bad areas in Paphos and its surroundings, so the choice should be based on the quality of the real estate itself and the building, as the infrastructure is practically the same everywhere, and you will need to use a car 24/7 anyway, since public transport is practically nonexistent.
Buyer's Tips
When buying a 1-bedroom apartment in Paphos, it is important to consider several aspects:
- Define Your Budget: Clearly define how much you are willing to spend, and don't forget about additional expenses such as taxes and commissions.
- Market Research: Conduct a detailed study of the available properties, taking into account all important factors, including location, condition, and infrastructure.
- Seek Professional Help: It is recommended to turn to a professional real estate agent who will help find the best option and guide through all the stages of the purchase.
Conclusion
Purchasing a 1-bedroom apartment in Paphos in 2024 remains an attractive investment considering the stability and growth of the real estate market in the region. It is important to carefully approach the choice of the property, taking into account all the key factors that affect the price, and to use the services of professionals for a safe and profitable deal.