Property in Cyprus is booming right now and real estate in Paphos in particular is showing great returns on investment. Buyers are virtually lining up to grab a piece of the action. Of course, this is driving prices up even higher and Paphos real estate is among some of the most expensive in Cyprus. That being said, there are still some great deals to be found, particularly when it comes to some of the new off-plan apartment developments. As prices in the area have risen, luxury villas have slipped out of the reach of the average vacation home buyer. This type of real estate in Paphos is fast becoming the domain of big investors who buy it with the sole intention of renting it out to tourists. This Cyprus holiday rental market has experienced impressive growth in recent years and looks poised to expand further.
Anyone looking to invest some money in Paphos real estate has the opportunity to benefit from this lucrative source of income. Tourists visiting Cyprus or anywhere else are changing their booking habits. Instead of relying on travel agents to put together a traditional package tour, they are making their own arrangements. Thanks to the incredible growth of online booking facilities, the internet has leveled the playing field and customers can now compare prices with the click of a mouse. Now it is very easy to book separate flights, accommodation and car rental. You may be wondering what all this has to do with Paphos real estate and holiday rentals, so read on. These people who book online are taking advantage of the growing market for luxury villa and apartment rentals. This is good news for potential Paphos real estate buyers looking to earn a return on their investment. In fact, some owners are practically managing to self-finance their property in Cyprus.
For the smaller investor looking to eventually convert Paphos real estate into a holiday home of their own, that’s good news too. Many buyers are arriving early before even apartments in Paphos are priced out of their reach and buy now. Even though they didn’t plan to buy that place in the sun for a few years, by moving now they have made big future savings. Not only have they bought before prices rise further, but they will finance the majority of the project through vacation rentals. Chances are that by the time they are ready to retire in the Cyprus sun, the holiday makers will have brought and paid for their investment. It really is a win-win situation for everyone involved and all the time they can sit back and watch their investment grow.
However, there are some losers in this growing private rental market and they are the traditional owners of vacation apartment complexes. In fact, even some Cyprus hotels are reporting a drop in bookings in recent years. The fear among many holiday apartment owners is that as new developments continue and more people book private apartments, they will continue to suffer. While this may be true, many of these companies are taking the “if you can’t beat them, join them” approach. They are being bought up on the Paphos property market and renovating entire apartment complexes into luxury condominiums for resale. This is brilliant accommodation for the holiday rental market in Cyprus complete with a reception area and communal pool, it is perfect for self catering. So in the end, even losers can be winners in Paphos real estate.