The real estate market in Paphos is shrinking

The second quarter of 2023 saw a slight decline in the real estate market in Paphos, amounting to 17 percent, said George Mays, president of the Paphos Chamber of Commerce and Industry.

In an interview with the Cyprus News Agency (CNA), Mays noted that the second quarter brought a decline in the real estate market in the Paphos area. While sales amounted to 297 million euros in the first quarter of 2023, in the second quarter, the sales volume decreased to 252 million euros.

Moreover, he noted that in the first quarter of this year, there were 1,103 transactions, while in the second quarter of 2023, the number of transactions amounted to 1,022. The president of the chamber described this decline as insignificant, attributing it to circumstances, and emphasized that the number of sales or the volume of transactions is not sufficient for serious conclusions.

In addition, Mace noted that the cost of transactions decreased by about 17 percent in the second quarter of this year.

Regarding the categories of real estate being sold, Mace noted an increase in residential properties and a decrease in the number of apartments. However, he pointed out that these trends should not be viewed as significant indicators against the broader backdrop of the real estate market. He also emphasized the need for a comprehensive analysis of the data, studying trends and the reasons for changes, whether in percentages or actual transaction numbers, for more accurate conclusions.