On the southwest of Cyprus, you will find the beautiful coastal city of Paphos, beautiful countryside, a cosmopolitan resort and land which overflows with history and culture. There are many things to be said about this city – from ancient times to old Paphos, all the way through to modern day Paphos – but it’s almost certain that everything will not be covered in one article, so for those are interested in this wonderful place it would be highly recommended you visit Paphos and get a taste for it for yourself.
Paphos is a city that has many faces and satisfies all types of people’s wants and needs, from young to old and any culture. Paphos has a great history but we will focus more on popularity, growth, and development in the last decade or so. Further down you will see why this is so.
The term Old Paphos is used here to point out the significance of Paphos’ history and how it lead up to a new age for Paphos.
Paphos is a city that has grown popular for a long time, but for the last 20 years, it has seen an exponential increase in the economic field. Back in the 1980s, the government decided to invest heavily in irrigation dams and water distribution sites, road infrastructure and of course the construction of the Paphos International Airport. Development and growth did not end there though.
In the early 1990s, Paphos received a new type of development, when hotels and resorts like the Coral Bay Resort and later the Aphrodite Hills resort began construction. During this period, a few high profile investors started to come into the scene and began to add emphasis to the real estate department. New buildings, homes, businesses and luxury hotels began construction in the Paphos district, around the harbor and medieval port and this attracted many tourists from around the world.
Modern Day Paphos
Although Cyprus got a good taste of what an economic crisis feels like, the Cypriot nation fought through it and things started to pick up in more recent times.
The population of Paphos up to 2010 was approximately 32,000 and the tourists were many more due to the development of the entertainment infrastructure of the city. The numbers though continued to grow.
Paphos has seen a significant increase in popularity, growth, and development but more so from 2016. As reports show, a rise in popularity became a trend when international buyers invested in Cyprus property, all over Paphos and other cities of Cyprus. Sales in 2017 in comparison to 2010, went up at least 87 percent in Paphos. Most foreign investors decided to invest in Paphos as they saw it had great potential. In 2017, Paphos was the most popular area for overseas investors with a staggering 36 percent of foreign sales there.
The Cyprus Investment program and the Tax incentives also attracted the foreign investors to come to Cyprus and invest in the Paphos district. According to the current leading property developer in Mr. Pantelis Leptos, there has been a great increase in investments in Cyprus due to the many foreign investors but Cyprus still has more potential. Another recent report shows that Cyprus has one of the highest home ownership rates in all of Europe and there’s a significant foreign market for holiday and second homes.
It’s clear to see the great increase in Paphos in recent times, and that Paphos’ economy depends mostly on its tourism and on foreign investors. The success of developments in other cities in Cyprus has given the incentive for more developers to start large projects in Paphos also.
Big development proposals have been issued for the Paphos marina; proposals like the Eden City project. This project will foster a 200-acre hotel and residential project including a self-contained island resort with new business and educational centers.
The continuation of development and investment in this Paphos will assist in ensuring more growth and popularity increase, inviting more overseas investors to turn their eye towards Cyprus.