The Paphos real estate market experienced a slight decline of 17 per cent in the value of property transactions during the second quarter of 2023, according to George Mais, the president of the Paphos Chamber of Commerce and Industry.
In an interview with the Cyprus News Agency (CNA), Mais stated that the Paphos district witnessed a decrease in the property market during the second quarter.
While sales amounted to €297 million in the first quarter of 2023, the second quarter recorded a decline, with sales reaching €252 million.
Moreover, he mentioned that there were 1,103 transactions in the first quarter of the current year, while the second quarter of 2023 saw 1,022 transactions.
The chamber president described the decline as minor, attributing it to circumstantial factors, and emphasising that the number of sales or the volume of transactions are not enough to make serious assumptions.
In addition, Mais stated that the decrease in transaction value was approximately 17 per cent during the second quarter of the current year. In terms of the number of transactions, there was a decrease of approximately 7.5 per cent.
Regarding the property categories sold, Mais noted an increase in residential properties and a decrease in apartments.
However, he clarified that these trends should not be considered significant indicators in the broader context of the property market.
He also emphasised the need for a comprehensive analysis of the data, examining the trends and reasons behind the variation, whether in terms of percentages or actual transaction numbers, in order to draw more accurate conclusions.
