According to the report, from 2010 to mid-2014, 156 residences valued at over €1 million were sold, but none were luxury flats as foreign buyers went after detached houses on the beachfront – or at least offering sea views.

But in 2013 and 2014, a declining sales trend was observed.

In 2013, the report said, 22 transactions were recorded, of which 15 related to property valued between €2 and 2.5 million.

During the first half of 2014, 14 sales were made, 12 of which related to properties valued at less than €2 million.

In one notable case, a property was sold this year for more than €4 million, the most expensive property sold in Paphos since 2010.

Island-wide, 52 sales over €1 million each were made over the first six months of 2014.

The report found that Paphos’ most popular areas for luxury properties since 2010 were Neo Chorio, Peyia, Chloraka, Tsada, and Kouklia.

Source: Cyprus Mail