By comparison, Limassol accounted for 26%, Larnaca 18%, Nicosia 10% and Famagusta District with just 9%.

The massive property purchases by foreign investors in Paphos were due to the granting of residence permits to non-EU investors if they bought properties worth at least €300,000, while an investment of €3 million makes them eligible to apply for citizenship.

The natural environment, the attractive areas and mild climate of Paphos also seem to impress foreign investors with large development companies creating suitable projects with amenities, facilities and services that raise the quality of lifestyle throughout the region.

Leptos Group said in an announcement that it has concluded “another very large investment on the coastal area of Coral Bay, this time by a Russian investment company.”

Source: Financial Mirror