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Property in Paphos Cyprus is now excellent value.

With significant price reductions of property in Cyprus, the market is now providing exceptional value to . Prices in the popular destination of Paphos continue to fall steeply but now many agents have a lot to show buyers of all budgets so they have a great choice.

Price falls in Paphos are making property in Cyprus extremely cheap with prices in Paphos having fallen by at least a quarter in the last eighteen months. One experienced property professional with many years in the business has never seen such a good buying opportunity for a long time.

A villa which would have previously sold for €450,000 is now going for €300,000, and an apartment priced at €125,000 [£77,400] is now selling for €80,000 [£49,600].

The price falls have been attributed to the problems with banks imposing stricter mortgage criteria and the global financial crisis. A bank manager in Paphos told the Sunday Mail that lenders in Cyprus have reduced the number of property loans agreed by around half.

Some estate agents are very optimistic about property in Cyprus, while prices have dropped in some areas of Paphos, some agents are seeing more demand from foreign and Cypriot buyers who are optimistic about prices and believe they now have a great chance to buy something.

George Mais, the president of the Paphos branch of Cyprus’ Land and Building Developers’ Association believes that while some properties or locations just aren’t popular anymore’, new properties or those in a good seafront location are holding their value.

Overseas buyers, particularly those from Russia, are returning to Paphos ‘because it is quiet, there are many areas of outstanding natural beauty and it’s safer than a lot of other towns in Cyprus,” he said.

One has to remember that Cyprus is a small island, very popular with British people because of the ease of living there with no language barriers and a very good health system, the land is finite and the choice will be reduced in the future.

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