Cyprus property is booming right now and Paphos real estate in particular is showing some great returns on investment. Buyers are virtually lining up to grab a piece of the action. This is of course pushing prices up even higher and Paphos real estate is amongst some of the most expensive in Cyprus. That said, there are still some great deals to be found particularly in regards to some of the new off plan apartment developments. As the prices in the area have risen luxury villas have slipped beyond the reach of the average holiday home buyer. This type of Paphos real estate is fast becoming the domain of the big investors who are buying them with the sole intention of renting them out to holiday makers. This Cyprus holiday rental market has seen some impressive growth over the last few years and looks set to expand even further.
Anyone looking to invest some money in Paphos real estate has the opportunity to profit from this lucrative source of income. Holiday makers to Cyprus or anywhere else for that matter are changing their booking habits. Instead of relying on the travel agents to arrange a traditional package tour they are instead making their own arrangements. Thanks to the incredible growth of on line booking facilities the internet has leveled the playing field and customers can now compare prices at the click of the mouse. It is now real easy to book separate flights, accommodation and vehicle hire. You may be wondering what any of this has to do with Paphos real estate and holiday rentals, so read on. These folks booking online are tapping into the growing villa and luxury apartment rental market. This is good news for prospective buyers of Paphos real estate looking to make a return on their investment. In fact some owners are managing to virtually self finance their Cyprus properties.
For the smaller investor looking to eventually turn there Paphos real estate into a holiday home of their own its good news too. Many buyers are getting in early before even apartments in Paphos are priced beyond their reach and buying now. Even though they were not planning to buy that place in the sun for another few years by moving now they have made huge future savings. Not ony have they bought before any further price hikes but they will be financing most of the project through holiday rentals. The chances are that by the time they are ready to retire in the Cyprus sun their investment will have been brought and paid for by holiday makers. It really is a win win situation for all concerned and all the time they can sit back watching their investment grow.
There are some losers however in this growing private rental market and they are the traditional holiday apartment complex owners. In fact even some Cyprus hotels are reporting a downturn in bookings over the last few years. The fear among many holiday apartment owners is that as new development continues and more people book private apartments they will continue to suffer. Whilst this may be true many of these businesses are adopting the “if you can’t beat them join them” approach. They are buying themselves into the Paphos real estate market and refurbishing whole apartment complexes into resale luxury condos. This is brilliant accommodation for the Cyprus holiday rental market complete with a reception area and communal pool its perfect to rent. So in the end even the losers can be winners in Paphos real estate.
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