Between 2000-2008 properties in the Paphos district were increasing in value, some of which more than doubled in value.
In the main capital growth was dictated by demand, quality villas particularly in suburban and rural areas maintained steady growth until 2009, however town-apartments and town-houses seesawed, suffering from reduced demand, because many were marketed for sale on the Buy to Let principle, sadly tourism declined and in recent years that has meant there were less holidaymaker's to rent low-end market properties.
This is not to say all apartments here are let to holiday makers, many purchasers invested wisely in holiday homes for themselves and families to enjoy.
With the advent of the new marina at Podima near Coral Bay, Paphos, we anticipate prices increases for all properties close to the marina, namely in Kissonerga, Tala, Emba, Chloraka, Coral Bay, Peyia and Sea Caves, this will apply to both rental and sale values as soon as the project commences.
The successful company which wins the tender is obliged to complete the construction within three years.
The marina will be able to moor approximately 1000 vessels and will also contain restaurants, bars, other shops and further leisure facilities.
A large number of jobs will be created and demand for rental accommodation will increase tremendously.
History proves itself to be a great teacher, other Mediterranean marinas locations set the benchmark for market values.
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