Between 2000-2008 properties in the Paphos district were rapidly increasing in value, some of which more than doubled in thei asking price.
Naturally growth was dictated by demand, quality villas particularly in suburban and rural areas maintained steady growth until 2009, and were less affected in the downturn period of 2010 to 2015.
Apartments and town-houses seesawed, suffering from reduced demand, also 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.
The Supreme Court of Cyprus has awarded the contract for the construction of the Paphos Marina at Podima in Kissonerga to the Poseidon joint venture consortium, this occurred after much legal wrangling with the original Cybarco-Pandora consortium (since 2008).
Work is due to begin in 2016 and the construction period is anticipated to be three years, the marina should be in service during 2019.
The marina will be able to moor approximately 1000 vessels with berths to suit all sizes, it will also feature restaurants, bars, other shops and further leisure facilities.
As a result of the good news for Paphos we anticipate price increases for residential and commercial properties close to the marina, particularly in Kissonerga, Tala, Emba, Chloraka, Coral Bay, Peyia and Sea Caves.
A large number of jobs will be created and demand for rental properties will increase tremendously.