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Insights into the Resale property market in Universal area Paphos for the first 6 months of 2023

Date: 04/07/23

- The real estate market in the Universal neighborhood of Kato Paphos has experienced significant growth during the first two quarters of 2023. With a total of 80 resale contracts signed, amounting to an impressive €12,149,000 in value, this vibrant area has emerged as a top choice for homebuyers and investors.

The average resale property price in Universal during this period stood at €151,000, making it an attractive destination for individuals seeking affordable real estate options. Furthermore, the mean price per square meter was estimated to be €1,900, reflecting the overall value and quality of properties available in the area.

Among the transactions, the most expensive unit was an apartment located in Iris Village, which sold for €310,000. This premium property highlights the diverse range of options available in Universal, catering to those with higher budgets and specific preferences. Conversely, the least expensive property recorded during this period was sold for €70,000, showcasing the inclusivity of the market and the availability of more affordable housing options.

The average size of the properties, including both houses and apartments, in Universal was approximately 80 square meters. This size offers a comfortable living space for residents and contributes to the appeal of the neighborhood.

The success of Universal's property market can be attributed to several factors. The neighborhood's convenient location and close proximity to popular amenities, such as Paphos Harbor and the Paphos Archaeological Park, have significantly contributed to its desirability. Additionally, the ongoing development of modern facilities, including restaurants, shopping centers, and recreational venues, has attracted both local and international buyers, seeking a comfortable and vibrant lifestyle.

The robust growth in property prices, combined with the increasing number of transactions, not only benefits sellers but also stimulates the local economy. The rise in real estate activity creates employment opportunities and further investment, ultimately driving economic growth in the region.

Industry experts remain optimistic about the future prospects of Universal's property market. The sustained demand for housing, coupled with the neighborhood's favorable attributes, is expected to continue driving property prices upwards, making it an opportune time for buyers and investors to explore the market.

While the first two quarters of 2023 have demonstrated strong growth and favorable market conditions, buyers and sellers are encouraged to remain informed and seek professional advice to ensure informed decisions. Real estate markets can be dynamic, and expert guidance can help navigate potential risks and maximize investment opportunities.

With its affordable prices, desirable properties, and convenient location, Universal in Paphos continues to solidify its reputation as an appealing destination for those seeking a combination of affordability, quality, and a thriving real estate market.

Note: The data presented in this article is based on the available information for the first two quarters of 2023. Please note that market conditions are subject to change, and it is advisable to consult with our agency for the most up-to-date and accurate information.
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