paphos housing — paphos housing — Paphos faces a housing crisis despite a record tourism year, highlighting the challenges low-income groups encounter. According to George Mais, president of the Paphos Chamber of Commerce and Industry (Evep), strong growth figures in Cyprus are not benefiting everyone equally due to ongoing structural issues.
Paphos housing: Record Tourism Figures Yet Unmet Needs
Mais emphasised that while the local economy has seen significant growth—fuelled primarily by tourism and services—the benefits are not filtering down to lower-income households. In comments made to the Cyprus News Agency (CNA), Mais stated, “headline performance can give a misleading picture, as underlying pressures, particularly around housing and living costs, continue to weigh on a significant part of the population.”
Tourism as a Growth Engine
In Paphos specifically, tourism has reached unprecedented levels, with record numbers of arrivals and an increase in sector revenues. This has reinforced tourism’s position as the main growth engine for the area. However, the economic uplift has not alleviated the housing challenges faced by many residents.
Housing Affordability Crisis
Owning a home has become increasingly unattainable for a substantial portion of the population. Mais argues that the state needs to act more decisively to implement affordable housing measures that can genuinely assist those struggling to enter the property market. He noted, “Owning a home is now out of reach for many households.”
The Mortgage Dilemma
Mais also pointed out that the banking sector must adapt to the needs of first-time buyers by offering more flexible and long-term mortgage products. The current interest rates are making it more challenging for individuals and families to sustain their first-time purchases, further complicating the housing crisis.
Steady Investment Beyond Tourism
Despite the housing issues, investment activity remains robust, particularly in technology, energy, and transport sectors. These areas continue to support growth and diversification of the Cypriot economy, which is essential for long-term stability.
External Pressures and Local Concerns
Mais cautioned that while the economy shows promise, confidence among businesses and consumers is being tested by factors beyond Cyprus’ control. Geopolitical tensions, including conflicts in Ukraine and the Middle East, are contributing to an atmosphere of uncertainty.
Additionally, rising state expenditure, particularly in payroll and administrative costs, raises further concerns. Mais highlighted that these factors place additional strain on the economy, complicating efforts to address the pressing issues faced by the population.
