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Multi-Million Euro Deal In Paphos: Old American Academy Transformed Into British-Owned Educational Institution

In a significant development for Cyprus’ educational landscape, the historic American Academy in Paphos has been sold and will be transformed into a British-owned educational institution. This multi-million euro deal marks a pivotal moment for the local education sector, promising to elevate the standards and reputation of Paphos as a hub for high-quality international education.

The American Academy, a landmark institution in Paphos, has long been revered for its commitment to academic excellence and community service. Its transformation under British ownership is set to introduce a new era of educational innovation and international collaboration. The acquisition by British interests underscores the growing appeal of Cyprus as a destination for international education investment, driven by its strategic location, favourable climate, and robust educational framework.

The new British educational institution will benefit from substantial investments aimed at upgrading and expanding the existing infrastructure. These enhancements will include state-of-the-art classrooms, modern science laboratories, advanced sports facilities, and comprehensive digital learning environments. The focus will be on creating a holistic educational experience that combines academic rigour with extracurricular development, ensuring that students are well-prepared for the challenges of the globalised world.

The institution will offer a diverse curriculum designed to meet international standards, providing students with opportunities to pursue the International Baccalaureate (IB), A-Levels, and other globally recognised qualifications. This curriculum will not only attract local students but also appeal to the expatriate community and international students seeking high-quality education in a supportive and multicultural environment.

One of the key aspects of this transformation is the emphasis on fostering strong ties between the educational institution and the local community. The British owners are committed to maintaining the legacy of the American Academy by continuing its tradition of community engagement and social responsibility. This includes partnerships with local businesses, cultural organisations, and government bodies to promote educational initiatives and community development projects.

The investment in the Paphos educational sector is expected to have a broader economic impact, generating employment opportunities for local educators, administrative staff, and support services. It will also attract families and professionals to the region, boosting the local economy and contributing to the socio-economic development of Paphos.

Furthermore, the presence of a high-calibre British educational institution in Paphos will enhance the city’s reputation as a centre for academic excellence and innovation. It will draw international attention, positioning Paphos as a competitive destination for educational tourism. This is particularly significant in the context of the global education market, where parents and students are increasingly seeking schools that offer a blend of rigorous academics, cultural exposure, and holistic development.

The transformation of the American Academy into a British-owned institution reflects the broader trends of globalisation and international collaboration in education. It signifies a commitment to providing students with a world-class education that equips them with the skills, knowledge, and values necessary to thrive in a rapidly changing world.

Cyprus Property Market Extends Its Growth Run As Foreign Demand Remains A Key Driver

Cyprus property sales continued to grow in August, extending a year-long run of annual increases across the island’s real estate market.

Transactions Remain Above 2025 Levels

Sale contracts reached 13,288 in the first eight months of 2026, according to the Department of Lands and Surveys. That was 14% more than the 11,689 contracts recorded during the same period last year, an increase of 1,599 transactions.

August brought 1,241 contracts, up 10% from 1,128 a year earlier. Activity was lower than July’s more than 2,000 contracts, but August is traditionally quieter for property transactions.

Annual growth remained positive throughout 2026, ranging from 5% in May to 27% in June. In July and August, sales were 11% and 10% higher than a year earlier, respectively.

Limassol And Paphos Drive Growth

Limassol and Paphos accounted for 1,070 of the 1,599 additional contracts recorded nationwide in the first eight months, or about 67%.

Limassol remained the largest market, with 4,354 contracts, up 17% from 3,720 a year earlier. August was its first monthly decline of 2026, with 395 contracts, down 5% year on year.

Paphos recorded the strongest growth among the five districts. Its eight-month total reached 2,654 contracts, up nearly 20% from 2,218, while August sales rose 20% to 267.

Larnaca Leads August Growth

Larnaca posted the strongest monthly increase in August, with 299 contracts, up 35% from 221 a year earlier. Its eight-month total reached 2,898, an increase of 13% from 2025.

Nicosia recorded 225 contracts in August, up 8%, taking its eight-month total to 2,789, or nearly 6% above last year. Famagusta remained weaker, with August sales falling 8% to 55, although its eight-month total was still up just over 8% at 593.

Foreign Buyers Support Demand

International buyers accounted for about 47% of sale contracts during the first eight months. Transactions with EU buyers rose 23% year on year, while sales to non-EU nationals increased 19%.

Foreign demand has helped sustain activity as property prices and construction costs rise. Residential prices increased 7.5% year on year in the first quarter, with apartment prices up 10.8% and houses 3%, according to the Central Bank of Cyprus.

Construction material prices were 3.33% higher in July than a year earlier, while prices rose 1.87% during the first seven months of 2026, Cystat data showed. Metal products and materials, including wood, insulation, chemicals and plastics, recorded some of the sharpest increases.

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Aretilaw firm
The Future Forbes Realty Global Properties
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