haris_el wrote:Because the developers that are selling houses in Cyprus didnt reduce their prices... They are extremely high, as the huge profits from previous years are still keeping them "alive"...
House prices in most areas of Limassol didn't drop because the the market is mostly Cypriots. But at least the prices stopped rising due to the crisis. In Nicosia where the market is almost exclusively Cypriots the prices didn't stop rising (but at a slower rate). The places where house prices dropped are the places where the market was driven mostly by foreigners, like most areas of Paphos and the east coast of Cyprus.