It seems, even after the property transfer fees got reduced, there is no desired effect in the property market as the house prices in Cyprus remains inflated. Without a significant reduction, there will not be much market activity. High bank interest rates, which are more likely to rise than fall, do not help things either. It is sure unless the property prices fall to reasonable levels, property market will not move.
(Ref: Cyprus Property News 5/11/2011)
