Question not so rhetorical. It is difficult to give a definite answer to it. It is confidently possible to tell - you shouldn't buy anything in the next 2-4 months, after the occurred collapse of a financial system of Cyprus. It is worth waiting "while everything will be settled". Many will tell – "banks banks, and the real estate lives under own laws". It not absolutely so – we will remember – against a financial collapse of 2008 real estate prices too fell significantly in many countries. Obviously, as in Cyprus the price are expected by decrease. However we won't forget that the greatest falling, against world financial crisis, happened in those countries where the market was "excessively overheated" - in the USA, Spain, Bulgaria. In the same Spain today more than 800.000 unrealized real estate objects. In Cyprus it isn't observed anything similar – the prices look quite balanced and logical. Quite decent two-room apartment could be got before closing of banks for 2,5 million rubles, and a country house with three bedrooms at the price of the average Moscow apartment. And surplus of the constructed objects isn't present. The largest builders successfully realized bulk of houses, cottages and country houses at a construction stage. The essential help in it was rendered by the law on receiving residence permit at housing acquisition. But after all nobody cancelled it …

Estimating sensibly current situation it is possible to draw the following conclusions:

1 . Cyprus lived thanks to an offshore zone, real estate sale, tourism and the banking sector. The last brought more than 50% of gross domestic product of the island state and, today, it drops out of articles bringing in incomes. Against it national economy will look for compensations in other spheres. But sharply to increase tourism it won't turn out in a short time, and an offshore zone, in the conditions of undermining trust to banks, will be extremely difficult not only to increase turns, but also to keep them at former level. There is a construction and real estate. But for serious increase in turns it is necessary to reduce the prices.

2 . The construction market is supervised by several large companies. It isn't favourably essential to them to reduce the prices. It is obvious that from their party will be pursued policy of control of the prices at level close to the pre-crisis. However – smaller companies and individuals, under the influence of financial circumstances, will be compelled to reduce the prices for fast realization of objects.

3 . You shouldn't wait for market falling for 30-50% - it wasn't "overheated". Tourism didn't "escape" anywhere. The investment of means in hotels, apartments and houses near the sea, restaurants and bars will continue to remain highly effective. However, on a wave of financial problems, it is worth expecting separate "dot" offers of objects on the prices significantly below than "pre-crisis".