A RECENT mini-poll conducted by the online Cyprus Property Magazine revealed that more than 60 percent of those who voted believe that the property market will not recover until 2012 or later, while less than 1 in 10 believe it will recover this year.
Sales of property have fallen by 65% this year and with Capital Gains Tax revenue receipts down by 83% compared with last year, the outlook is looking bleak.
The Buy Sell Home Price Index indicates that prices fell by 1.7% during the first quarter of the year. But their figures conflict with those from other sources that say that the prices of tourist properties have fallen by as much as 20%.
For the latest poll “By how much will Cyprus property prices go up or come down this year?” go to the Cyprus Property Magazine and check out the ‘Have Your Say’ poll in the right hand column.
