SPEAKING to Bloomberg recently, the vice president of the Cyprus Association of Valuers and Property Consultants Kyriakos Talatinis said that “In the first half of 2011, home prices overall will remain unchanged compared with 2010” and that “Domestic demand will depend on whether banks keep their rating standards the same or tighten them”.
Mr Talatinis also believes that external demand will remain weak and prices will fall in most coastal areas.
According to a statement on the Central Bank’s website, mortgages rose at an annual rate of 15% reaching €14 billion in November. Capital Gains Tax receipts rose 19% during the first eleven months of 2010 following a fall of 75% in 2009 which resulted from the 80% crash in property sales during the year.