real estate market, despite fears that it would lead to a burst of selling by investors moving capital overseas.

Realtors interviewed yesterday also remained optimistic that the property market would improve along with the economy.

"There has been no rush of people, coming in to list their houses for sale as a result of the exchange control changes,''said Mr. Arthur Jones of realtors Jones Waddington.

Mr. Drew Horsfield, sales manager at LP Gutteridge, said the move could deter property speculators, especially if the overseas investment cap is increased for $25,000 or abolished.

"I can see fewer developers or speculators buying property,'' he said. "They would be able to take their money overseas and get a better return. They will see opportunities to better diversify their portfolio.

"But even then, it will only take a few players out of the market. There are not a whole lot of people involved in such ventures anyway.'' Mr. Horsfield said he did not see any changes in the real estate prices in the near future, after the first round of alterations to exchange controls.

While no agents are likely to forecast any change in the costs of buying property, they are hopeful that the hard luck stories of the early 1990s will be a thing of the past.

Some people who bought into the market in the late 1980s and who tried to sell their properties in the early 1990s suffered losses.

Pond's Marketing Services Limited President, Mr. Wendell Pond, said: "We have noticed some people who have taken relatively substantial losses.'' Mr. Thomas Moss of Thomas Moss Real Estate, chairman of the real estate division of the Chamber of Commerce, said: "There are always going to be people who have paid top dollar for a property and then can't get all of their money back when they go to sell.

"That's the luck of the draw. You have to be extremely cautious when you buy real estate. In this market, the majority of people don't get what they want.

After negotiations, land can end up being sold for 20 to 30 percent less than what was being asked for.'' Mr. Jones added: "Some property went at prices that were high in the late 1980's. And people who have had to sell after the start of the recession couldn't get their money back. It's quite a number of people.

"I've seen situations where there have been reductions of as much as 35 percent (between the original purchase price and the resale price).''