It’s not just us telling you the market is great in Israel!!

Israel world’s third hottest real estate market
CNBC places Israel third behind China and Hong Kong on five year home price rises despite a reported 1.2% fall in 2011.
Einat Paz-Frankel 23 Apr 12 18:17
Despite the affordable housing protests, Israel is holding on to its spot as the third-hottest housing market in the world according to a survey by CNBC, based on data from real estate agents Knight Frank. The survey found that house prices in Israel jumped more than 21% in 2009 and16% in 2010.Israel was placed third with 5 year growth of 54.5% beating Singapore into fourth place with five year growth of 50.5% but well behind China in top spot with five year growth of 110.9% and Hong Kong in second place with growth of 93.7%.

CNBC noted, “High home prices in Israel led to a series of protests in 2011 with demonstrators asking the government to intervene to cool the market. Thousands of protesters made headlines last July to voice concerns over a housing shortage and high rentals. The demonstrations seem to have had an effect on property prices, which fell 1.2% in 2011, according to Knight Frank.”

But CNBC sees home prices rebounding saying, “However, after an interest rate cut from 3.25% to 2.5%in February, there appears to be resurgence in property demand, with new mortgages issued by banks jumping by more than 14% in March compared to the two pervious months.”

Published by Globes, Israel business news – www.globes-online.com – on April 23, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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