Housing bubble definitely did not burst in 2010

Apartment prices in Tel Aviv and Haifa rose almost 30% in 2010.

2010 ended with no good news for Israeli homebuyers. Sellers are in no hurry to deal. Asking prices on classified ads site Homeless in December mainly show that prices crept upwards, continuing the two-year trend. Lower prices were negligible and showed no clear breakdown by region.

The average price of a four-room apartment in 2010 showed double-digit growth in most of the country compared with 2009. Beersheva had the sharpest increase, at 30% to NIS 652,000 in December 2010 from NIS 503,000 a year earlier. The average price of a four-room apartment was NIS 363,000 in 2006. These prices explain investors' rush to areas where homes can be bought with relatively little equity of their own.

The average price of a four-room apartment rose 28% in Tel Aviv to NIS 2.74 million in December 2010 from NIS 2.5 million a year earlier (the average price was NIS 1.1 million in 2006). The increase of NIS 509,000 is nearly the price of an equivalent apartment in Beersheva.

The average price of a four-room apartment rose 29% in Haifa, 22% in Jerusalem, 25% in Holon and Bat Yam, 21% in Petah Tikva, and 20% in Rishon LeZion.

Published by Globes [online], Israel business news - www.globes-online.com - on January 10, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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