Israeli homes show world's third fastest price rise

"Global Property Guide": Nominal home price rose 16.2% in the fourth quarter, the fastest growth after Riga and Singapore.

Israeli home prices returned to the top three markets in the fourth quarter of 2010, after falling to fourth place in the third quarter, reports "Global Property Guide's" in its home prices survey. Home prices in Israel rose the fastest after the Latvian capital of Riga and Singapore, compared with the fourth quarter of 2009.

Nominal home prices in Israel were 16.23% higher in the fourth quarter of 2010 than in the corresponding quarter of 2009. Nominal home prices rose 21.2% in Riga and 17.6% in Singapore over the same period.

The annualized rate of increase in inflation-adjusted prices, slowed to 13.43% in the fourth quarter from 16.15% in the third quarter.

"Global Property Guide" says, "Israeli house price rises have barely cooled, despite the Bank of Israel's efforts," adding, "There have been six quarterly double-digit house price rises in Israel since the third quarter of 2009."

Israel fell to sixth place in the Global Property Guide" rankings for the second quarter of 2010 from third place in the preceding quarter, before again climbing in the rankings.

Israel was one of 15 housing markets covered by "Global Property Guide" in which price rose in the fourth quarter, while prices fell in 21 markets, as the world's housing market recovery stalled.

Published by Globes [online], Israel business news - - on February 27, 2011

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

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