"People have been waiting for home prices to fall for 18 months, and it hasn’t happened, because there are simply no apartments available. That's the basic problem in the current real estate market," says Re/MAX Israel CEO Bernard Raskin.
Raskin continued, "We didn’t build enough in the past, and we're not building enough now, and all the measures to cool the housing market so far do not provide an answer to the severe housing shortage."
Even as Minister of Housing and Construction Ariel Atias and Minister of Finance Yuval Steinitz announce measures to cool the housing market, Re/MAX announced a record number deals in March 2011.
Raskin said, "We continue to see an increase in the number of deals and in broker's fees, and there is still a housing shortage. So long as the shortage lasts, market conditions will remain as they are now."
Published by Globes [online], Israel business news - www.globes-online.com - on April 11, 2011
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