Home prices in Israel fell by 3.6% in real terms in 2011 and 1.2% in nominal term, reports "Global Property Guide." Home price rose by 14.2% in real terms and by 17.1% in nominal terms in 2010. Prices fell by 1.8% in real and nominal terms in the fourth quarter compared with the preceding quarter.
"Global Property Guide" says, "The wave of social protest that arose last summer, along with global economic uncertainty, and the steps taken and statements made by the government and the Bank of Israel have been the most influential factors that led to the current slowdown in residential real estate, according to Ministry of Justice head government assessor Tal Alderoti."
Israel, which topped the "Global Property Guide" rankings last year, has slid to 22nd place in the rankings, with New Delhi, Sao Paulo, Tallinn (Estonia), Hong Kong, and Norway now the top five.
Ireland, where home prices fell over 15% in 2011, is at the bottom of the list.
Published by Globes [online], Israel business news - www.globes-online.com - on February 26, 2012
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