Prices are down 5% and 95% of leases are for one year only.
35% more apartment were rented in Tel Aviv in June-July 2002 than in the corresponding period last year, Anglo-Saxon Tel Aviv general manager Amos Glazer told "Globes". He added that rents fell 5% in dollar terms, due to the shekel's appreciation against the dollar in this period. There might be a correlation between the two figures.
Glazer told ''Globes'' that 95% of the rental deals were for one year, and only 5% for two or more years. Many people have recently sought to rent apartments, having been deterred from buying by the rise in mortgage rates.
Anglo-Saxon Tel Aviv brokered 100 apartment rentals in June-July, earning $1 million in commissions. The normal commission is one month's rent from each party.
Published by Globes [online] - www.globes.co.il - on August 4, 2002