Average Israeli home price up 6.2% in 2015

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Housing Ministry figures show that prices of secondhand homes rose much faster than prices of new homes.

Home prices in Israel continued to climb in 2015, according to figures from the Ministry of Construction and Housing published on the ministry's website today. These are partial figures from the ministry's quarterly surveys. They show that prices of homes in Israel continued to rise at a considerable rate in 2015. The nationwide average price was 6.2% higher in 2015 than in 2014.

Prices of secondhand homes rose by substantially more than those for new homes. The figures indicate a 7.1% average nationwide rise in 2015 compared with 2014, double the 3.5% rise between 2013 and 2014.

By contrast, for new homes, the price rise moderated significantly. The average price of a new home in 2015 was NIS 1.628 million, compared with NIS 1.620 million in 2014, representing a rise of just 1.1%. Between 2013 and 2014, the average price of a new home rose 7.2% according to the ministry's figures.

Published by Globes [online], Israel business news - www.globes-online.com - on February 8, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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