US magazine: Israeli home prices down 3.2%
According to survey in Global Property Guide, Israel dropped to 27th place on global list of rising home prices; survey attributes drop to local uncertainty, policies of government, Bank of Israel
Apartment prices in Israel continued to fall in the first quarter of 2012, dropping 3.2% compared to the corresponding quarter of 2011 and down 0.63% from Q4 2011, the US magazine Global Property Guide reported.
The magazine's editors believe that in real terms, with inflation factored in, home prices in Israel dropped 5% this past year.
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This supposed slacking in home prices takes Israel off the list of the 10 most expensive real estate markets, where it has appeared for the past four years. The current survey puts it at No. 27 among the 36 countries covered in the research.
A 'green' project in Netanya (Photo: Billie Frenkel)
Global Property Guide attributes the drop in home prices to uncertainty in the local market, but notes that policies of the government and the Bank of Israel also had some effect in cooling the market.
Where did the magazine see the real estate market booming? In India – where home prices in Delhi jumped 33% last year. Brazil was at No. 2 with a 25.5% rise in home prices in Sao Paulo.
