Israel ranks 3rd in home price hikes
Housing prices in Jewish state record 52.7% rise in past five years, according to data compiled by London-based company Knight Frank
The company's Global House Price Index points to a 52.7% increase in home prices in Israel over the past five years.
The most outstanding price hike was recorded in Hong Kong – a 98.9% increase in housing prices over the past five years. China, which ranked second, recorded a 71.2% increase in prices in the cities of Beijing and Shanghai.
According to the London-based company, global housing prices recorded a 1.1% increase in the second quarter of 2012 as compared with the same quarter last year. The past year, however, has recorded a mere 0.7% rise in global housing prices compared to 2011.
Home price hikes increase in 25 out of 55 countries (Photo: Reuters)
Housing prices in the Israeli market remained unchanged in the second quarter of the year, according to Knight Frank, as compared to a 1.9% increase recorded in the first six months of 2012 and a 0.8% increase between June 2011 and June 2012.
Twenty-five out of the 55 countries reviewed by Knight Frank recorded a greater increase in housing prices this year compared to the increase recorded last year.
The American housing market recorded a 1.2% increase in the past 12 months, with the second quarter figures pointing to a much more substantial rise of 6.9% in housing prices.
The greatest increase in housing prices was recorded in Brazil (18.4%), Austria (11%) and Turkey (10.5%), although the company's analysts believe that the improved performances can do little to offset Europe's poor-performing housing markets.
