House Prices Soar in Israel

Remember when American Jews viewed an apartment in Jerusalem as a cheap investment? New figures underscore just how much times have changed. While the property market in America is still sluggish, Israel had the third-fastest-growing prices in the world last year, Global Property Guide reports.

Israeli house pricess rose on average by 16.23% last year, or if you take inflation in to account, 13.43%. Either way, Israel comes in after Latvia, where the previously-fragile market made an unbelievable recovery, and Singapore.

America is a long way down the table — coming in 29th according to the best-case calculation — with the average house dropping by between 3.95% and 5.16%. America’s placement and figures depend on whether or not you take inflation in to account, and which U.S. price index you choose. “The market still seems far from the bottom, and further price falls may occur if oil prices rise, especially as the number of foreclosures continues to be high,” Global Property Guide says of America. Regarding Israel it states: “Israeli house price rises have barely cooled, despite the Central Bank’s efforts… There have been six quarterly double-digit house price rises in Israel since Q3 2009.”

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