Appraisers Assn: Home prices up 9% in 2016

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The Israel Real Estate Appraisers Association found prices rose 2.3% in the past quarter and there was no decline in prices in even one city.

After the Minister of Finance Moshe Kahlon had banned the Government Appraiser from publishing his home price review, the Real Estate Appraisers Association in Israel today published its first home price review. This is actually an unofficial, alternative report to the one published by the Central Bureau of Statistics

The review has been conducted using the same model and methodology used so far by the Government Appraiser. The Appraisers Association said, "The association believes that this review reflects home prices better than the review published by the Central Bureau of Statistics," and promised to publish it on a quarterly basis.

The review indicates that in the past year, home prices jumped 9%, with a 2.3% hike in the last quarter alone.

A two-digit hike was noted in the following cities: Tel Aviv (17%), Ramle (15%), Rehovot (15%), Rishon Lezion (12%), Modi'in (11%), Eilat (11%) and Netanya (10%). According to the review, prices did not decline in even one city - neither in the last year nor in the last quarter. Only in Eilat, prices did not change in the last quarter.

Published by Globes [online], Israel business news - www.globes-online.com - on November 28, 2016

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

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