"It seems that the income-producing properties market is responding slowly to the general economic slowdown, and prices are not falling in most of the country, and actually rose slightly," says second-hand e-commerce site Madas.
Madas adds, "The market is responding very slowly to changes in the stock markets, and it will apparently take time for homeowners to decide to lower prices. However, we believe that prices will begin to fall in the coming months."
Madas reports that the apartment rental market is still unstable, with rent falling in some areas, but rising in others. The average rent of a two-room apartment in central Tel Aviv rose 2%, compared with October, to NIS 3,360 a month, and the average rent of a three-room apartment rose by 3% to NIS 4,718. However, the average rent of a two-room apartment in north Tel Aviv fell by 2% to NIS 3,532 per month, and the average rent of a three-room apartment fell by 3% to NIS 4,550 per month.
In Jerusalem, the average rent of both two and three-room apartment rose by 3% in November. In Beersheva, the average rent of a two-room apartment rose by 3% and the average rent of a three-room apartment rose by 4%. In Haifa, the average rent of both two and three-room apartment was unchanged in November compared with October.
Published by Globes [online], Israel business news - www.globes-online.com - on December 11, 2008
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