Figures released today by the Central Bureau of Statistics show that the price of the average home in Israel rose by 4.8% in the first quarter of 2009 to NIS 802,900 compared with NIS 766,300 in the fourth quarter of 2008.
The average price of a small one and a half to two room apartment in Israel fell in the first quarter of 2009 by 1.1% to NIS 500,500. The average price of a two room apartment rose in price by 4.1% to NIS 883,900, while the average price of an apartment with three and a half to four rooms rose by 4.6% to NIS 883,900. The average price of an apartment with four and a half to five rooms rose in the first quarter of 2009 by 2.1% to NIS 1,227,500.
The average price of homes by region: Northern Israel NIS 406,700; Haifa Bay suburban area NIS 488,300; Haifa NIS 568,200; Southern Israel NIS 548,800; Central Israel NIS 793,300; Gush Dan NIS 924,600; Sharon Region NIS 1,283,000; and Tel Aviv NIS 1,227,500.
BDO Ziv Haft partner Shahar Ziv told the Association of Builders and Contractors in Israel Conference in Eilat at the weekend, "The influence of the crisis on the construction industry is expressed in a drop in the number of deals but not in a drop in prices."
Published by Globes [online], Israel business news - www.globes-online.com - on May 17, 2009
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