Israel has fallen from first place in "Global Property Guide's" rankings of home price change for the second and third quarters of 2009 to third place in its fourth quarter ratings, behind Hong Kong and Taiwan.
Home prices in Israel were 15.5% higher in real terms in the fourth quarter of 2009, compared with the corresponding quarter of 2008, and 2.7% higher than in the preceding quarter. The increase was the highest in ten years. Even though Israel lost its top billing in the rankings, the pace of home prices is picking up: home prices were 8.4% higher in the second quarter compared with the corresponding quarter and were 10.5% higher in the third quarter.
In nominal terms, home prices in Israel were up 21.3% in the fourth quarter, compared with the corresponding quarter, putting it in second place behind Hong Kong. Nominal home prices in Israel were up 13.7% in the third quarter compared with the preceding quarter, putting Israel in first place.
"Global Property Guide's" figures are in line with the number published by the Central Bureau of Statistics, which showed a 21% rise in home prices during 2009 to an average of NIS 930,000. Fourth quarter home prices were 3% than in the preceding quarter.
Published by Globes [online], Israel business news - www.globes-online.com - on March 1, 2010
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