70% of the property assessors in the bank's survey also expect rent to remain unchanged.
90% of property assessors predict that home prices will fall by just 7% in 2012, according to a survey of 50 top assessors by Mizrahi Tefahot Bank (TASE:MZTF). 70% of the assessors also expect rent to remain unchanged.
According to the Central Bureau of Statistics, the average home price fell to NIS 1.08 million in the third quarter of 2011, 3% less than in the preceding quarter.
65% of the assessors believe that prices for office space will remain unchanged in 2012, and 30% predict a 7% drop in prices.
The assessors also say that building permits take two years to obtain in Tel Aviv, compared with one year in other cities.
Published by Globes [online], Israel business news - www.globes-online.com - on December 22, 2011
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