The downward trend in the price of Israeli homes has continued for the third consecutive month, the Central Bureau of Statistics reported this evening. Prices of second-hand homes fell 0.3% in November after falling by 0.9% in October and 0.3% in September. The index was published together with the Consumer Price Index (CPI) for December.
It should be stressed that the data on Israeli home prices in November is provisional and the final figures will be published in the coming months.
The CPI's housing costs clause showed a 0.1% drop in December stemming from new rental contracts and existing rental contracts that are not included in home prices themselves.
The fall of apartment prices in September, October and November has followed rises in every single month since January 2009. Between January 2009 and August 2011 apartment prices rose 38%. Since September home prices have fallen by an accumulative 1.5%, according to the Central Bureau of Statistics.
In the final quarter of 2011 the price of an average apartment in Israel was NIS 1.08 million, 3.2% down from the preceding quarter.
Published by Globes, Israel business news - www.globes-online.com - on January 15, 2012
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