Government planning measures to halt apartment price rises

June 13, 2010 08:57

The Finance Ministry is planning new measures to prevent the development of a "housing bubble" in Israel, according to reports on Sunday, by increasing the availability of new apartments by 50%.

The plans involve encouraging an increase in construction of new apartments, by making it easier for residents of old apartment blocks to add a floor ("tama 38") or agree to replacement of old buildings ("pinui binui").  The ministry also intends to encourage construction in the periphery and encourage construction on agricultural land.

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