Home prices up 63% since May 2007

Average rise from April to April: 15.3 percent.

By ORI CHOUDI/GLOBES
June 17, 2011 00:01
1 minute read.
Apartment in Tel Aviv

Apartment in Tel Aviv 311. (photo credit: Courtesy)

 
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Despite data published by the Finance Ministry this week, which said there had been a fall in home prices, the Central Bureau of Statistics on Thursday reported a rise. According to the figures published in the statistics bureau’s latest survey on home prices, the average price of an apartment rose 1.5% in April 2011 and has risen 63.2% since the housing-price index was begun in May 2007.

“The rise reflects the change in prices after taking into account the quality and type of homes,” the statistics bureau said. “The data is not final because additional deals that have been carried out during this period have yet to be reported. Comparison between March and April 2011 and the corresponding months of last year found that prices rose 15.3% over the past year. Comparison between February to March 2011 and the corresponding months of last year found that prices rose 13.9%.

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“Over the past few months it can be seen that house-price rises are similar to those last February and in December 2010. Since January 2011, prices have risen 5%, and during 2010, home prices rose 13%.”

In the first quarter of 2011, the price of an average four-room apartment in Israel was NIS 1,168,000, and the price of an average five-room apartment was NIS 1,577,000, the report said.

The price of an average four-room apartment in Tel Aviv was NIS 2,479,000, and the price of an average five-room apartment in Tel Aviv was NIS 3,427,000, the report said.

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