BREAKING NEWS

Fischer: Home prices could double in 5 years

By ADRIAN FILUT / GLOBES

JUNE 20, 2011 18:01

More can be done in the real estate market, Governor of the Bank of Israel Stanley Fischer told the Israel Democracy Institute's 19th Caesarea Economic Forum today, expressing doubts about Finance Ministry figures that claim home prices are falling. He said that it was necessary to deal with the housing supply and bureaucracy.

"Why are we worried? Because prices are rising by 16 percent, which means that prices will double within five years. This has to stop. The question is whether it will stop in a way that won't harm the economy," said Fischer.

"Our prices are already higher than in the US and Ireland. History proves that many financial crises began in the housing market; properties, and then it suddenly all bursts."

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