Tuesday, January 11, 2011
Apartment prices in Tel Aviv rose 30% in 2010
The average price of a four-room apartment in 2010 showed double-digit growth in most of the country compared with 2009. Beersheva had the sharpest increase, at 30% to NIS 652,000 in December 2010 from NIS 503,000 a year earlier. The average price of a four-room apartment was NIS 363,000 in 2006. These prices explain investors' rush to areas where homes can be bought with relatively little equity of their own.
The average price of a four-room apartment rose 28% in Tel Aviv to NIS 2.74 million in December 2010 from NIS 2.5 million a year earlier (the average price was NIS 1.1 million in 2006). The increase of NIS 509,000 is nearly the price of an equivalent apartment in Beersheva. The average price of a four-room apartment rose 29% in Haifa, 22% in Jerusalem, 25% in Holon and Bat Yam, 21% in Petah Tikva, and 20% in Rishon LeZion.