Home prices still going up?

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

The Central Bureau of Statistics said, "The rise reflects the change in prices after taking into account the quality and type of homes. 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-March 2011 and the corresponding months of last year, found that prices rose 13.9%. 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 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.

Source Globes