The new Tel Aviv Tayelet is coming

Work on the new Tayelet in Tel Aviv has just started. The major upgrade that has been in the pipe for a couple of years now and whose objective is to make the beach promenade more attractive and in line with the upgraded Tel Aviv Port (Namal) is now in motion. You can find below images of the works as well as some renders of the expected result.

Enjoy!

Property market continues to overheat...

The Bank of Israel is concerned at the rise in real estate prices. "There is a renewal of the rapid rise in housing prices, alongside a fall in building starts and a rise in the number of transactions and the volume of mortgages," the protocol of the discussion on the interest rate decision for February by the central bank's Monetary Committee states.

According to the Bank of Israel, the housing item in the Consumer Price Index rose by 3.3% in the year to December, compared with 2.8% in the year to November. In October-November, housing rose 1.1%, compared with a 0.7% rise in September-October. In the twelve months to November, home prices rose 5.7%, compared with a rise of 4.1% in the twelve months to October. Meanwhile, the number of housing units started in the period January to October was 20% lower than the number for the corresponding period of 2011, and land sales by the Israel Land Administration also slowed sharply. Further evidence that the housing market continues to overheat lies in the statistics for mortgages granted in January released by the Bank of Israel today. Mortgages totaling NIS 3.97 billion were granted last month, a figure that is 2% higher than the average for the past twelve months. Although it represents a fall of 15% in comparison with December, it must be recalled that December is traditionally a very strong month. In comparison with January 2012, the figure is 30% up.