Israel records fifth highest rise in property prices globally
Posted on 02. Jun, 2010 by Buy-It In Israel Staff in Israel Real Estate
Home prices around the world are changing direction led by Israel which was ranked in fifth place in the list of countries with the sharpest increase in real estate prices in the first quarter of this year, according to the Global Property Guide survey.
Israel recorded the fifth highest rise in residential property prices in the world in the first three months of 2010 as prices leaped by 12 percent compared with the same quarter of 2009 and by 2.92 percent compared with the fourth quarter of last year, in inflation-adjusted terms.
The Global Property Guide’s statistical presentation uses price-changes after inflation, giving a more realistic picture than the more upbeat nominal figures usually preferred by real estate agents.
Hong Kong recorded the highest house price increase among all countries surveyed at 27.15 percent in inflation-adjusted terms during the year to the of end of the first quarter of 2010 compared with the first quarter of last year. During the same period last year, Hong Kong suffered a year-on-year drop of 15 percent.
In second place came Singapore, where house prices increased by 23.88 percent year-on-year to end of the first quarter of 2010, in contrast to the 22.70 percent price falls during the same period last year. In third place came Taiwan’s house prices, which rose 18.46 percent year-on-year to the first quarter of 2010, the highest increase ever recorded in the country.
Despite the pains of the global financial crisis, the Israel real estate market last year excelled and was ranked the best performer for two quarters in a row. House prices rose 10.2 percent over the year to the end of the third quarter of 2009, an acceleration from the 8.4 percent increase over the year to the end of the second quarter of last year.
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