Housing bubble feared in Israel as house prices soar anew in Q1 2010
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After a 22% y-o-y price surge in Q4 2009, the average dwelling price in Israel rose 16% y-o-y during the first quarter of 2010, according to data from the Central Bureau of Statistics. It was the fourth consecutive quarter of double-digit annual house price increases.
The average price of owner-occupied dwellings in nine main residential areas was ILS958,000 (US$248,371) in Q1 2010, up by 2% from the previous quarter. Prices in Tel Aviv and Jerusalem remain the highest at ILS 1.7 million (US$450,750) and ILS1.33 million (US$352,640), respectively. The average prices were up by around 4% to 5% q-o-q in these two main metropolitan areas.
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