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Real Estate in Israel 1999 to 2009
1 999-2009: Israel
Russia's financial crisis, which began in the second half of 1998, was the cause of his arrival in the country a large number of immigrants, which in 1999 was reflected in the Israeli market
12% increase in m prices. Then followed a period of decline, largely due to problems in the Israeli economy, which suffered from a crisis in the world market of high-tech products, as well as from the Arab "intifada" in breach of economic ties with the Palestinian Authority. Housing prices in the period from October 2000 until mid-2003 the national average, according to the Central Bureau of Statistics of Israel, fell by 6.5%, moreover, that if the cheaper housing in Jerusalem only by 3.9%, while in Tel Aviv - by 16.6 %. This was followed by a happy period, which lasted until early 2006, during which prices rose at 1.28 times, which was associated with economic stability and improving the security situation. Against this backdrop, intensified foreign investors: in 2003 they acquired the property for a total of $ 190 million in 2005 - already at $ 1.2 billion
In July 2006, Israel launched military operations in southern Lebanon against the controlling this Region Hezbollah received in response to rocket attacks on its northern territories. In August, the conflict is over, but without causing much damage to either the rate of the Israeli shekel, nor the Israeli stock exchange, he was nevertheless quite a big influence on the housing market, lowering the average price of housing units by 11.6%, from $ 228 198 to $ 201 722.
It should be noted that the results of the Lebanese company affected the value of residential properties in different ways: in the "frontline" Haifa market in 2006 lost 10.3% in Tel Aviv - 12.6%, and in towns south of the country prices are even rose, increasing by 8.9%.
Next, in 2007, proved successful for the Israeli economy, gross domestic product growing at 5.2%. Foreign investment in Israeli residential real estate totaled approximately $ 1.5 billion, which was purchased about 5 thousand housing units. The cost of apartments in Tel Aviv, Bat Yam, Ashdod and Ramat Gan increased by 20-30%, in Ra'anana and Netanya - 15%. At the same time, property of Haifa and the surrounding Krayot showed negative growth - 12-15%. Average house prices in IV quarter of 2006 before I square. 2008 fell
in Haifa by 21%.
According to brokers Anglo Saxon in 2007, 47% of all real estate sales to foreigners accounted for buyers from the UK and France, but by 2008 their market share fell to 30%. Citizens of Canada, South Africa and Australia, by contrast, have increased their investment activity from 15% to 25% of the volume of transactions.
2008 began with a confident rising prices and despite the 2.5% decline in November and December, in the grand total price of the Israeli apartments rose by 11%. In the past year there was another important event: September 20, came into effect a bilateral agreement between Russia and Israel to lift the visa regime. In this regard, in the IV quarter of 2008 compared to the same period of 2007 the demand of citizens of Russia to buy property in Israel grew by 2.5 times. It is reported that the most popular among Russians enjoy Tel Aviv and the resort town of Netanya, which accounted for respectively 40% and 30% of all real estate transactions.
In early 2009, growth continued, reaching in I quarter, according to Global Property Guide 2.87%. Housing since the beginning of the year increased by 3.5%, while non-residential buildings - by 22.8%. International real estate agency Knight Frank, summing up the annual period ending in I quarter 2009 in its rating of Global House Price Index has placed Israel in the first place, considering the annual growth of real estate investments in 10.9%. Average cost of an apartment in Jerusalem, is estimated at $ 256 thousand, in Tel Aviv - $ 322 thousand, in Haifa - $ 128 thousand meter average price in a Tel Aviv apartment of 120 square. meters estimated by experts Global Property Guide at $ 5086.
