Israel was the world's third best performer in the housing market in 2010, according to a survey published over the weekend by the Global Property Guide magazine, which offers information for residential property investors who want to buy houses or apartments in other countries.
According to the magazine's review, during 2010 only 15 countries for which Q4 statistics were available experienced house price increases, including Israel, while 21 countries had house price reductions.
However, 18 housing markets performed better in 2010 than the previous year, while 16 countries performed worse. In two countries there was no appreciable change since the previous year, the magazine said.
According to the Global Property Guide, Israeli house prices posted a 13.43% growth during 2010, compared to the previous year's 18.15%. There have been six quarterly double-digit house price rises in Israel since the third quarter of 2009.
The list of countries which recorded a rise in real estate prices is led by Latvia, followed by Singapore, Israel, Estonia, Taiwan, Norway, Thailand, Australia, Japan and Finland.
As for the markets which recorded price reductions, the survey shows that house prices in the United States continued to fall compared to the previous year. Ireland and Greece, which suffered a serious crisis requiring global financial help, also registered sharp declines in real estate prices. Bulgaria, Hungary, Lithuania and Ukraine suffered from a serious local real estate crisis as well.
The magazine stresses that despite the recovery in the housing market of Baltic countries Latvia and Estonia in 2010, the price hikes have reached their peak and the prices are unlikely to climb any further.
The survey also found that price rises still continue in some Asian countries (Taiwan, Thailand, Japan), but Singapore's boom seems to have moderated.
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