Number of unsold new flats up, standing at 18,500 housing units
Photo: Avi Moalem
Housing prices down 1.2% in Q3
Figures released by Justice Ministry's chief land appraiser show 6% drop in flat prices in Tel Aviv
Apartment prices in Tel Aviv fell by 6% in the third quarter of 2011, according to figures released by the Justice Ministry's chief land appraiser, Tal Alderoti.
Housing prices across the country recorded an average drop of 1.2% in the third quarter, compared to the second quarter of the year.
New Trend
Dotan Levi, Calcalist
Young couples who don't have personal capital to make down payment on home take loans from several banks, credit companies to accrue initial capital needed for mortgage. Result: Loans with inflated interest rates, high default risks
The number of unsold new apartments saw an increase, standing at some 18,500 housing units.
Additional significant drops were recorded in Beersheba and Bat Yam (4%). In Modiin, apartment prices fell 3%.
In Netanya prices remained the same, while Ashdod, Haifa and Jerusalem saw a 2% increase.
In Ashkelon, despite recent rocket attacks, housing prices rose 1% compared to the second quarter of the year.
