Home prices in Israel rise for fourth straight month

Home prices in Israel continue to rise, even as the Israeli government moves ahead on the zero VAT and target price plans for housing.

On Monday, the Central Bureau of Statistics reported that the Prices of Dwelling Index rose by 0.6% in February 2014.

This was the fourth consecutive month of rising home prices since the 0.5% dip in October 2013.

Home price rose by 6.4% in the 12 months through February, and prices were 7.2% higher in December-January and in the corresponding period of last year.

Home prices have risen by over 80% since July 2007.

The average home price was NIS 1.24 million at the end of 2013, 8.4% more than NIS 1.14 million a year earlier.

The average rent was 1.8% higher in the fourth quarter of 2013 than in the preceding quarter.

Rent rose in all districts, including a 2.5% rise in the Tel Aviv District and a 2.4% rise in the Sharon District.