Dei'ah veDibur - Information & Insight
  

A Window into the Chareidi World

3 Nissan 5767 - March 22, 2007 | Mordecai Plaut, director Published Weekly
NEWS

OPINION
& COMMENT

OBSERVATIONS

HOME
& FAMILY

IN-DEPTH
FEATURES

VAAD HORABBONIM HAOLAMI LEINYONEI GIYUR

TOPICS IN THE NEWS

POPULAR EDITORIALS

HOMEPAGE

 

Produced and housed by
Shema Yisrael Torah Network
Shema Yisrael Torah Network

 

 

 

 

 

 

 

 

 

 

NEWS
Residential Real Estate to Continue Growing in 2007

by M. Green

Do today's market conditions "justify" purchasing an apartment or house? According to Bank Tefachot economists (who tend to be optimistic about the future of real estate) the answer is clear: mortgage banks in Israel are offering an ideal opportunity for anyone considering purchasing property for residential purposes based on the economic parameters affecting the real estate market.

Yaakov Reuter, assistant manager of the retail department and the bank official in charge of mortgage loans at Bank Mizrachi Tefachot, told reporters that according to the three most important parameters in real estate transactions — real estate prices, the exchange rate for the dollar and the interest rate — now is an optimal time to purchase an apartment or house.

"Apartment prices in Israel are linked to the dollar and because of the low value of the American currency against the shekel a decrease in residential real estate prices has been posted in many parts of the country. In other locations prices are the same as in previous years and only in a few areas that re in demand have prices gone up," says Reuter. Decreasing credit rates has also improved the customer's position, he says, since the interest rate on mortgage loans is the lowest it has been in years. This situation allows purchasers to make do with less self-capital and to receive a mortgage loan from the bank at higher funding rates and lower credit rates for periods of up to 30 years.

Reuter also says after several months of moderate activity in 2006 following the war in Lebanon, an impressive comeback was posted for the last quarter of the year, and certain high- demand areas even posted increased activity compared to the figures prior to the war.

Reuter forecasts continued expansion of the activity in the housing market in 2007. He says French Jews, who have been very active in this area for over a year, are now being joined by British Jews showing a growing interest in purchasing homes in Israel.

 

All material on this site is copyrighted and its use is restricted.
Click here for conditions of use.