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Anglo Saxon: Housing prices in Tel Aviv to remain steady

We at Village Israel don’t mind reporting on the activities of other agencies as we work cooperatively with many of the best. We almost always represent the buyers, and for that reason our website doesn’t feature listings. We let other agencies represent the sellers. By not having our own listings our clients benefit by seeing what everyone has to offer not what we have a vested interest to “push.”

Anyway, at a recent news conference arranged by Anglo Saxon real estate agency, new owner Ronen Shitrit predicted that housing prices in Tel Aviv will “stay steady or even drop a little,” this year but they will rise in outlying areas of the country due to rising demand. (A lot of this demand is due to the migration of the Chareidi community and people looking for reasonably priced properties)

Shitrit said that acquisition of housing for investment purposes will likely drop this year. Globes magazine also said recently that investors are moving back into the stock market. I feel that could mean that there could be some good deals available for people who want to invest in a property for the long term. Personally we’ve been contacted by a number of people with luxury apartments in Jerusalem for sale which were purchased as investments.

The greatest increases in deal flow in 2009, in contrast to 2008, were seen in cities like Zichron Yaakov (50%) and Petah Tikva (30%), and in so-called peripheral locales such as Lod (31%), Yokne’am (64%), Beit Shemesh (24%) and Pardes Hannah (30%), Anglo Saxon reported.

In Tel Aviv, the average transaction price in that city in 2009 was NIS 2.77 million. The year-over-year increase in Jerusalem was 11% and the average transaction price in the capital was NIS 1.78 million, according to Shitrit.

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