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Wednesday, August 09, 2006

Real Estate Market Holding Strong

Despite the war raging in the north, Israel's real estate market (in areas not directly affected by Hezbollah's rockets) remain not only strong, but unaffected by the current conflict.

(Globes Online) Apartment price list editor Levy Yitzhak claims a survey he conducted reveals that the real estate market in areas not located near the conflict region have remained virtually unaffected by the fighting. "The range of properties for sale or advertised in most cities was similar to that in the weeks prior to the outbreak of hostilities in the north" he says. [...]

"So far, there have been no cancellations in the central region of deals in the pipeline," says Yitzhak. "Moreover, even foreign investors with six-figure investments have not suspended their plans. While it would be fair to say that none of the pending deals are in the north but rather, in Tel Aviv, Jerusalem, Herzilya Pituah or Caesarea, no one has backed out of any deal."

Yitzhak surveyed 500 participants in order to find out the wars affect on places not directly affected by the conflict. Ironically, in some regions, not only did he find things relatively unchanged, but an increased demand (for one or two room apartments in Tel Aviv, for example).

The strong demand seems to be coming from mostly foreigners and investors, which will hopefully translate into mass tourism during this upcoming holiday season.

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