Housing in Israel
Housing in Israel refers to the history of housing in Israel.
History
After the establishment of the State of Israel, hundreds of thousands of
Jewish Agency imported 6,000 cabins from Sweden for temporary accommodation.[1]
In cities and development towns all over the country, rows of concrete tenements began to be hastily erected to address the severe housing shortage.[2] These government-funded low-cost housing projects were known as shikunim. [3]
In the late 2000s and 2010, the real-estate prices in Israel appeared to be inflated compared to the long-term average, other developed economies, rents and average income. This
real estate bubble was blamed on the country-wide housing shortage.[4][5] However, many economists and investors do not see it as a bubble.[6]
In response to
the global economic recession in 2008, Israel's central bank governor, Stanley Fischer, lowered interest rates to an all-time low of 0.5%. That resulted in prices rising very fast in 2009, after rising steadily in the preceding decade.[7]
Most
mortgages taken out in 2007–2009 were adjustable-rate mortgages pegged to the prime rate, which at the low was 1.75%.[8]
Home ownership
In 2012, 67.9% of Israelis lived in homes that they owned and 26.9% in rented homes.[9]
See also
References
- ^ Immigrants in Turmoil: Mass Immigration to Israel and Its Repercussions in the 1950s and After, Dvora Hacohen, Syracuse University Press, 2003, pp.130-131
- ^ Encyclopedia of Zionism and Israel, edited by Raphael Patai, Herzl Press, McGraw, New York, 1971 "Architecture and Town Planning in Israel," Vol. 1, pp. 71-76
- ^ Jerusalem Architecture since 1948
- ^ Yossi Nissan (11 April 2011). ""We are not solving the severe housing shortage."". Globes. Retrieved 2011-07-14.
- ^ cabinet secretariat (19 June 2011). "Cabinet communique". Ministry of Foreign Affairs (Israel). Retrieved 2011-07-14.
- ^ "Is the housing bubble really just a lot of babble? - Haaretz - Israel News". www.haaretz.com. Archived from the original on 2010-04-09.
- ^ "Archived copy". Archived from the original on 2011-07-21. Retrieved 2010-01-10.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ "Mortgage market booming while interest rates are low - Haaretz - Israel News". www.haaretz.com. Archived from the original on 2009-07-26.
- ^ Tali Heruti-Sover (November 12, 2013). "Households in 2012: In Which City Do People Earn the Most?". TheMarker. Retrieved November 13, 2013.