Rise in building starts is good news for Israel real estate market
According to figures released last week by the Central Bureau of Statistics, the first nine months of 2010 saw the start of construction of 27,780 new apartments – a 10% rise compared to the same period last year and a 4% increase compared to the last nine months of 2009.
Some 66,800 apartments were in active construction at the end of September – the highest figure since the third quarter of 2002. This is the fifth quarter in a row with more than 9,000 building starts.
Yossi Gordon, CEO of the Association of Contractors and Builders in Israel, said in response that the extent of building starts this year is expected to reach 37,000 new apartments.
Although this is an encouraging sign, the 37,000 figure is still not enough to meet Israel's annual demand for new apartments. A recent Bank Leumi report suggested that even 45,000 new apartments would not meet the demand in 2011-2012.
Source: Ynetnews.com
December 13, 2010
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