Reasons the Israel Real Estate Market has cooled off
Recent reports from both the Central Bureau of Staistics and the Israel's Finance Ministry show that the residential property market in Israel has cooled off in 2016. Purchases by both foreign residents and local investors are down over the last 12 months. The Finance Ministry noted that purchases by Investors is at it's lowest level in years. Many prople speculate that this decline is primarily due to the Governments latest tax increases on multiple ownership of residential properties. The decline in purchases by foreign residents could be partially attributed to the uncertain political climate during 2016 in the US, but the higher Purchase Tax on apartment purchases probably also contributed to the slow down.