Whether or not a real estate bubble is developing in Israel, the country is not far behind Hong Kong. The “Global Property Guide’s survey of changes in home prices for the third quarter of 2010 puts Israel in fourth place, after Hong Kong.
The survey ranks residential real estate markets by the change in prices from the corresponding quarter of the previous year. The Latvian capital of Riga is in first place, with a 24.6% rise in nominal home prices, followed by Singapore, with a 22.9% rise in nominal home prices. “The rapid economic expansion in Singapore canceled out anti-speculative measures implemented by the government,” “Global Property Guide” said.