"The Israeli residential market has been unchanged in recent years, except in greater Tel Aviv and Jerusalem, where there has been a sharp rise in demand and prices," says Union Bank in a survey on the housing market. The bank says that the average apartment price has fallen 7% since April 2006. The average apartment price fell by 2% in the north, 7% in the Sharon region, and that the sharpest decline was in Haifa - 22.5%.
In contrast, the average apartment rose by 10% in the south in the past two years, by 6% in Jerusalem, 3.4% in Tel Aviv, and 3.3% in the central region.
