July 19 (UPI) – Housing in Tel Aviv, Israel is more expensive than all but one European city, according to a recent survey.
IN Deloitte Property IndexA Survey of European Residential Property Markets found that Tel Aviv’s residential property market is more expensive than anything other than Paris.
Auditing firm looked at housing markets in 62 cities to come to a conclusion. Israel is the only market located in the Middle East to be included.
In Tel Aviv, the average price per square foot was $ 12,184, up 5.6% from 2019. For comparison, prices in Paris were $ 15,181 per square foot.
The only city included in the study to see a decline in house prices was Rome.
Austria topped the countries with the highest cost per square meter. Hungary experienced the highest growth in a year. Romania had highest interest rates…
The reviewers said the data will change as they anticipate a severe downturn in the economy.
“The eurozone economy is projected to contract by 6.3%,” the authors write. “The recession will be deepest in countries hit hard by the pandemic – Italy, where a 9.1% decline is expected, and Spain, where a 8.0% decline is expected. The forecast is the economy of Germany, the largest trading partner of the Czech economy. will decrease by 7.0% ”.
The authors also noted that the labor market can significantly change housing prospects.
“The trend of improving the situation on the labor market is over,” the authors write. “The situation on the labor market will worsen again due to the deep recession. The EU unemployment rate will rise to about 10% this year from a record low of 6.3% last year. Relief can be expected next year, given a new wave of the pandemic. is not coming “.