The number of average salaries to buy an average apartment has fallen from 134 to 127.
The Ministry of Housing and Construction reported today that 127 average national salaries are now needed to buy an apartment. The ministry bases its calculation on home prices published by the Central Bureau of Statistics, according to which the average home price was NIS 1.13 million in the first quarter of 2012, and the average gross national salary was NIS 8,927 a month.
The figure is an improvement on the 134 average national salaries needed to by an average apartment in the first quarter of 2011. A homebuyer can save NIS 62,000, or seven salaries to buy a home.
According to the Ministry of Housing, the average home price was 2.6% lower in the first quarter compared with the corresponding quarter, while the average salary rose by 2.5%, reducing the number of average salaries needed to buy an average apartment.
Published by Globes [online], Israel business news - www.globes-online.com - on June 13, 2012
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