18.11.2010 - Israeli real estate bubble? It's a tale of two cities (at least)
From Observer.com: There has been much talk lately about the potential of a dangerous real estate bubble in Israel's cities. The Observer's Laura Kusisto asked last week if Israel — where foreign buyers of luxury properties have not only rapidly and substantially driven up the cost of housing, but have created a fragile market — may compare to Dubai's and to the US, whose real estate crashes were felt around the world. Meanwhile, Bank of Israel Governor Stanley Fischer, the former MIT professor and Chief Economist at the World Bank, also last week, told a Knesset finance committee that an unusual phenomenon of Israeli parents helping their young married children buy first homes was also skewing the real estate market to make it look more similar to those countries which have had a bubble..............................................Full Article: Source