House prices rise 20% in February, but fewer homes change hands

In dire need of renovation. Photo:

House prices continue to rise, increasing just over 20% in February compared with February a year ago, national statistics agency CBS said on Tuesday.

The increase is marginally down on that of January, when a 21.1% increase was recorded. That was the biggest rise since the CBS began keeping records in 1995.

House prices have been rising steadily since June 2013 when they hit a low during the financial crisis. Compared with that month, prices have risen by nearly 92%.

At the same time, the number of transactions continues to decline, due to the shortage of homes for sale. Just over 14,000 flats and houses changed hands in February, down 17% on February 2021, the CBS said.

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