Israeli housing bubble in early stages: Bank of Israel paper

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A Bank of Israel paper published on Monday says that while house prices in Israel increased at a much faster pace during the past three years, the emergence of a housing bubble, if present, is still at an early stage and difficult to detect.

The paper's authors, Polina Dovman, Sigal Ribon and Yossi Yakhin, show that between December 2007 and August 2010 house prices rose by 35% in real terms – an average annual rise of 12%, much faster than their long-term rate of increase.

Amid concerns over the

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