Israel’s housing market Philip Hemmings, Head of Israel Desk, Economics Department, OECD Globes...
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Transcript of Israel’s housing market Philip Hemmings, Head of Israel Desk, Economics Department, OECD Globes...
![Page 1: Israel’s housing market Philip Hemmings, Head of Israel Desk, Economics Department, OECD Globes Conference December 2011.](https://reader035.fdocuments.in/reader035/viewer/2022062804/56649f2f5503460f94c49da9/html5/thumbnails/1.jpg)
Israel’s housing market
Philip Hemmings, Head of Israel Desk, Economics Department, OECDGlobes Conference December 2011
![Page 2: Israel’s housing market Philip Hemmings, Head of Israel Desk, Economics Department, OECD Globes Conference December 2011.](https://reader035.fdocuments.in/reader035/viewer/2022062804/56649f2f5503460f94c49da9/html5/thumbnails/2.jpg)
The market has turned around
![Page 3: Israel’s housing market Philip Hemmings, Head of Israel Desk, Economics Department, OECD Globes Conference December 2011.](https://reader035.fdocuments.in/reader035/viewer/2022062804/56649f2f5503460f94c49da9/html5/thumbnails/3.jpg)
An unusual history of price developments
![Page 4: Israel’s housing market Philip Hemmings, Head of Israel Desk, Economics Department, OECD Globes Conference December 2011.](https://reader035.fdocuments.in/reader035/viewer/2022062804/56649f2f5503460f94c49da9/html5/thumbnails/4.jpg)
A small upswing in prices compared to some markets
![Page 5: Israel’s housing market Philip Hemmings, Head of Israel Desk, Economics Department, OECD Globes Conference December 2011.](https://reader035.fdocuments.in/reader035/viewer/2022062804/56649f2f5503460f94c49da9/html5/thumbnails/5.jpg)
No (very loud) alarm bells (yet) in other indicators
![Page 6: Israel’s housing market Philip Hemmings, Head of Israel Desk, Economics Department, OECD Globes Conference December 2011.](https://reader035.fdocuments.in/reader035/viewer/2022062804/56649f2f5503460f94c49da9/html5/thumbnails/6.jpg)
Conservative mortgage lending
• Virtual absence of securitisation
• Low loan-to-value ratios
![Page 7: Israel’s housing market Philip Hemmings, Head of Israel Desk, Economics Department, OECD Globes Conference December 2011.](https://reader035.fdocuments.in/reader035/viewer/2022062804/56649f2f5503460f94c49da9/html5/thumbnails/7.jpg)
Possible contingency measures
• Reversal (perhaps partial) of macroprudential measures
• Tempering of efforts to encourage new housing construction
![Page 8: Israel’s housing market Philip Hemmings, Head of Israel Desk, Economics Department, OECD Globes Conference December 2011.](https://reader035.fdocuments.in/reader035/viewer/2022062804/56649f2f5503460f94c49da9/html5/thumbnails/8.jpg)
Distinctive features of Israeli housing support
• Unusual objective function
• Highly centralised
![Page 9: Israel’s housing market Philip Hemmings, Head of Israel Desk, Economics Department, OECD Globes Conference December 2011.](https://reader035.fdocuments.in/reader035/viewer/2022062804/56649f2f5503460f94c49da9/html5/thumbnails/9.jpg)
Notable common challenges in housing support
• Diversion of support
• Mobility traps
• Coherence with other benefits and the tax system
![Page 10: Israel’s housing market Philip Hemmings, Head of Israel Desk, Economics Department, OECD Globes Conference December 2011.](https://reader035.fdocuments.in/reader035/viewer/2022062804/56649f2f5503460f94c49da9/html5/thumbnails/10.jpg)
The in-depth chapter recommends
• A simpler and more transparent system
• Some specific adjustments to help make better use of spending
![Page 11: Israel’s housing market Philip Hemmings, Head of Israel Desk, Economics Department, OECD Globes Conference December 2011.](https://reader035.fdocuments.in/reader035/viewer/2022062804/56649f2f5503460f94c49da9/html5/thumbnails/11.jpg)
Thank you!