Jerusalem, Apr 15 (IANS): Housing prices in Israel have decreased for the first time since 2020, according to data issued by the Central Bureau of Statistics.

Home prices in the first two months this year decreased by 0.2 per cent compared to the period of December 2022 to January 2023, Xinhua news agency reported citing the data.

The previous decrease in housing prices in Israel was recorded in the period of April to May 2020, with 0.7 per cent.

Meanwhile, housing prices in Israel rose annually by 12.7 per cent in the first two months this year, reflecting a slowdown of the price increase pace after an annual rise of 20 pe rcent registered in the period of September to October 2022.

Housing prices in Israel have been increasing sharply in the last 15 years, despite successive governments trying to curb the spikes.

The bureau's data shows that the average price of a residential apartment in Israel was 1.9 million shekels ($520,000) in 2022, compared to 1.73 million shekels in 2021, 1.46 million shekels in 2016 and 746,000 shekels in 2007.