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Rise in real-estate prices leads to 25,000 empty apartments in Ramallah

Official PA TV program The Economic Magazine, on the drop in demand for apartments in Ramallah

Official PA TV reporter: “The steep rise in the price of real estate stems from several reasons. The central ones are the rise in the cost of building materials and labor, in addition to the limited area of lands [permitted for building] due to the division of territory that the occupation imposed on the West Bank, which limits the amount of land and raises its price to an unbelievable extent.
Observers argue that the rise in prices is creating a situation that did not exist ten years ago, because then the number of uninhabited apartments in Ramallah for example did not exceed 10,000, whereas today the number of empty apartments in the city [of Ramallah] is over 25,000 apartments.
While the real estate market is considered the central engine of the Palestinian economy, the market is suffering from a lack of regulations and procedures that are meant to regulate it.”
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