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Israel, despite perennial fears of war, has emerged as one of the hottest - and least likely - property markets in the world: Since real estate collapsed around the globe in 2008, at least one industry watchdog lists it as the fastest-rising property market on earth.
...In the span of months, the central bank has raised interest rates several times and the government is rallying to build new units in this land-strapped country.
"The housing market has set off enough crises, and we're not going to let that happen in Israel," Bank of Israel Governor Stanley Fischer said earlier this month in announcing his sixth rate hike in just over a year.
According to Global Property Guide, a trade magazine that monitors the housing market, Israeli housing prices in the second quarter of 2010 rose sixth-fastest in a ranking of 36 countries...For Israel, where high-tech and science are booming businesses, the property price spike is the latest claim to fame. But it's one officials aren't boasting about, given ample evidence of how an imploding bubble can shatter decades of economic growth.
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