The real estate market is cooling down? A 18% drop in demand for new apartments

A CBS report reveals that in the three months of February-April 2022, the requested amount of new apartments was about 17,140 apartments, of which: about 12,380 new apartments were sold. This is a decrease that may be another indication that the real estate market is starting to cool down.

Between Ashkenazi

14/06/2022

Tuesday, 14 June 2022, 11:54 Updated: 12:54

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The Central Bureau of Statistics publishes data on the housing market in Israel: In the last three months of February, March and April, the requested amount of new dwellings was about 17,140. This is a decrease of 18.1% compared to the previous three months, November, December and January.

The number of dwellings sold in these three months stands at about 12,380 new dwellings, a decrease of 23.5% compared to the previous three months of November, December and January

. Transactions of sale of new dwellings, of which 12.2% are transactions that have not yet been examined and approved by the Tax Authority.The

number of new dwellings (not for sale) that began construction in the last three months (until April 2022) stands at about 4,760 dwellings, a moderate increase of 0.5% compared to three Previous months.

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New residential neighborhood in Kiryat Malachi.

A little over 2,000 apartments were sold in the southern region in February-April 2022 (Photo: Reuven Castro)

The central area leads in the required amount of apartments

It is not surprising to find that the central area leads in the number of apartments in demand with a figure of demand for 4,168 apartments compared to 3,301 apartments sold.

After the central area is Tel Aviv (which is counted separately from the "center") with a figure of 3,603 apartments in demand compared to 3,023 apartments sold.

In the southern area there is a demand for 2,798 apartments while only 2,116 apartments were sold. In the north there is a demand for 2,183 apartments while only 720 In Jerusalem there was a demand for 2,113 apartments while only 1,468 apartments were

sold

, in Haifa there was a demand for 1,673 apartments while only 1,243 apartments were sold, while in the Israeli localities in Judea and Samaria there is a demand for 606 apartments and only 513 apartments were sold.

Cranes at a construction site in the Sharona area of ​​Tel Aviv.

The city remains with the highest rate of apartment sales in Israel (Photo: Reuven Castro)

Tel Aviv is a leader in the sale of apartments

Those who want to keep a close eye on the places where demand is low and supply is great should read the following lines since the localities where more than 700 apartments were sold in the three months February-April 2022 are: Tel Aviv-Yafo (935), Rishon Lezion (888), Beit Shemesh ( 776) and Ramat Gan (724).

At the top of the list of localities where there was an increase in the sale of new apartments in the last three months of February, March and April compared to the previous three months are Ramla, Rishon Lezion, Beer Sheva and Beit Shemesh.

The main localities in which the sale of new dwellings decreased in the last three months of February, March and April compared with the previous three months are: Beer Yaakov, Netivot, Ashkelon and Bnei Brak.

It is too early to know whether the data reflect a real decline in the real estate market or whether they reflect buyers' fear of interest rate hikes (the data refer to the period before the interest rate hike, but it was already "on the air"), but in light of recent data Verdict on the purchase of apartments that characterized the real estate market in Israel during 2021.

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