Yes, it's real: a sharp drop in demand and the purchase of apartments

According to the CBS report published today, there was a 23 percent decrease in the number of new apartments sold in July compared to June, and no less than 45 percent compared to July last year. A decrease of 5 percent in an annual comparison

Bini Ashkenazi

14/09/2022

Wednesday, September 14, 2022, 1:00 p.m

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On video: press conference to present the government's solution to the housing crisis (photo: Leam)

Apparently, the increase in interest rates and the rise in mortgage prices has taken its toll.

According to the CBS report published today, there was a drop of no less than 23 percent in the number of new apartments sold in July compared to June.

According to the report, 2,784 new apartments were sold in July compared to 3,616 apartments in June, when the demand level also dropped sharply 4,319 apartments compared to 5,108 in the previous month - a gap of more than 15 percent.

Sharp drop in demand (Photo: Reuven Castro)

When you compare the data to July last year, you get a more dramatic number.

Last year, the amount of apartments sold was 5,098, almost double this year's amount - 2,784 - a gap of 45 percent.

Last July there were 5,983 requests for apartments compared to 4,319 this year, a difference of 28 percent.

The number of apartments not for sale was 1,535.

According to the trend data, there was a decrease of 2.8% compared to the previous month in this category.

And what about the annual amount?

According to the report, there was a 5 percent decrease in the total number of apartments requested between August 2021 and July 2022 compared to the corresponding period between August 2020 and July 2021. In regards to new apartments sold, the differences are minor - a decrease of only 0.2 percent, but it is important to note the decrease that occurred in the three months Between May and July compared to February-April 10 percent.

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The CBS numbers in the current report (Photo: Public Relations)

The requested amount of apartments by region in the country in the last three months of May, June and July continues to be the same.

In the central area (which does not include Tel Aviv) the number is 3,446 requested apartments.

Immediately after, the southern region with a requested quantity of 2,780 apartments, in the Tel Aviv area 2,676 apartments are requested, in the northern area 2,527 apartments are requested, in Haifa 1,761 apartments and in Jerusalem 1,463 apartments.

449 apartments are requested in the Israeli settlements in Judea and Samaria.

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