"Prices in Tel Aviv will reach NIS 100,000 per square meter"
Workers from Ukraine are leaving, the Chinese are demanding huge wages and the construction workers' corporation is convinced: "The severe shortage of workers will lead to a price increase of about 20 percent"
Walla!
Real Estate
23/05/2022
Monday, 23 May 2022, 08:37
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"The severe shortage of foreign workers in the construction industry will lead to a 20% increase in housing prices by 2022 compared to 2021, and at this rate prices will reach NIS 100,000 per square meter in Tel Aviv.
" Construction at the Chamber of Commerce.
The problem, according to Nitzan, is that Chinese foreign workers take advantage of the severe shortage of foreign workers in the wet jobs in the construction industry and demand salaries of about NIS 20,000 per month.
The employment of about 30,000 foreign workers in the wet works in the construction industry, works not performed by Israeli workers, will also lead to a reduction in the wages of foreign workers and will help contractors lower construction costs, given the fact that contractors currently pay these workers huge salaries.
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Tel Aviv on an illogical price path (Photo: Reuven Castro)
Today, about 16,500 foreign workers are employed in the construction industry, about 2,500 of whom are Ukrainians.
Some have even left Israel in the past two months to join their families who fled Ukraine.
Hundreds of other foreign workers from Ukraine are also currently considering leaving Israel.
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