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The cooling of the market is at its peak: the level of contractor sales in the last July-August months is the lowest since May 2020. How did this affect the transactions in the last week?

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Ofer Petersburg

10/21/2022

Friday, October 21, 2022, 1:00 p.m. Updated: 1:16 p.m.

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A sharp drop in apartment purchases by young couples in the Jerusalem area (Photo: ShutterStock)

The report of the Chief Economist at the Ministry of Finance indicates that the level of contractor sales in the last July-August months is the lowest since May 2020, which was overshadowed by the outbreak of the Corona epidemic.

In the month of August, the sale of new apartments amounted to 2.9 thousand apartments, a sharp drop of 44% compared to August last year, this is a continuation of the decreases that have been intensifying since last February.

Deducting the sales under the "Resident's Price" the sales of contractors on the free market amounted to 2.4 thousand apartments, a decrease of 35% compared to August last year.

Compared to the previous month, the sales of the contractors, both in the free market and including the "price for the tenant", remained without substantial change.

In a geographic segmentation it was found that in almost all regions there was a sharp decrease in contractor sales in the free market compared to August last year, with the exception of the Haifa region which recorded an increase of 7%, however this increase was recorded against the background of purchases of a cluster of apartments for rent in Yokneam Illit,

Also, in the Tiberias region an unusual increase of 49% was recorded, but quantitatively it is still a low level of transactions (55 apartments).

On the other hand, the area that led the decrease in contractor sales in the free market was the Jerusalem area, which recorded a decrease of 41% compared to August last year.

Among the factors that led to this sharp decrease in the Jerusalem area was the sharp decrease recorded in the purchases of young couples in this area.

Jerusalem

• 3.5 room penthouse on Dov Sadan Street in Pisgat Zeev

  , 85 square meters including a Sukkah balcony, 3rd floor out of 3, no elevator, no parking,

  sold for NIS 1.75 million.

Tel Aviv

• 4-room apartment, Machal Street, Neve Eliezer neighborhood

  , 94 square meters, 8 square meters balcony, 8th floor out of 11, parking, elevator,

  sold for NIS 2,630,000.

• 2-room apartment, Florentin 10 in Tel Aviv

  , about 50 square meters plus a 4 square meter sun terrace, 1st floor out of 5, elevator, parking lot (not working),

  sold for NIS 2,600,000.

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Herzliya

• A 5-room apartment on Natan Alterman Street,

  Beruka West Herzliya, 125 square meters + 11 square meters balcony + 7 square meters storage, 9th floor out of 12, with 2 parking spaces and an elevator,

  sold for NIS 5.26 million.

Be'er Ya'akov

• A 4-room apartment on Avraham Shapira Street

  , 110 square meters + 13 square meters of balcony, floor 11 out of 15, with an elevator and parking, a warehouse adjacent to the apartment,

  sold for NIS 2.62 million.

Holon

• 4-room apartment, Barkat 10, Neve Remez neighborhood in Holon

  , 100 square meters, balcony 12 square meters, floor 2 out of 5, elevator, parking, on the route of the light rail station in Barkat in Holon, boutique building with 11 tenants,

  sold for NIS 2,250,000 .

Haifa

• 3-room apartment, Zalman Shnior Street,

  Ramot Ramez neighborhood, 48 square meters, 1st floor out of 8, elevator,

  sold for NIS 825,000.

• 4-room apartment, Derech Hayam Street

  , West Carmel, 80 square meters, 1st floor out of 6, elevator,

  sold for NIS 1,250,000.

Beer Sheva

• 4-room apartment, Rambam Street

  , Rambam neighborhood, 110 square meters, 3rd floor out of 8, parking, elevator,

  sold for NIS 1,080,000.

• 2-room apartment, Dado Hamelech Street

  , neighborhood D, 60 square meters, 1st floor out of 4,

  sold for NIS 615,000.

• 4-room apartment, Operation Yoav Street

  , neighborhood 6, 100 square meters, 4th floor out of 4,

  sold for NIS 780,000.

Kfar Saba

• 7-room duplex, Avraham Keren Street,

  city center, 244 square meters, floor 4 out of 5, parking, elevator,

  sold for NIS 3,900,000.

Migdal Haemek

3-room apartment, 15 Kadesh St.

, 65 square meters, 2nd floor out of 2, without parking or balcony, renovated and rented for NIS 2,000,

Carmiel

• 4-room apartment, 77 Hagana St.

  , Ramat Rabin neighborhood, 130 square meters, balcony of about 20 square meters facing an open view, 4th floor out of 4, 10-year-old building with elevator, parking and storage,

  sold for NIS 1,700,000.

• 6-room private house, 92 Arava St.,

  about 170 square meters on two levels, on a plot of about 280 square meters, a 25 square meter balcony on the upper level, parking and storage,

  sold for NIS 2,600,000.

Mevaseret Zion

• Rent:

  6.5 room villa on Zamir Street

  , 250 square meters + 30 square meter warehouse,

  rented for NIS 10,500 per month

  .

The Haifa region recorded an increase of 7% compared to August last year (Photo: ShutterStock)

The transactions were kindly provided by

the Real Estate Broker chain, branches in Tel Aviv, Holon, Bat Yam, Migdal Ha'emek, Karmiel, the Anglo Saxon chain, branches in Jerusalem, Mevsheret, Herzliya and Ramat Hasharon, and the Re/Max chain, Re/Max Ocean branches, Re/Max ONE, Re/Max Plus, Re/Max City.

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