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"We are on the brink of a social bomb, which the 2011 protests will pale in comparison to" - voila! Real estate

2023-02-08T12:56:47.932Z


A national survey reveals a sad situation according to which more than half of the mortgage holders in Israel have difficulty meeting their mortgage payments, with 80% of the young people admitting that they would not be able to meet the payments without help from their parents


91.3% of the young couples who decided to give up buying an apartment, it is as a result of the increase in interest rates (Photo: ShutterStock)

Due to the increase in interest rates, which also adds to the high real estate prices - many Israelis who have taken the big step and decided to purchase an apartment admit that they are barely able to cope with the monthly repayment cost of their mortgage loan, which has jumped dramatically in recent months.



Also, for many young couples - The financial goal for purchasing an apartment is getting farther and farther away, and some simply give up and accept the situation, or think of investing in real estate abroad.



The Hot Consumer Club, which recently stated that it will work to help lower the cost of living for over 300 thousand of its colleagues, launched a broad national survey through Geocartography company, which examined the real estate situation among young couples in Israel, aged between 25 and 45, following the rise in interest rates.



These are the main data that emerged from the survey:

A national survey by the Geocartography company (photo: screenshot, Hot Consumer Club)

  • 48.9% of young couples do not own an apartment.

  • 22.9% of the young couples considered buying an apartment in Israel in the last year, but gave it up.

  • 91.3% of the young couples who decided to give up buying an apartment, it is as a result of the increase in interest rates.

  • 78.1% of the young couples reported that they need help from their parents or relatives in buying an apartment.

  • 62% of young couples find it difficult to meet their monthly mortgage due to the increase in interest rates.

  • .

  • 31% of the young couples reduced their spending on food and supermarket products following the increase in interest rates.

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"It's a clamp movement that crushes us"

Tzvika Vilnai, CEO of the 'Hot' consumer club, in analyzing the survey data:

"We see a huge gap between the desire and need to purchase an apartment, and the ability to do so.

The main reason for this, as the survey shows, is the jump in interest rates.

The enormous frustration that is the share of these families who have given up their dream is partly channeled into buying an apartment abroad and from there the road to leaving the country is short. Even those who have already purchased an apartment find it difficult to repay the mortgage and are forced to rely on the family, while reducing and significantly affecting the standard of living."



"I will remind you that the tent protest that took place 11 years ago took place when the price level was tens of percent lower than today, and since then the frustration has only increased. This frustration has another significant component which is manifested in the reduction of purchasing power as a result of the increase in mortgages. The damage here is twofold - both the prices of products and services become more expensive and the wages available to buy them Small. This is a clamp movement that is crushing us. We are on the brink of a social bomb, which the 2011 protest will pale in comparison to."

A national survey by the Geocartography company (photo: screenshot, Hot Consumer Club)

"In the absence of a government that is able to provide an answer, consumers must band together to create a power group that will put pressure on the government on the one hand, and on the business entities on the other hand. This is the only way to stop the danger that is lurking before us. Also, in light of the rise in real estate prices and the interest rate that breaks records every month, consumer clubs They should take advantage of their power as a consumer community and obtain significant discounts that can make it easier for the consumer community to purchase an apartment.

We as consumer clubs can be a good and economical alternative to buying an apartment at a discount, we have the power to do so and thus fight the cost of living."

  • Real estate

Tags

  • real estate

Source: walla

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