The freeze in the housing market is gaining momentum:
according to data published today (Tuesday) by the Central Bureau of Statistics - sales of new apartments fell in January by 42% compared to January last year, and by 7.4% compared to the month before it, December 2022. This drop reflects the sale
of Only 2,574 apartments last January.
This is one of the two weakest months in the sale of new apartments in almost 3 years - since the first corona closure period in May 2020. The
amount of transactions was even smaller in the month of October 2022, when only 1,991 new apartments were sold, but an asterisk should be added to this figure - in addition to the interest rate increase which was in the background, in the first half of October the economy works in a reduced format due to the holiday period.
Considering that the data published today does not have an asterisk attached, one can wonder: is this the turn we have been waiting for in the real estate market?
A construction project of towers in the city of Jerusalem, as of today, the most sought-after city (Photo: ShutterStock)
In addition, an examination of the trend data shows that from September 2021 until today, an average decrease of 4.3% per month was recorded.
If we examine the trend for a longer period, it seems that from February 2018 to August 2021 an increase was observed at a rate of 2.5% per month (with a small slowdown in the months of December 2019-March 2020).
The most sought-after Jerusalem;
Tel Aviv is in decline
According to the review by the CBS, in the 3 months from November 2022 to January 2023, the city where the most new apartments were sold is Jerusalem - with 710 apartments. The city of
Tel Aviv, where only 283 apartments were sold, ranks only sixth in the list of cities where apartments were sold News in the indicated period, when in second place after Jerusalem, and quite far from it, is Kiryat Malachi with 536 transactions; Ashkelon fourth with 450 transactions; Netanya and Petah Tikva in 4th and 5th places respectively, with just under 300 transactions.
Real estate
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