New low: 1,820 new apartments were sold in October Israel today

The housing market continues to cool down, but prices are still not falling:

the CBS data published today (Wednesday) shows that only 1,820 new apartments were sold in October - a 7.3% drop compared to the previous month and a 68% drop compared to the same period last year. This is a low that has not been seen since April 2020 - the first lockdown during the Corona period.

The data is in line with the data of the chief economist at the Ministry of Finance published yesterday.

The CBS report also shows that in the three months August-October 2022, approximately 7,450 new apartments were sold, a decrease of 29.8% compared to the previous quarter from May-July 2022. 19.0% of the apartments were sold with government subsidies.

The highest number of new apartments sold between August and October was registered in the Southern district - 1,706 apartments, in second place is the Central region with 1,610 new apartments sold and the Tel Aviv district with 1,238 apartments.

19.0% of the apartments were sold with government subsidies // Photo: Dodo Greenspan,

The president of the Boni Ha'aretz Association of Contractors, Raul Sargo: "The figures of the last two days are clear and reflect a jump in risk for the construction industry, for apartment buyers and for the entire economy. Those who are now presenting the decrease in the volume of apartment purchases as healthy for the market are wrong and misleading. Fewer and fewer apartments are being sold, leaving more and more households without A stable housing solution. At the same time, the decrease in the number of apartments sold to investors, which is 'celebrated' every month by all kinds of 'experts', is no less dangerous. It means a dramatic decrease in the number of apartments for rent that leaves the apartment renters whose number has been soaring in recent months - facing a broken trough .

Raul Sargo, photo: Oren Ben Hakon

"Even if the apartment price index, which will be published tomorrow, shows a moderation in the increase in apartment prices or even decreases in some places, it is not a sign of joy. As long as the real area situation does not change and the huge demand for apartments is not met by construction in the amount and at a rate on a historical scale that the economy needs now - we will go and approach another period of a jump in prices. A jump that will further increase the instability and make our businesses, the contractors and entrepreneurs, very, very dangerous. A risk that will cost us and the apartment-buying public a lot of money."

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