Designated Minister of Housing: "There is no housing crisis" (Walla system!)
Is it worth taking advantage of the market?
Now that apartment prices are falling again after three years.
wev'e been there.
In the days of the Corona virus.
If the film repeats itself: it's time to buy, because the prices will fly up again.
As already happened only about three years ago.
I prefer to call it a "dive in market correction terms": a 12.7% annual increase compared to the same period last year was completed (recall that we already reached increases of over 20% a few months ago).
The world of real estate works in one subordination to rental prices. For new tenants (apartments in the sample where there was a change of tenant) there was a dramatic increase of about 7.2%. In other words, the world has turned upside down: if in the past apartment prices jumped to abnormal heights. Now rental prices are soaring because supply is also The apartments are going down and down.
On the other hand, the investors have disappeared from the market. Absurd: when the rental prices go up, the returns go up. The position of the investors is getting stronger.
When rental prices rise, yields rise.
The position of the investors is getting stronger (Photo: Flash 90, Yossi Aloni, Flash 90)
It is mostly a confused world of uncertainty.
So the periphery, mainly in the Galilee region is getting stronger, and on the other hand - Tel Aviv and Jerusalem are getting weaker.
In Jerusalem, prices fell by 1.1% and in Tel Aviv and Haifa by 0.5%.
In the southern region, prices decreased by 1.5%.
On the other hand, prices in the north rose by 2.2% and in the center by 0.3%.
Why "market correction"?
Because in an annual comparison this is still not really a market decline.
Comparing the current period, January-February 2023, compared to the corresponding period last year, January-February 2022, price increases were recorded in all districts: North (17.2%), Center (14.6%), Haifa (13.6%), Tel Aviv (11.1%) ), Jerusalem (10.1%), and South (9.1%).
Don't be impressed by the price drop in the new apartments either - a 0.3% drop.
The contractors give special offers, not really biting the prices.
Before the fat period of the abnormal price jump we knew, there were sales all the time, and you always got 5-7% of the list price in a bargain.
The prices jumped so strongly that the contractors sold easily in the face of the sellers' blindness that "prices always rise in Israel".
Forget in the nineties of the last century that prices dropped and nobody bought.
When did you buy?
that prices have gone back up.
the herd period.
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To the full article
A confused world of uncertainty.
Buildings in Modi'in Ilit (Photo: Reuven Castro)
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In second-hand apartments, broker numbers on the absolute floor of the market.
Sellers are in no hurry.
A sellers' market replaced a buyers' market.
People asked for too much and today they compromise on several hundred thousand shekels of pigs.
And what's next?
Don't be pressured to rush to buy, you can take it easy.
Prices will continue to correct themselves downwards.
On the other hand, there is no government in housing and the contractors do not enter tenders.
We are back to matters of supply and demand.
True, there will be opportunities.
But if you don't take advantage of them - most likely, as always, you will wait for the prices to rise again and then boom.
Housing bubble will inflate again.
So you will definitely remember to buy.
This is the way of the Israeli real estate world. Ferriers do not change.
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