Since the interest rate soared, the investors have almost disappeared from the market and the State of Israel continues to exploit them.
After the theater of the absurd of the canceled third apartment tax, a new legal memorandum of the Tax Authority that was distributed for public comments tries to set a second apartment purchase tax rate of over 8%.
According to the explanation, the increase in the purchase tax in November 2021 "has not yet achieved its goal. In order to moderate the demand for the purchase of apartments by investors and to help curb a potential increase in housing prices, it is proposed to anchor the purchase tax rates as a standing order."
And yet, despite the war, despite the corona virus and despite the recession, this is a market that is waking up after it has already been euthanized.
The revival is now happening in droves and this is very happy news for contractors and owners of second-hand apartments that are for sale on the market.
The government is now invited to lower the purchase tax and facilitate the move.
In the end, the money will enter the treasury from taxes and will not go to questionable investments abroad.
And what about the returns?
The highest return for investors is Beer Sheva - with an average annual return of 4.2%, followed by the city of Eilat (3.7%) as a result of a real drop in apartment prices in the city.
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