Home News Israel’s real estate market is cooling down, but prices aren’t dropping

Israel’s real estate market is cooling down, but prices aren’t dropping

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of real estate market The economy continues to cool, as reflected in data presented by Treasury Department Chief Economist Sheila Greenberg.

Data show that 7,900 apartments were sold in September, similar to September 2021. A decline in sales was recorded. A 4% decrease compared to August. The downward trend in trading volume continued until October.

Investor purchases also appear to have plunged 27% compared to September 2021, reaching 1,400 apartments..

The main reasons are fears of soaring interest rates and economic stagnation. rentThe number of apartments on hand for investors decreased by 430 units. Without transactions within the price per inhabitant, the number of transactions in September would be 7,400, up 4% year-on-year.

There was also a certain slowdown in residential sales versus prices, which may change following recent promotions. Sales campaigns in Kiryat Gat and Beersheba led to a 45% increase in transactions in the southern region.

Israelis protest against rising house prices and cost of living in Tel Aviv on July 2, 2022. (Credit: TOMER NEUBERG/FLASH90)

How long does it take to sell an apartment

Meanwhile, the market cooling is also reflected in the longer time it takes for the market to recover. sell an apartment, which is getting longer and longer. The data shows that the apartment sold by the owner who pre-purchased the apartment before selling his previous home has been on the market for 38 weeks, four weeks longer than he did in September 2021.

Prior to that, the average time on the market was 26 weeks. The central region decreased by 17% and Netanya by 8%. By comparison, the Beersheba region saw a 22% increase.

September data is based on higher interest rates and higher mortgages..

Depending on the financial figures, the contractor is currently running a number of promotions. They offer a one-year mortgage payment, an apartment, and a partial payment for the linkage difference.

However, we are not yet ready to lower our prices at this stage, so we have a growing inventory of unsold apartments.

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