Are we seeing the primary indicators of the wave of latest residence purchases subsiding? Figures from the Central Bureau of Statistics on new residence purchases launched at the moment present a decline within the variety of transactions for the fourth successive month. Furthermore, for the primary time in two years the time spent on the shelf by a brand new condominium has lengthened.
The figures aren’t closing, and the variety of new residence buy continues to be very excessive, whereas the time it takes to promote one continues to be pretty brief, however there does look like a change in development.
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4,381 new properties had been offered in Israel in March. This represents the fourth successive month during which the quantity has fallen, after the height of 6,163 new residence purchases in November 2021. On the identical time, the common variety of months a brand new residence waits on the market has risen to 9.9. Between January 2020 and September 2021 that statistic fell from 15.2 months to 9 months, remaining regular at that stage till final December, when it began to rise once more.
It’s extremely doubtless that the change in each measures, flats offered and time taken to promote them, stems from funding patrons quitting the brand new properties market after the speed of buy tax on funding purchases was raised final November.
At any fee, on account of the decline in funding purchases, the variety of new properties offered within the first quarter of this yr was 12% beneath the quantity for the primary quarter of 2021.
Tel Aviv continues to steer the desk for variety of properties offered, with 961 transactions within the first quarter, however that’s 14% beneath the determine for the primary quarter of 2021. Ashkelon, which was second within the desk within the first quarter of 2021, falls to fourth place, after a 16% decline in new residence purchases to 739. In Jerusalem, the quantity fell 8% to 739. Rishon LeZion, however, the place the variety of new properties offered jumped 80% within the first quarter of this yr compared with the primary quarter of 2021, rose to the quantity two spot.
Printed by Globes, Israel enterprise information – en.globes.co.il – on Might 12, 2022.
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