Real Estate Market Shows Signs of Revival as Apartment Sales Increase in August

Posted on Sep 18, 2023 by Ifi Reporter

After a prolonged period of stagnation in the real estate market, characterized by hesitant apartment buyers and failed state tenders for land marketing, there is finally a glimmer of hope. Conversations with developers indicate a resurgence in the sales offices as of August and early September.

Last week, the Central Bureau of Statistics (CBS) released the housing price index, which, despite showing a slight 0.1% decrease in housing prices from June to July, revealed a more significant trend. When viewed annually, the rate of increase in apartment prices has dropped to 3.2%. To put this in perspective, during the peak of Israel's housing market in September 2022, the annual rate of increase was a staggering 19.8%. According to data from the Bank of Israel, mortgage volumes in August surged by 10%, reaching NIS 7.013 billion, compared to NIS 6.404 billion in July. This marks the first time total mortgages have crossed the NIS 7 billion threshold since December of the previous year.

Real estate companies are cautiously optimistic, with some dubbing August as "the best in terms of sales in the past year." In a conversation with Ynet and "Mammon," Assaf Hammo, VP of Marketing at the Amram Avraham company, and Ooli Agib, the company's national sales manager, reported the sale of 185 housing units across various projects nationwide. These projects span from Ashdod to Tirat Carmel, Acre, Pardes Hana-Karkur, Hadera, Netanya, and Eilat. Of these units, 108 were sold as part of "discounted apartment" programs with government subsidies.

Hammo and Agib noted, "The figure is particularly striking against the backdrop of the slowdown in the residential real estate market, as reflected in the second-quarter financial reports published by the real estate companies recently. This is a significant achievement considering the challenging market conditions. We observed it in projects like the one in Ashdod, currently in the midst of a presale operation, which is attracting young couples in need of housing. The improvement in the market at the beginning of the second half of the year and the acceptance of the high-interest rate environment among buyers are evident signs of change."

The real estate market's cautious recovery hints at a potentially brighter future for prospective homeowners and investors, with more favorable conditions than those witnessed in recent times.


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