last 12 months: 6.4% increase in the number of dwellings under construction

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by Ifi Reporter Category:Real Estate Sep 19, 2019

Between July 2018 and June 2019, there was a 6.4% increase in the number of dwellings under construction, compared to the 12 months prior to the period under review. This is what data from the Central Bureau of Statistics (CBS) published.
According to the figures, in the said year construction of 51,890 apartments began, compared with 48,750 apartments which began construction in the previous 12 months. The CBS survey shows that construction data also showed a slight increase of 2.1%: in the 12 months beginning in July 2018, construction of 50,380 apartments was completed, compared to 49,350 apartments completed the year before.
The increase in the number of construction starts could have been higher, had there been no slowdown recorded in early 2019. The data shows that in the first quarter of 2019, construction starts slowed down; Thus, while in the last three quarters of 2018, an average of 12,830 dwellings started on a quarterly basis, in the first quarter of 2019 construction of only 12,030 dwellings began.
In the Tel Aviv District, the highest number of construction starts was recorded, with 27% of the apartments being started in this district. The county has seen an 84 percent jump in construction starts: 14,076 in the 12 months ending June 2019, up from 7,650 in the 12 months prior. A significant increase in construction starts was recorded in the last quarter of 2018, when construction of 5,113 apartments in the Tel Aviv District began, compared with 2,132 in the last quarter of 2017.
Tel Aviv City recorded the largest number of construction starts between July 2018 and June of this year; Thus, construction of 4,700 apartments began, a 56% increase over the previous 12 months. The main reason seems to be the validity of programs that regulate urban renewal in boroughs 3 and 4 in the north of the city. If the rise in construction starts in the Tel Aviv area continues, this will have an impact on the price of the apartments, as the district is at the heart of the demand area and the price of apartments where it affects the price of the rest of the country.
In contrast, the Central and Northern District saw a decrease of 20.4% and 20.5%, respectively, in the amount of construction starts, and in the Jerusalem District a decrease of 10.9%. This is data that may create a balancing effect and moderate growth in construction in the Tel Aviv area.
The geographical distribution also affects the style of construction: According to the CBS data, of all dwellings in the new buildings that began construction in the last 12 months, about 23.3% were built in 2-1 apartment buildings. Of the national average and stands at about 61.2%, in the Tel Aviv District their proportion is significantly smaller and constitute only about 3.8% of the dwellings that began their construction.

Price increases were especially recorded in fresh vegetables and fruits (4.2%) and culture and entertainment (2.6%). Price declines were especially recorded in apparel (1.5%), communications (0.7%) and 0.7% variance. Since the beginning of the year, the CPI has increased by 0.8% and in the last 12 months has increased by 0.6%.

Housing prices fell by 0.3% during June and July 2019, compared to their prices in May-June 2019. According to the Central Bureau of Statistics, the housing price index released tonight (Sunday). Compared to transaction prices in the corresponding period last year (June 2018 - July 2018), it was found that there was a moderate increase of 0.7%.
Housing prices fell by 0.3% during June and July 2019, compared with their prices in May-June 2019. According to the Central Bureau of Statistics, the Housing Price Index published tonight (Sunday). Compared to transaction prices in the corresponding period last year (June 2018 - July 2018), it was found that there was a moderate increase of 0.7%.
In the segmentation of housing price changes by districts, it was found that in June 2019 - July 2019 compared with May 2019 - June 2019, there was a 1.1% increase in Tel Aviv and 0.5% South. In contrast, the Jerusalem District remained unchanged and price declines were recorded in the Central District of 2.0%, Northern 0.7% and Haifa 0.4%.
 

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