In the past 12 months 49,000 new apartments were purchased - 32% jump

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by Ifi Reporter Category:Real Estate Oct 14, 2021

The housing market is turbulent: According to the Central Bureau of Statistics (CBS), in the 12 months of September 2020 to August 2021: 49,000 new apartments were purchased, a 32% jump compared to the previous 12 months September 2019 - August 2020. In that period 37,000 apartments have been purchased.
In the 12 months that passed until September 2021, construction also began on 13,000 apartments that are not for sale (for example, by purchasing groups and projects of your home).

So in total during this period there was a demand for 62,000 new apartments, an increase of 20% compared to the 12 months ended August 2020, a period when there was a demand for about 52,000 apartments for sale and not for sale.
In a survey published by the CBS last month, it was reported that the number of dwellings whose construction began in the 12 months surveyed was about 53,000. In other words, at the current construction rate there is an annual shortage of about 9,000 new dwellings compared to the requested quantity. For them, apartment prices will continue to rise.
Since January this year, the demand for apartments has risen by 1.6% every month. Another parameter that indicates that now the pace of construction is not catching up with the demand for apartments is the number of new apartments left for sale. According to the CBS, at the end of July 2021, 45,740 apartments remained for sale on the shelf. Within a month, the stock of apartments on the shelf shrank by 1.6%, so that at the end of August, 44,980 apartments remained for sale.
According to the CBS, the number of months of supply of the new apartments - that is, the time that elapses until they are sold - is 9.9 months on average. For comparison, in 2019 the number of months of supply was 13.1.
From January 2021 the requested amount of apartments increases every month by an average of 1.6%. In the three months June-August 2021, the requested amount of new dwellings was about 16,840 dwellings, an increase of 9% compared to the previous three months (March-May 2021) in which there was a demand for 15,400 dwellings. In the 3 months June-August 2021, 13,800 apartments were purchased, 10% more than in the previous 3 months in which 12,400 apartments were purchased.
In recent years, Ashkelon has been a leader in the pace of construction starts and in the number of new apartments sold there. The CBS data show that in June to August 2021. The most new apartments were sold - 1,028. Most of the apartments are in the north of the city, especially in a new neighborhood now called the Wine City with a plan to build about 10,000 apartments. A huge roof agreement under which it receives over NIS 7 billion from the state for infrastructure development, and undertook to allow the marketing of about 30,000 apartments.The city's location on the beach, proximity to a train station and highways to Gush Dan made it attractive.
In second place in the volume of sales of new apartments was Bat Yam, where about 1,000 apartments were sold during the period reviewed. Tel Aviv as usual at the top, ranked third with 984 new apartments sold. They are followed by Bnei Brak (667), Ramat Gan (533), Netanya (523) by a considerable margin.

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