The total number of mortgages taken out in June was 11.88 at an amount of NIS 116.09 billion

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by Ifi Reporter Category:Real Estate Jul 13, 2022

The total number of mortgages taken out in June 2022 was 11.88. In 2021, the total volume of mortgages crossed the 100 billion mark for the first time and stood at NIS 116.09 billion, with a monthly average of NIS 9.674 billion. This is compared to a total of NIS 78,108 billion in 2020 (a jump of almost 50%). The total mortgages granted so far in 2022 stand at about NIS 60 billion.
In 2021, the total volume of mortgages crossed the 100 billion mark for the first time and stood at NIS 116.09 billion, with a monthly average of NIS 9.674 billion. This is compared to a total of NIS 78,108 billion in 2020 (a jump of almost 50%). The total mortgages granted so far in 2022 stand at about NIS 60 billion.
 Compared to April, there was a 20% increase in the number of transactions in the free market, but according to the Ministry of Finance, this is due to the small number of working days due to Passover. This is the third month in a row that there has been a decline compared to the corresponding month last year, and this presumably indicates a continuing cooling in the real estate market, which began several months after the purchase tax increase in November. And will see signs of braking.
The Association of Mortgage Advisers argued that the reason why despite the interest rate hikes there is no decline in the volume of mortgages is that the mortgage market is reacting to the real estate market several months late.
According to them, most of the mortgages currently being made are of transactions made about a quarter ago or more: "We expect that in the coming months there will be a significant decrease in the volume of mortgages, which will correspond to the decrease in the number of transactions currently in the market. "And investors are reacting more quickly to the rise in interest rates in the market, as well as making the mortgage closer to the actual purchase of the apartment."
 On April 11, the Bank of Israel announced an increase in the basic interest rate in the economy to 0.35%, for the first time in two years. This, among other things, in order to calm the housing market that broke every possible record.

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