Real Estate

The volume of mortgages taken out by home buyers in October dropped by 21% compared to September - according to data published today (Sunday) by the Bank of Israel. The banks marketed mortgages amounting to only NIS 6.089 billion, compared to NIS 7.7 billion in September. Compared to October 2021, this is a decrease of 43%

The fourth lottery of the "discounted apartment" program is underway: the Ministry of Construction and Housing and the Israel Lands Authority (RMI) announced that another lottery, which includes about 7,000 discounted housing units throughout the country, will open at the end of the year (Wednesday, 12.28.22) and will be closed About a week and a half later, with the beginning of the new civil year (Sunday, January 8, 23). So far this year, about 21 thousand households have won the lotteries held as part of the program, which was promoted by the outgoing Minister of Construction and Housing...

The contractors sold only 1,819 apartments in October, which is a 68% decrease compared to October 2021 and a 34% decrease compared to sales in September - according to data published by the Central Bureau of Statistics (CBS). This is the lowest volume of sales recorded in the industry since the corona virus shutdown in April 2020

A slowdown in the pace of residential construction starts. According to data from the Central Bureau of Statistics, in the third quarter of 2022 (July to September), the construction of 14,675 apartments began. This is a decrease of about 5% compared to the corresponding quarter in 2021 when the construction of 15,482 apartments began. Compared to the second quarter of 2022 when the construction of 17,293 apartments began, this is already a 15% drop in the rate of construction starts. In fact, the figures for the third quarter of 2022 are the lowest recorded since September 2021

The fourth lottery of the "Discount Apartment" program, which was promoted by outgoing Minister of Construction and Housing Ze'ev Elkin, is underway - just before the government's swearing-in, probably tomorrow. According to a report by the Ministry of Construction and Housing and the Israel Lands Authority, approximately 6,000 discounted housing units will be raffled in 13 localities: Jerusalem, Ashdod, Haifa, Yehud-Monson, Ramla, Kadima-Zoran, Ofakim, Sderot, Nahariya, Nof HaGilil, Elkana, Horns of Samaria and Immanuel

The governor of the Bank of Israel, Prof. Amir Yaron, on Tuesday, summoned the CEOs of the banks in Israel to a meeting on the issue of interest rates on deposits and loans. The conversation that took place in the governor's office was relatively relaxed, but it can be called a "mild reprimand conversation", in which the governor criticized a lack of sensitivity towards the middle-class populations mainly those who pay high-interest rates on loans and when they have money in deposits and current accounts receive low interest, if at all, in an improbable manner of difference from the...

The housing cabinet met today (Tuesday) for the first time since the government was formed, and approved a grant program for the purchase of second-hand apartments as part of lotteries and the increase in grants for the purchase of apartments as part of the "discounted apartment" program in the periphery - the two main proposals of the Ministry of Housing and the Israel Land Authority that were announced yesterday

A booking site has begun to present a full price including VAT to Israeli consumers who purchase hotel accommodation and vacations in Israel. This was after a legal proceeding conducted by the Consumer Protection and Fair Trade Authority against the successful international site, which also included a NIS 2.5 million fine already in 2017

Data published by the Central Bureau of Statistics (CBS) indicate that last May 2,180 new apartments were sold, although an increase of 46.8% compared to the low in April 2023 that resulted from the Passover holiday, but excluding seasonality this figure is about 2,230 apartments, a decrease of 7.6% compared to the previous month. Compared to April last year, this is a decrease of a little less than 50%, since the number of new apartments sold this month was about 4,000. The CBS states that an examination of the trend data shows that from August 2021 to May 2023, there was a decrease of...

In response to the growing trend of "mortgage recycling" and the challenges customers face when refinancing at the same bank, the Bank of Israel has announced a new regulation aimed at simplifying and expediting the process. This groundbreaking directive, set to take effect next year, seeks to revolutionize the mortgage consulting field and alleviate the frustrations faced by borrowers