Israel real estate market quiet but prices have not dropped dramatically
Although the real estate market in Israel has slowed considerably from the past few years, it's difficult to tell yet how much of the slowing is due to the hot summer months, tent protests in Israel, shaky economic conditions in the US etc.
Israel's Central Bureau of Statistics just released a variety of figures regarding the sale of new apartments in Israel. A close look at some of those statistics do show that the number of new apartments sold in Israel in July of this year were significantly lower than the same month one year ago. However, the number of apartments sold in both Tel Aviv and in Jerusalem in July of this year were slightly higher than the previous month of June. In June of this year, 202 new apartments were sold in Tel Aviv and in July, there were 207 new apartments sold. In jerusalem, there were 79 new apartments sold in June and 102 sold in July. For the country as a whole, there were 1276 new apartments sold in June and 1291 sold in July.
The Ministry of Finance reported that the average price for a new apartment was 2.9% lower in the second quarter than in the preceding quarter. The biggest declines were in Jerusalem and the Sharon, down 6%, followed by a 4% drop in the Central Region. The average new apartment price in Tel Aviv fell by 0.5%. Haifa bucked the trend, with a 1% rise in the average price of a new apartment.
While the number of new apartments sold is definitely down from a year ago, the prices have not dropped dramatically.
by Lyle Plocher
August, 29, 2011
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