Housing starts in Tel Aviv-Jaffa fell 44% in January-September 2009 compared with the corresponding period of 2008, the Central Bureau of Statistics reported today. Housing starts nationwide fell 3% over the same period to 23,350 in January-September. 43% of housing starts were private or semi-detached houses.
Despite a sharp increase in home prices, developers have not boosted the rate of construction, and the housing inventory will continue to fall, further boosting prices in the metropolitan Tel Aviv area.
The Central District had the largest number of housing starts in January-September, with 31.8% of all housing starts. 24.6% of all housing starts were in the Northern District, 77% of which were private houses. 10.8% of all housing starts were in the Jerusalem District, and 8.4% were in the Tel Aviv District. 5.1% of all housing starts were in Judea and Samaria, but the total number of housing starts fell by 27.6% compared with the corresponding period of last year.
As in 2008, Jerusalem had the largest number of housing starts in January-September, at 1,560, 18% more than in the corresponding period. There were 1,210 housing starts in Petah Tikva in January-September, 64% than in the corresponding period, and Netanya was in third place, with 960 housing starts, 22% more than during the corresponding period. Housing starts in Tel Aviv-Jaffa fell 44% to 840 in January-September, and they fell 91% in Ashdod to 660.
Published by Globes [online], Israel business news - www.globes-online.com - on November 30, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009