Finance Ministry: Purchases of Tel Aviv apartments by investors was down 30% in the third quarter compared with the preceding quarter.
The average monthly income of a homebuyer in Tel Aviv was NIS 57,000 in the third quarter of 2013, the Ministry of Finance says in its quarterly review, more than double the average income in the preceding quarter.
The number of purchases of apartments in Tel Aviv by young couples in the third quarter was down 7% compared with the preceding quarter, the number of purchases by buyers of first apartments was down 18%, and the number of purchases by investors was down 30%.
Nationwide, there were 18% fewer purchases of homes in the third quarter than in the preceding quarter. The drop in purchases in Jerusalem and Haifa was 8%. In Jerusalem, purchases of first apartments by young couples rose 11% in the third quarter, compared with the preceding quarter, because of the Jerusalem grants. In Haifa, purchases of apartments by investors rose to 27% of all purchases in the third quarter from 16% in each of the two preceding quarters.
Published by Globes [online], Israel business news - www.globes-online.com - on December 2, 2013
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