Sellers waited a year in Netanya. Sellers in Haifa gave a 14% discount.
An Anglo-Saxon real estate agency survey indicates that sellers of secondhand apartments have lowered their starting prices by 12.8% over the past six months. The survey covered hundreds of apartments in the 12 largest cities. Sellers waited an average of 21 weeks to find a buyer.
Anglo-Saxon general manager Meir Nachshon notes that recent price reductions come in the wake of the already substantial reductions of the past three years.
The worst situation is in Netanya, where apartment sellers waited an average of 52 weeks to find buyers. Three room apartments in Netanya sold at an average of $125,000, compared with an initial asking price of $145,000, which amounts to a 13.8% reduction.
The situation in Haifa is also gloomy. Sellers of four-room apartments in the Carmelia neighborhood only managed to sell after lowering their prices by 14%, to an average of $215,000. However, they found a buyer after an average of only 14 weeks.
Published by Israel's Business Arena on October 14, 2001