Jerusalem real estate brokers sold 110 second hand apartments in the first half of 2002, compared with 111 in the first half of 2001, Shiran-Israeli Multiple Listing Service told ''Globes''. The figures indicate no change in business. Shiran marketed 24 apartments in June 2002, compared with 19 in June last year. Shiran is one of the leading listing services in Jerusalem.
The figures also indicate brokers' financial straits arising from the crisis. 80 brokerages are members in Shiran. Shiran's sales figures show an average of 1.4 apartments sold per brokerage, at an average of $260,000 per apartment in this period. Assuming a broker's fee of 2% from each party, the average broker earned $2,400 per month, out which the broker has to pay office expenses and municipal taxes.
Several leading brokerages, including TKM Real Estate Marketing & Management, Anglo-Saxon and Roth Anglia, are in a much better position, having brokered an estimated 15-20 apartment sales in the last six months. In contrast, several small brokerages have been unable to sell even a single apartment, and are on the verge of closing.
Another indication of the brokerages' difficulties is the average time to sell an apartment this year is 144 days, compared with 90 days last year. Jerusalem is the only city in Israel in which a local multiple listing service publishes figures on the sector's situation.
Published by Globes [online] - www.globes.co.il - on July 28, 2002