Mortgage taking in Israel broke record in August

Mortgages Photo: Shutterstock

The value of mortgages taken in August 2021 in Israel was NIS 11.9 billion, beating the previous record monthly figure of NIS 11.6 billion taken in June.

The value of mortgages taken in August 2021 in Israel was a record NIS 11.9 billion, up from NIS 11.5 billion in July, and above the previous record monthly high of NIS 11.6 billion taken in June 2021, the Bank of Israel reports.

The total value of mortgages taken in Israel since the start of 2021 amounts to $75.1 billion, an average of more than NIS 9 billion per month. A total of more than NIS 100 billion in mortgages are expected to be taken in 2021, up from NIS 78 billion last year, which was a record year. The amount of mortgages taken since the start of 2021 is more than in every full year except 2020.

The record mortgage taking has fueled continuing price rises in Israel's real estate market. Prices are rising at an average of 8% annually, with an average of 10,000 homes sold a month, with about 33% of them newly built homes. The price of new homes has risen by 12.5% over the past year.

Published by Globes, Israel business news - en.globes.co.il - on September 19, 2021

Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Mortgages Photo: Shutterstock
Mortgages Photo: Shutterstock
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