New home sales hit two-year low

New apartments

The 2,142 units sold in Israel in August was the fewest since October 2014.

The number of new housing units sold by contractors in Israel fell 13% in August, compared with July, and 28%, compared with August 2015, according to figures published today by the Central Bureau of Statistics.

2,142 new housing units were sold in August 2016, compared with 2,467 in July 2016 and 2,970 in August 2015. A perusal of the original figures shows that the last time that so few new housing units were sold in a month was in October 2014, when sales of new housing units were still being affected by the stagnation in sales caused by the 0% VAT plan.

The low number of new housing unit sales also matches the trend in the latest figures published by the Ministry of Finance showing a decline in the number of deals in recent months.

Published by Globes [online], Israel business news - www.globes-online.com - on October 13, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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