New home sales in Israel up 12% in May

new homes

Sales were up in all districts except for the central district.

The number of new homes sold in May 2016 was up 12%, compared with the preceding month, and 8.4%, compared with the corresponding month last year, according to figures published today by the Central Bureau of Statistics in its review of the demand for new housing. 2,888 new housing units were sold in May 2016, compared with 2,578 in April 2016 and 2,664 in May 2015.

According to district, the number of new homes sold rose in almost all of Israel's districts other than the central region, where the number of new homes sold was lower than in April 2016.

At the same time, the number of new housing units still for sale at the end of the period, another figure provided by the Central Bureau of Statistics that indicates the number of unsold housing units in various stages of construction, continued its rise in May 2016, reaching 28,279. The Central Bureau of Statistics reported that 30% of the unsold homes were in the central district, the highest proportion in recent years. At the same time, it is important to note that most of these housing units are in the initial construction stages, showing that the pace of construction is continuing.

The figures published also included information about buyers' groups. The number of homes on which construction has begun for buyers groups in January-May 2016 was 930, the same as in the corresponding period last year, one housing unit per each 14.8 units sold by contractors. An examination of the figures for districts during this period shows that construction for buyers' groups began on 390 homes in the Tel Aviv district, one unit for each 6.2 housing units sold by contractors, and on 360 homes in the Jerusalem district, one unit for each 3.2 units sold by contractors.

Published by Globes [online], Israel business news - www.globes-online.com - on July 6, 2016

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

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