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New homes sales in Israel continue to slump

Construction in Tel Aviv credit: Avi Rozen Shutterstock
Construction in Tel Aviv credit: Avi Rozen Shutterstock
13 Jul, 2023 15:27
שלח תגובה במיילArik Mirovsky

Netivot in the Negev led the new homes sales table in March-May 2023, the Central Bureau of Statistics reports.

A slump in the purchase of new apartments, and a peak in supply of apartments, with Netivot in the Negev leading the new homes sales table in March-May 2023, the Central Bureau of Statistics reports.

In May, 2,176 new apartments were sold, one of the lowest monthly numbers in recent years, 50% down from May 2022 and an even greater decrease from May 2021. However, in May 2023 there was a 47% increase from April 2023, which had a low figure due to the Passover holiday.

At the moment the number of real estate deals is down sharply but prices have yet to fall significantly.

But between March and May 2023, Netivot was the Israeli city with the most new homes sold - 448 - down 6.7% from the previous three months. In second place was Ashkelon with 420 new homes sold, up 40.5% from the previous three months. Jerusalem was in third place with 410 new homes sold, down 56.1% from the previous three months, followed by Beersheva with a 72.5% rise from the previous three months and Rishon Lezion with 279 new homes sold, up 48.1%.

The top ten was rounded out by Petah Tikva (277 down 19.4%), Tel Aviv (245 down 3.8%), Netanya (178 down 25.3%), and Haifa (171 down 26.4%).

Published by Globes, Israel business news - en.globes.co.il - on July 13, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023. .

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