New homes sales in Israel doubled in July

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New home sales are at the highest levels since 1999, the Central Bureau of Statistics reports.

New homes sales in Israel doubled in July, the Central Bureau of Statistic reports. 3,033 new homes were sold in July, which was 4% down on June when 3,125 new homes were sold, but nearly double the 1,541 new homes that were sold in July 2014.

New homes sales were artificially low in July 2014 because buyers were hanging on for the introduction of then Finance Minister Yair Lapid's 0% VAT for first time homebuyers, which ultimately did not materialize. In any event June and July's new homes sales figures are at record levels and the first time that monthly figures have exceeded 3,000 since December 1999.

In July 933 new homes were sold in the Central Region, 573 new homes in the Southern Region and 505 new homes in the Tel Aviv Region.

Yesterday, the Ministry of Finance published data, which showed that purchases of homes for investment had dropped 80% in July. However, the Ministry of Finance noted that purchases by first time homebuyers were the highest since 2002.

Published by Globes [online], Israel business news - www.globes-online.com - on September 7, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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