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Gross sales of latest flats in Tel Aviv have plummeted, and town, which led the residential actual property market in the previous couple of years, reached solely eighth place within the Central Bureau of Statistics desk of gross sales of latest properties within the three month interval December 2022-February 2023.
Jerusalem heads the desk for that interval, with 885 gross sales. Then come Netivot (492), Petah Tikva (343), Ashkelon (299), and Ramat Gan (280). In Tel Aviv, solely 245 new flats had been bought within the interval, down from 1,042 in December 2021-February 2022, when Tel Aviv led the desk.
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On a district degree too, the Tel Aviv district noticed a steep decline in gross sales, though not as nice as within the metropolis itself. The year-on-year decline was 46%, to 1,211 new flats bought in December 2022-February 2023. Nationwide, the decline was 39%.
The inventory of unsold properties held by actual property builders in February was 54,500, a four-year peak, and a results of a sooner fee of constructing begins than of gross sales.
Based on Central Bureau of Statistics figures, on the finish of January this 12 months there was a inventory of some 15,000 unsold properties within the Tel Aviv district, indicating accumulating extra provide.
Whereas purchases of latest properties in Tel Aviv are declining, on a nationwide degree the decline, which started within the remaining quarter of 2021, has halted for now, in line with the Central Bureau of Statistics numbers. 2,506 new properties had been bought in February, which, within the pattern figures, represents a 1% enhance over January. That is the primary month-to-month rise in gross sales in eighteen months.
Has the pattern modified? It seems that the various particular gross sales campaigns have succeeded in placing the brakes on the decline, which within the second quarter of final 12 months reached greater than 6% a month. Nonetheless, the particular affords and reductions will most likely must proceed, and even develop, to maintain new residence gross sales at an inexpensive degree, and the market is a great distance from such a degree in the meanwhile. Gross sales in February this 12 months had been a few third decrease than in February 2021 and 2022.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on April 20, 2023.
© Copyright of Globes Writer Itonut (1983) Ltd., 2023.
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