Mortgage taking in Israel at highest since 2022

Mortgage takings rose to NIS 7.8 billion in May 2024, according to preliminary figures released by the Bank of Israel today — the highest figure since September 2022. The May figure partly reflects a halt in taking out some mortgages due to the Passover holiday in April. But it also reflects the continuing rise in mortgage acceptance.

The May 2024 number for mortgage take-outs was 19% higher than May 2023 but 35% lower than May 2022.

These numbers highlight the fact that 2023 in the apartment market was a particularly weak year. On the other hand, 2024 has seen a recovery but compared to other years, it still cannot be considered a good year in terms of apartment sales.

Hebrew University of Jerusalem Head of the MBA Program in Real Estate Finance at the School of Business, Dr. Yair Duchin, said: “Today’s housing market reminds me of the market during the forgotten War of Attrition, immediately after the Six-Day War. In those days, life in Israel continued as usual, While in the Suez Canal, there was heavy fighting, in which hundreds of soldiers were killed. Today, we see a complete halt in some parts of the country in transactions, while in other parts the market has almost returned to normal times.

Published by Globes, Israel Business News – en.globes.co.il – on June 16, 2024.

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