Mortgage takings last month fell slightly compared to May, but were 18% higher than in June 2023, the Bank of Israel reported.
Mortgage loans granted in Israel in June 2024 fell slightly compared to May, despite estimates from senior banking officials who expected another increase in June, supporting the trend in the previous month. Bank of Israel data published today showed that mortgage loans worth NIS 7.74 billion were taken out in June, up 18% from June 2023, but down from NIS 7.9 billion in May, when mortgage takings rose 31% compared to April, and up 19% compared to May 2023.
Although the June 2024 figures are higher than June 2023, mortgage takings were still significantly lower than the levels of June 2022, when NIS 11.88 billion worth of mortgages were taken out. Another interesting figure in the mortgage data published by the Bank of Israel for June 2024 is the extent of contractor loans that are being used today in various promotions for the purchase of new apartments. In May, the volume of these mortgage loans was NIS 1.29 billion, a figure that was a new record in this regard – and now, in June, it turns out that this volume has increased even more, to NIS 1.321 billion. In fact, since the beginning of 2024, the volume of these loans has been steadily increasing, and over the course of these six months, an increase of about 70% in the volume of contractor loans has been recorded.
This article was published in Globes, Israeli Business News – en.globes.co.il – on July 11, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
Residential building in Ashkelon Photo: Shutterstock/Yuri Dondish