The rise in new apartment sales combined with a rise in mortgage loans in March suggests that the real estate market may be back on the upswing.
2,790 new homes were sold in Israel in March 2023, according to the Central Bureau of Statistics report, up 9.4% from February 2023. 7,960 new homes were sold between January and March 2023.
The rise in new apartment sales combined with a rise in mortgage loans in March suggests that the real estate market may be back on the upswing. The mortgage take-out numbers for the month of April were very low but that was due to the many vacations during the month.
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The rise in March partly reflects higher apartment sales in government subsidized programmes, which accounted for 48.5% of all apartments sold, compared to 35.5% in the first three months of the year.
In the first three months of 2023, more new homes were sold in Jerusalem than anywhere else – 865. In second place was Netivot (818) followed by Ashkelon (425), Petah Tikva (404), Ramat Gan (319), Beersheba (299), Haifa (251), Beit Shemesh (242) and Tel Aviv (235).
Published by Globes, Israel business news – en.globes.co.il – on May 11, 2023.
© Copyright Globes Publisher Itonut (1983) Ltd., 2023.
New apartments at Or Akiva Credit: Shutterstock