Mortgage taking rose to NIS 7.8 billion in May 2024, according to initial figures released by the Bank of Israel today - the highest figure since September 2022. In part the May figure reflects the holding over in taking some mortgages because of the Passover holiday in April but it also reflects the continued uptick in mortgage taking.
The May 2024 figure for mortgage taking was 19% higher than May 2023 but 35% lower from May 2022.
These numbers illustrate 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 financial real estate MBA program in the School of Business Administration 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 went on as usual, while in the Suez Canal, there was heavy fighting, in which hundreds of soldiers were killed. Today, we see a complete standstill 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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