The demand for new housing in Israel dropped 7.5% in the first nine months of 2016, compared with the corresponding period last year. 22,700 new housing units were sold during this period, 8.3% less than in the corresponding period in 2015, according to figures published today by the Central Bureau of Statistics. For the sake of comparison, demand was down 6% in January-August.
Demand for new housing in the first nine months of 2016 was greatest in Tel Aviv and Jerusalem. Demand for new housing also rose 121% in Beit Shemesh, 32% in Hadera, and 24% in Rishon Lezion. Demand was down 50% in Beer Sheva and 39% in Afula.
The ratio of new housing units sold to the total demand was 80% in the Haifa district, 76% in the central district, 69% in the Tel Aviv district, and 32% in the northern district.
Sales of new housing were down everywhere in Israel. The decrease was 25% in the northern district, 17% in the Haifa district, 13% in the Tel Aviv district, and 10% in the Jerusalem district, compared with the corresponding period last year. On the other hand, sales of new housing rose 19%. There was no significant change in sales in the central district.
Published by Globes [online], Israel business news - www.globes-online.com - on November 13, 2016
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