The new housing supply in Israel hit a four-year high in January 2023, the Central Bureau of Statistics reports, with 53,000 new homes unsold. In January 2023, 2,574 new apartments were sold, down 42% from January 2022, and similar to the monthly figure in 2018.
The new housing market is quickly sinking into stagnation. The amount of new apartments sold in the last four months was 40-64% lower than the corresponding months in 2021 and 2022.
According to the Central Bureau of Statistics, since August 2021, the number of new apartments being purchased is decreasing at a monthly rate of 4.3%. Given that the economic situation is only getting worse and the atmosphere of uncertainty that surrounds the country in view of the political and security situation is only increasing - it is possible that the declines will become steeper.
In January 2023, Jerusalem led the way with 710 new homes sold, followed by Kiryat Malakhi with 536 new homes, Ashkelon with 450 new homes and Netanya with 296 new homes. Petah Tikva was in sixth place with 292 new homes sold in January 2023, Tel Aviv in seventh place with 283 new homes sold, and Haifa in eighth place with 271 new homes sold.
Published by Globes, Israel business news - en.globes.co.il - on March 14, 2023.
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