The sharp rise in housing prices is well reflected in a summary published today by the Coral Residential Construction Company for 2021: Coral sold 296 housing units last year, a 29% increase over the previous year.
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The receipts she received for those apartments increased by a much sharper rate, 103%, and they agreed on NIS 588 million. This means that the average apartment that sold corals last year was NIS 1.98 million, while a year earlier its average price was NIS 1.25 million – a difference of NIS 727,000.
Admittedly, the mix of projects varies, and sometimes even the mix of apartments sold in the projects themselves is not similar to that of last year, but it is still an unusually sharp gap.
Coral has currently entered into agreements that have not yet been finally signed as sales agreements, in relation to 18 housing units in the various projects, compared with 16 housing units in the previous year’s summary (2020). This is a 13% increase in the number of apartments that have not yet been finally sold. The financial volume of the apartments this year, which the company has not yet finally sold, was NIS 52 million, an increase of 100% within a year.
The company’s CEO, Michal Gur, said that the company currently enjoys “high levels of demand and a lively movement of potential buyers, in the residential market, in general and in the company’s sales sites in particular. As part of the company’s business development to increase the backlog of projects available to it, we see the field of urban renewal as a major growth engine in the coming years. As part of this, in 2021 we increased the number of projects in the field by more than 1,400 housing units and we will continue to operate and expand significantly in this sector. ”
The market value of corals is NIS 366 million. The company was issued in February about two years ago, a few weeks before the eruption of the corona in Israel. The corona year, 2020, the company signed in shuffle, but then the last 12 months its stock rose by 163%.
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