Housing in Israel (Flash 90 photo, pngwing)
This coming Thursday, November 3rd, the registration for the ‘discounted apartment’ lottery will close and within a few weeks, about 3,300 young people will be notified of winning one of the apartments offered by the Ministry of Construction and Housing. Thus, they will join approximately 17,000 Israelis who won the previous lottery at a discount of between NIS 300,000 and more than NIS 1 million, depending on the location of the apartment
Those eligible to compete in the Ministry of Housing’s lottery are actually fighting for 11 localities, most of which are not in the demand areas. The ‘Target Price’ route, where most of the apartments are located, offers a discount of about 20% for apartments priced below NIS 1.5 million, according to De Marker. Due to the fact that the price on which the discount is given is based on a valuation from December 2020, since then the index has jumped by about 24.5% and its price is now much higher than that and the discount is approaching about NIS 400 thousand on average.
More in-
Despite the viability, the numbers are quite disappointing when only about 39.6 thousand people registered compared to about 112 thousand in the previous lottery, which closed in July. The reasons for this are probably the decrease in the number of raffled apartments and their location, which, as mentioned, is outside the demand areas.
It should be noted that the main problem is the uncertainty of when the apartments will be handed over to the winners when the issuance of a building permit in the new neighborhoods has not yet been submitted and about half of the projects are planned in new neighborhoods across the country, so the delay may last a long time.
It should be noted that the chances of winning in Be’er Sheva are relatively high compared to the other areas that are raffled in the ‘discount apartment’, but the winners will benefit from a discount of approximately NIS 538,000 in total. In Ofakim, for example, in addition to the program’s discounts of around NIS 400,000, the winners will also benefit from a state grant of NIS 40,000. In Lod, discounts can range from NIS 600,000 to NIS 1 million.
It was also noted that in the Galilee landscape, the winners of the lottery will enjoy a discount of about NIS 450,000 on average, and according to brokers in the area, the discount may even reach NIS 700,000. In Tiberias, the discount will be relatively modest for those eligible: only about NIS 250,000. Further north, in Afula, an average discount of 200-400 thousand shekels appears. In Jerusalem, the discount was about NIS 750,000 to NIS 1 million, in the Geva Binyamin settlement, the value of the discount on the apartments was estimated at about NIS 700,000 on average, and the discount in Emanuel would be about NIS 534,000. In the Arab settlements it is difficult to estimate the discount.
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