The real estate market (Shutterstock photo)
The apartment market with another but lighter increase – which indicates a cooling in the industry. According to the CBS data published this evening (Wednesday) from the comparison of the prices of the transactions carried out in the months of December 2022 – January 2023 compared to the prices of the transactions carried out in the months of November – December 2022, it was found that the prices of the apartments increased by 0.1% and thus completed an increase of 14.6% compared to the corresponding period last year (December 2021- January 2022). The meaning: a moderation in the sharp increases that the industry has experienced.
In the previous report, we will recall, from the comparison of the prices of the transactions carried out in the months of November 2022 – December 2022, compared to the prices of the transactions carried out in the months of October 2022 – November 2022, it was found that apartment prices increased by 0.2% and in an annual perspective it was found that apartment prices increased by 17.1%.
More in-
In the segmentation of apartment price changes by district in the months of December 2022 – January 2023 compared to the months of November – December 2022, the following price changes were recorded: Jerusalem (-1.1%), North (0.6%), Haifa (-0.9%), Center (1.3%), Tel Aviv (0.5%) and South (0.1%).
In a comparison between the current period December 2022 – January 2023, compared to the corresponding period last year, December 2021 – January 2022, double-digit price increases were recorded in all districts: Haifa (16.4%), Center (16.1%), North (16.0%), Tel Aviv (13.4%), Jerusalem (13.4%) and the South (13.2%).
From the comparison of the prices of the transactions carried out in the months of December 2022 – January 2023 compared to November – December 2022, it was found that the prices of the new apartments remained unchanged.
The residential construction input price index decreased by 0.2% in the month of February 2023. In the last 12 months (February 2023 compared to February 2022), the residential construction input price index increased by 4.5% mainly due to the increase in the prices of materials and products in total by 8.6% and wage prices The work at 1.0%.
The president of the time Builders Contractors Association, Raul Sargo said in response to the price indices and the report of a drop in apartment purchases this week: “The government must set a higher and realistic inflation target and the Bank of Israel needs to come to its senses, stop the rise in interest rates and correct the distortion that is seriously harming the construction industry and apartment buyers in light of the surge in the lack of apartments for which every Israeli citizen will pay within a few months.”
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