Sarit Shefak, knitted news10.11.22 13:56 16:00 in Hashvan Tishpag
(Photo: Gili Yaari / Flash90)
Fewer apartments were sold, with an increase in apartment prices: The Chief Economist Division, Ministry of Finance publishes today (Thursday) the review of the real estate industry for the second quarter of 2022.
A sharp drop in the purchase of apartments: In the second quarter of 2022, 1.27 thousand apartments were purchased on the free market, a sharp decrease of 19% compared to the corresponding quarter last year. For the first time since the second quarter of 2020, which was overshadowed by the outbreak of the Corona epidemic, a decrease in the number of transactions was also recorded in the periphery.
(Photo: Gili Yaari / Flash90)
Apartment prices on the free market compared to last year: The average price of an apartment purchased in the demand areas in the center of the country was NIS 6.2 million, a 1.7% higher level compared to the average price of an apartment purchased in these areas in the second quarter of last year. An increase at a slightly less high rate in the periphery, the average price of an apartment purchased on the free market which was NIS 4.1 million, 2.6% higher compared to the second quarter of last year.
Apparently, ignoring possible changes in the “quality” of the apartments purchased between these two quarters in the center and the periphery, the differences in the rates of change in price in the center compared to the periphery are not significant, however, in analyzing the price levels of the relatively cheap apartments in each of these areas, it was found that the increase in the prices of these apartments in the center was at the rate More than double that in the suburbs. An increase of 11.3% in the center compared to 5.5% in the periphery.
Buying a first apartment
First apartment purchases in the free market in the second quarter amounted to 8.11 thousand apartments, a decrease of 9% compared to the corresponding quarter last year.
The decrease in the purchase of new apartments on the free market by those for whom this is their first apartment was twice as much as the decrease recorded in the purchase of second-hand apartments.
According to the data of the Central Bureau of Statistics, the number of transactions carried out in the second quarter of 2022 is 20,905 transactions compared to 22,879 transactions carried out the previous year.
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