The real estate market showed signs of recovery in August, despite anticipation of the 0% VAT plan and Operation Protective Edge, which paralyzed major sectors of the Israeli economy. According to Central Bureau of Statistics figures published today, sales of new apartments were up 2.6% to 1,498 housing units in August, after plunging 18% in July.
Total demand for apartments rose 1% to 2,777 apartments in August. Demand for apartments is defined as the total number of new apartments sold, plus the number of new apartments not up for sale.
The supply of new apartments dipped 1.5% to 18,421 apartments in August.
A breakdown by district shows a steep rise in new apartment sales in Tel Aviv and the central region in August: up 20% to 634 apartments in the central region and up 27% to 312 apartments in Tel Aviv.
In the southern region, which suffered heavily from rocket attacks, new apartment sales were down 18% to 110 in August. Sales of new apartments plummeted 34% to 62 in the northern region and 24% to 154 in Haifa. 192 new apartments were sold in Jerusalem in August, compared with 163 in July.
Published by Globes [online], Israel business news - www.globes-online.com - on September 30, 2014
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