Cooling of Israeli housing market
January 29, 2010According to the Central Bureau of Statistics, the number of transactions on the primary market has decreased by 14.6%, December-to-November.
Similar data has been provided by the Israeli Ministry of Finance: according to the agency’s analysts the decline has amounted to 9%, reports.
Experts attribute such dynamics to an increase in interest rates on housing loans. This has led to some investors leaving the market, which resulted in lower sales volumes.
Since it were investment transactions that stimulated the price growth over the past two years, the cost of Israeli housing has stabilized. In December, the figure on the primary market has decreased by 0.8%, compared to the preceding month.
We would like to notice that 8,075 new apartments have been sold as of December, a 2% decline in comparison to November.
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