Are prices in Israel on the way up due to lack of building?

Assuming that real estate deals were down for June & July 2020? You're in for a surprise….

Recent statistics on real estate transactions released from the Central Bureau of Statistics, show that sales in June & July 2020 were higher than the average monthly sales in 2019.

The corona crisis has indeed caused a collapse in the total number construction starts in the second quarter of 2020, despite the fact that the construction industry was exempted from the rules of the first lockdown in Israel.

According to preliminary data published by the CBS this week, construction starts in the second quarter of 2020 were cut by about 29% to 9,445 apartments, compared to about 13,309 in the previous quarter. In total, construction starts in the year ending in June amounted to 50,280 apartments, a decrease of 4.7% compared to the previous year.

Tel Aviv led the country with 2,788 construction starts in the year ended June 2020, a decrease of 39.3% compared to the year before. Construction of 2,269 apartments began in Jerusalem, a decrease of 37.3% compared to the previous year.

Bottom line: Don't wait, there is no better time to secure your home in Israel.

Mr. Shia Getter is an authority in real estate and buyer protection in Israel. He founded The Getter Group to help home buyers secure their interests and avoid pitfalls when buying in Israel. Enlist the experts. Contact The Getter Group today at 718-473-3950 or via e-mail at [email protected]