Illustration
Photo: Gadi Kabalo
Property sales in Tel Aviv drop 16%
Central Bureau of Statistics reports 20% decline in overall real estate availability in Israel, with the exception of Jerusalem
Real estate sales in central Israel and the greater Tel Aviv area were declining, the Central Bureau of Statistics (CBS) said Wednesday.
According to CBS data, while some 9,280 new apartments in central Israel have been sold since the beginning of 2007 – a 2.8% rise in comparison with the same period last year – the overall property sales in Tel Aviv have dropped 16%.
Some 27% of the apartments sold in central Israel in 2007 were located in the greater Tel Aviv area. Israel's north, south and Jerusalem districts enjoyed an overall rise of 5.5% rise in real estate sales since the beginning of the year, but the majority of sales – 39% – were still made in central Israel.
CBS data further revealed that the overall supply of real estate available for sale, especially new apartments – was running low.
By the end of August 2007, said the Central Bureau of Statistics, Israel had some 9,700 new apartments ready for sale – a 20% drop compared to the summer of 2006.
The only district that seemed to have escaped the real estate shortage was Jerusalem: The capital saw a 24% rise in real estate availability.
