Real estate sales drop 70% in November
Home inspection firm says Israeli real estate market has hit five-year low; sales note dramatic unprecedented slump
The Israeli real estate market is undergoing a slump, a report by the Bedek Bait ("home inspection") Company, which specializes in screening homes for potential buyers, revealed recently.
According to the company's data, new apartments' sales have dropped by 90% in November, and the sales of first and second hand apartments have dropped by 70%.
The data was complied using the sales figures of 140 real estate agents across Israel, and 94 law firms which specialize in real estate deals.
Tzahi Bardugo, the company's managing director, said that "the real estate market has been experiencing an unprecedented reduction in sales of first and second hand apartments. We estimate that only 2,200 apartments went into escrow, as opposed to 7,500 apartments per month last year.
"Such a drop has not been seen in the market in the past five years," he added, noting that the majority of homed sold in November, were in central Israel.
The slump, he said, is the reason why real estate prices have dropped no more then a few percents. The market, he believes, will bounce back around February and March.
