More Israelis renting apartments

Israel losing its place as one of leading countries in number of home owners

Ofer Petersburg|Published: 11.12.10 , 15:51

Israel is losing its place as one of the world's leading countries in the number of home owners: According to Housing Ministry data, recent years have seen a significant drop in the number of Israelis living in their own apartment, while the number of Israelis living in rented apartments is on the rise.

The figures reveal that 15 years ago, about 73% of apartments in Israel were owned by the people living in them. Today, this number has dropped to 65%. On the other hand, the number of rented apartments has gone up from 22.7% to 29% (including protected tenancy).

While in other countries rent is an accepted long-term housing solution, in Israel the rental market is catastrophic: Contracts are only signed for the short term and prices go up every year.

According to BDO figures, Lithuania has the highest number of apartment ownership (94%) compared to only 3% rented apartments. Spain is second with 88% of owned apartments, and Portugal third with 79%.