Demand for new apartments up 5%
Despite government moves aimed at lowering real estate prices, first five months of 2011 see rise in demand
The rise in demands was recorded despite moves declared in recent months by the prime minister, finance minister and Bank of Israel, aimed at lowering the demand for homes in a bid to reduce prices.
In May, the demand for new apartments stood at 3,160 units, 1,680 of them sold to the wide public and some 1,480 which were not for sale (but rather for the land owner's personal use or purchase groups, etc).
Fifty-nine percent of the wanted apartments were built on privately-owned land. Thirty-seven percent of the wanted new apartments from January to May 2011 were in the central district, and only 6% were in the Jerusalem district.
January-May 2011 saw a rise in the demand for apartments compared to the same period last year in the Haifa District (32%), the southern district (26%), the northern district (18%) and the Jerusalem district (4%). A 6% drop was recorded in the central district.
The number of new apartments left for sale in late May 2011 (about 16,250) was 10% higher than in late May 2010.
Of all the new apartments still on sale in late May 2011, some 11,630 were privately initiated and some 4,620 were publicly initiated.
About 38% of these apartments are offered in the central district, 19% in the southern district, 14% in the Tel Aviv district, 13% in the Jerusalem district, 7% in the northern district and about 6% in the Haifa district.
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