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Alive and Kicking

Apartments being sold at brisk pace despite high prices (illustration) Photo: Meir Ohayon
Apartments being sold at brisk pace despite high prices (illustration) Photo: Meir Ohayon
 
 

Treasury: Real estate bubble still here

Number of transactions in Israeli housing market increased by 9% in third quarter of 2012, Finance Ministry report reveals

Gad Lior
Published: 12.24.12, 15:06 / Israel Business

The number of transactions in the Israeli housing market increased by 9% in the third quarter of 2012 as compared to the previous quarter (about 27,000 apartments), similar to the increase in the second quarter of the year, a report released by the Treasury reveals.

 

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As compared to the low recorded in the third quarter of 2011, following the social unrest, the increase in the number of deals reaches up to 36%. The first three quarters of 2012 recorded a total rise of 9%.

 

The Finance Ministry is thus admitting that the real estate bubble is alive and kicking: Buyers are undeterred and apartments are being sold at a brisk pace despite the high prices. The Shfela region leads the increase in the number of transactions.

 

The first three quarters of the year recorded a 14% rise in the number of apartments purchased by young couples. In the Tel Aviv region, the number of flats bought by young couple increased by just 4%.

 

Investors were involved in 23.4% of transactions in the third quarter, a 1% rise compared to the previous quarter. The increase in investors' activity may as a result of the exemption from betterment tax for those selling an additional apartment.

 

 

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