Photo: AFP
House hit by Qassam
Photo: Zeev Trachtman

Sderot housing market plummets

Real estate prices at rocket-battered town drop by 50%; many residents can’t sell their homes

The thousands of Qassam rockets that have rained down on Sderot in the past seven years have left great ruin and property damage at many apartments and homes. However, the ongoing attacks have also constitutes a grave blow to the local real estate market.


“For Sale” signs can be seen all across town, and the situation has deteriorated so badly that home owners are willing to compromise on 50% of their asset’s value just so they can finalize a sale.


“I’ve been trying to sell my home for several years now,” says local resident Yaffa Malka. “Around me, everyone is selling at a loss just so they can run away. What shocks me is that quick investors are purchasing real estate here at bargain prices in the hopes that their value will go up.”


“This happens on the back of the veteran residents, who have seen the value of their assets plummet,” she says.


‘They offer shocking prices’

“There are some real estate agents who tell the media that prices are up and that there are no assets for sale,” says a local resident who works in the real estate industry. “This is a complete lie meant to form the impression that there is an active real estate market here – this is entirely made up.”


“You can find many residents here whose world has shattered after the value of their asset plunged, while they still have to pay taxes and mortgages,” he says.


Meanwhile, Rotem Peled, who has been living in the United States for several years now, says he has been unable to sell his Sderot home.


“The house was worth $300,000 several years ago, but today nobody wants to even talk about $200,000,” he says. “They offer shocking prices, knowing that eventually people will break and sell. People around me have sustained terrible losses, and those who purchase the homes are entrepreneurs who have the patience to wait for people to break.”


פרסום ראשון: 03.19.08, 15:39
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