The real estate market in Israel is facing significant challenges, with 84,000 new unsold apartments. Despite forecasts for price declines, contractors choose to wait before marketing the apartments in hopes of better days. Rents are rising rapidly, especially during tenant changes, but the prices of the apartments themselves are experiencing declines, although the pace of these declines varies. Many Israelis, especially young people, are avoiding taking mortgages due to economic and political uncertainty in the country. The situation in the real estate market is also affecting the demand for apartments, with many investors rushing to sell their properties. Additionally, demolition-reconstruction projects are flooding the market with tens of thousands of new apartments, which could lead to significant price declines in the future. The overall trend indicates stagnation in the market, with contractors potentially finding themselves forced to lower prices to drive sales.
Do homebuyers have patience? Contractors reduce supply and halt price declines
Based on themarker
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