In July and August, a significant drop in apartment prices in Israel was observed, with a trend visible in all regions, except Haifa where a slight increase of 0.4% was recorded. The northern region experienced the sharpest declines, with an average drop of 1.5%. The Central Bureau of Statistics reported a return to price declines after a period of stabilization and presented data on a decrease in the number of transactions, mainly in second-hand apartment sales. Additionally, the unsold inventory of developers continues to rise, indicating difficulties in the real estate market. Developers failed to pass the additional costs onto buyers, leading to increased competition in the market. The current situation indicates significant challenges in the real estate market, with signs of recovery seen previously disappearing, and the market facing price declines and reduced business activity.
Apartment prices have dropped — and developers failed to pass the additional cost onto buyers
Source Themarker
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