New Apartment Sales in Israel Rose 16.6% in First Half of 2013

All areas of Israel register increase in new apartment sales except the south; number of new units placed on market declines 6.2% compared to same period last year.

Sales of new apartments rose 16.6% across Israel in the first seven months this year compared to the same period last year, reaching 14,470 apartments sold, according to a Central Bureau of Statistics survey published Monday.

However, the number of new apartments put on sale during the first seven months of this year fell 6.2% compared to the same period last year, reaching 20,550 apartments by the end of July. This was a drop to a level last seen at the end of 2011.

The largest percentage increase in new apartment sales occurred in the Haifa district, where sales spiked 53% during the first seven months this year compared to the same period last year.

The Tel Aviv, the northern and Jerusalem districts all exhibited large increases of 32%, 30% and 27%, respectively. The Central district displayed a much more moderate, albeit still healthy, increase in apartment sales of 7%. In contrast, new apartment sales in the southern district dropped 15% compared to the reference period last year.

Ofer Vaknin