Compared to the previous month (December 2023), when 5,948 apartments were sold, this represents a 32.5% increase. Moreover, the number of apartments sold last January was the highest since July 2022. Another dramatic figure is the meteoric rise in the purchase of new apartments, compared to the sector of second-hand apartments. While 3,750 new apartments were sold in January – a 44% jump compared to January last year; among the old apartments, there was only a 1.1% increase, after 4,137 second-hand apartments were sold.
It should be noted that yesterday, the Chief Economist’s Office at the Ministry of Finance published data indicating a recovery in the real estate sector in January, which showed an increase in apartment sales, with a significant number of new apartment transactions. The reason for this is that due to the large inventory of apartments not yet sold by the contractors, alongside the high-interest rates and the stagnation in the market that characterized the past year, they continue to provide significant financing benefits to buyers of new apartments. There are additional reasons for the higher portion of new homes being sold. Here is the link to our previous article on this subject.
Furthermore, according to CBS data, in the three months from November 2023 to January 2024, approximately 17,870 apartments were sold – an increase of 21.9% compared to the previous three months, August-October 2023. 45.3% of the total apartments sold were new apartments (approximately 8,090 apartments) – an increase of 25.3% compared to the previous three months. About a fifth (21.1%) of the new apartments were sold with government subsidy (discounted housing programs). This is about 1,705 housing units.
