Ofakim leads in gross sales of recent flats in Israel. The true property significance of that is that on the eve of the outbreak of conflict with Iran, the true property market, new flats particularly, was in deep disaster.
In Jerusalem, the variety of new flats bought in March-Might 2025 fell nearly 60%, in Tel Aviv greater than 50%, and Beersheva didn’t even make the desk. The provision of flats continues to interrupt data and has already reached 81,000 housing models, which is over a 12 months of constructing begins, the Central Bureau of Statistics studies.
There is no such thing as a knowledge but from June, the month through which the 12-day conflict between Israel and Iran raged, however from the months earlier than it, it’s clear how weakened the true property market was going into the conflict. 6,820 offers have been carried out in Might, down 20% from Might 2024 and up 4% from April, through which Passover fell. Normally, the months after Passover see a significant rise within the variety of offers, on account of offers postponed from the vacation, however this 12 months this didn’t occur.
Ofakim was the main metropolis by way of new house gross sales. 532 flats have been bought there between March and Might 2025, down 21% from the earlier three months (December 2024-February 2025). Between December 2024 and February 2025, such a quantity would have put Ofakim fourth.
Low level in Tel Aviv and Jerusalem
Regardless of the decline, Ofakim leads the desk as a result of Tel Aviv and Jerusalem suffered a extreme stoop in gross sales in these three months. In Tel Aviv, gross sales of recent flats fell by 51% to solely 461, which was nonetheless sufficient to place it in second place, whereas Jerusalem, the place gross sales fell 59%, was fifth with 358 new flats bought. Ashdod was third, with 461 flats bought, and Lod was fourth with 392 flats bought.
Total together with all flats, the leaders in the true property market in Israel are the massive cities: Jerusalem, 1,218 flats have been bought between March and Might, Tel Aviv, the place 1,074 flats have been bought, Haifa, the place 1,042 flats have been bought, and Beersheva, the place about 900 flats have been bought. The information present that the southern metropolis has been utterly ousted from the highest of recent house gross sales – additional proof of the market’s stoop, and doubtless one which strengthens the declare of Beersheva Mayor Rubik Danilovich that Ofakim, whose residents take pleasure in tax advantages, is “stealing” residents from Beersheva, preferring to buy flats within the close by small metropolis, that are barely cheaper however supply important advantages to households.
In complete 21,800 properties bought
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Wanting on the complete market, within the three months from March to Might, 21,800 flats have been bought, down nearly 25% from the earlier three months, and down 14% from the corresponding interval in 2024. The principle declines have been recorded in new flats, down 365 from the earlier three months and down 28% from March-Might 2024. The principle declines within the sale of recent flats have been recorded in Tel Aviv (down 44%), Haifa (48%) and Jerusalem (44%). Within the second-hand house market, the declines have been way more average, totaling 14%.
All of this immediately impacts the availability of recent flats, which continues to interrupt data, and in Might it reached 81,000. To eliminate this stock, builders will want 30 months, in accordance with the present tempo of purchases. This can be a tempo 3 times slower than 4 years in the past, when the market was at its peak.
Tel Aviv continues to steer the availability of flats with 10,140 new flats on the market within the metropolis, adopted by Jerusalem with 7,774 flats, Bat Yam with 4,405 flats and Netanya with 3,699 flats.
Printed by Globes, Israel enterprise information – en.globes.co.il – on July 14, 2025.
© Copyright of Globes Writer Itonut (1983) Ltd., 2025.
