Which cities in Israel had the highest number of new apartments sales in 2009?
Posted on 05. Feb, 2010 by buyitinisrael in Israel Real Estate
Construction of new homes in Modi'in
In 2009 the total number of sales of new housing units in public construction across Israel rose by 27.3% to a total of 3,803 compared with 2,987 units in the previous year, according to data by the Israeli Housing Ministry which was analyzed by the Israel Association of Contractors and Builders. The asssociation said that last year’s data pointed to a recovery in the Israel real estate market, which was attributed to a number of factors including an increase in demand for apartments across Israel as well as a rise in property prices.
The top five cities for new apartment sales were:
- Modi’in - The city of Modi’in located midway between Tel Aviv and Jerusalem led the sales of new apartments in public construction in 2009 for the second year in a row. Last year, 806 new housing units were sold, representing an increase of 42% in the number of sales compared with 567 units in the previous year. Last year started with slow sales of new apartments in the city in January, but the trend revised in the second quarter of the year as the pace of sales picked up and continued in the second half of the year.
- Har Homa - In second place in the number of sales of new apartments was the Har Homa area in Jerusalem, where sales surged by 14% to 408 housing units from 358 units a year earlier.
- Ma’ale Adumim – In third place in the list of sales of new housing units was Ma’aleh Adumim showing an increase of 10% in 2009 in the number of sold units to 291 compared with 265 units in 2008.
- Ashdod – In fourth place in terms of the number of transactions of new apartments was the city of Ashdod where 214 new housing units were sold, 45% more than the 148 units sold in 2008.
- Beersheva - the southern city Beersheva at number five on the list of the cities with the highest numbers of new apartments sold saw the largest decline in the number of sales of new housing units last year, where sales fell by 21% to 202 new units from 255 units in the previous year.
Activity was more notable in some areas than others, specifically:
In El’ad, a haredi town located about 25 kilometers east of Tel Aviv, between Rosh Haayin and Shoham, the number of sales of new housing units nearly doubled in 2009, representing the largest increase in sales of new apartments on a year-on-year comparison. In 2009, the number of new apartments in El’ad rose by 92% to 157 units compared with 82 units in the previous year.
Another area which saw a strong increase in the number of sales of new apartments in 2009 was Tzur Natan, located on a hilltop in western Samaria, where 127 units were sold, representing a rise of 59% compared with the 80 units sold in 2008.
While in the ultra-orthodox town of Beitar Elite, located 10 kilometers south of Jerusalem, the number of sales of new apartments dropped by 11% last year during which 174 new units were sold compared with 196 in 2008. In the north of the country, the property market in the city of Karmiel in the Galilee experienced a moderate downturn in the number of sales of new housing units last year, which fell by 7% to 95 units compared with 102 units a year earlier.
Looking ahead to 2010, contractors and builders expect the surge in demand for new apartments and the rising trend in Israel real estate prices to spill over into the first six months of the year as the supply of new apartments continues to decline.
© Copyright 2010.
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