Inventory Of Unsold Apartments Reaches All-Time Record, Surpasses 86,000

According to the Central Bureau of Statistics’ summary of real estate transactions in 2025, Jerusalem has the highest number of unsold apartments among the large cities, followed by Tel Aviv and Bat Yam. In 2025, approximately 90,690 apartments were sold – an 11.9% decrease compared to 2024 and a 26.9% increase compared to 2023. Tel Aviv, Ofakim, Jerusalem, Lod and Netanya lead in the number of new apartments sold. In second-hand apartments: Jerusalem, Haifa and Be’er Sheva.

By Dror Nir Kastel, Nadlan Center

At the end of December 2025, the number of new apartments remaining for sale stood at approximately 86,090 units, and 83,340 units after seasonal adjustment: an all-time record. These figures emerge from data published today by the Central Bureau of Statistics (CBS), summarizing 2025 real estate transactions. It should be noted that since May, the figure has surpassed 80,000 in both the original and seasonally adjusted data. The months of supply (the number of months it would take to sell all remaining apartments) stood at 29.2 months.

The CBS emphasizes the importance of examining the seasonally adjusted data, as it reflects the true trend without typical year-end “noise.” The bureau also notes a clear seasonal tendency for an increase in building permits issued toward the end of a calendar year (due to budgetary and bureaucratic closing processes within authorities). “The seasonally adjusted figure neutralizes this technical effect and presents a more reliable and realistic picture of the inventory situation in the market.” Trend data show that since April 2022, there has been an average monthly increase of 1.5%. In the past two months, the increase appears to have halted, though it is still too early to determine the continuation of the trend.

Among large cities with more than 100,000 residents, Jerusalem leads with approximately 10,230 apartments remaining for sale, followed by Tel Aviv-Yafo with 9,710 units. Bat Yam ranks third. Among cities that are not classified as large cities, those leading in the number of new apartments remaining for sale are: Lod (2,720), Kiryat Gat (2,190), Be’er Yaakov (1,760), Ra’anana (1,580), Ramat HaSharon (1,490), Netivot (1,340), Kiryat Ono (1,330), Kiryat Ata (1,220), Ofakim (1,090), Elad (1,070) and Kiryat Bialik (1,060).

The report also shows that in 2025 approximately 90,690 apartments were sold, an 11.9% decrease compared to 2024 and a 26.9% increase compared to 2023. 37.5% of all apartments sold were new apartments, about 34,030 units. This represents a 25.5% decrease compared to 2024 and a 24.0% increase compared to 2023. About one-third (29.9%) of new apartments were sold under government subsidy programs – 10,160 units. 62.5% of total sales were second-hand apartments, approximately 56,660 units. Compared to 2024, there was a moderate decrease of 1.0%, while compared to 2023 an increase of 28.6% was observed.

Tel Aviv And Ofakim Lead Sales

Tel Aviv-Yafo, Ofakim, Jerusalem, Lod and Netanya lead in the number of new apartments sold in 2025: Tel Aviv with 2,372, compared to 3,110 in 2024; Ofakim with 2,013 compared to 2,103 in the previous year; Jerusalem with 1,911 apartments compared to 2,957; Lod with 1,611 compared to 1,825; and Netanya with 1,347 compared to 1,354. Contrary to the nationwide downward trend compared to 2024, Be’er Yaakov, Herzliya, Nof HaGalil and Elad continued to show an upward trend.

In second-hand apartments sold in 2025, Jerusalem leads with 3,727 compared to 3,833 in 2024; Haifa with 3,632 compared to 3,932; Be’er Sheva with 2,961 compared to 3,401; Tel Aviv-Yafo with 2,787 compared to 2,532; and Ashkelon with 1,815 compared to 1,798. As can be seen, among the two leading cities there was an increase in second-hand sales compared to the previous year.

Approximately 15% Decline In The Fourth Quarter

In the fourth quarter of 2025, approximately 21,710 apartments were sold, an 8.8% decrease compared to the third quarter, while seasonally adjusted data show a marginal decline of 0.2%. Compared to the same period last year (the fourth quarter of 2024), declines were also observed in both the original and seasonally adjusted figures – 14.7% and 9.2%, respectively.

39.9% of all apartments sold were new apartments, approximately 8,670 units. About 33.9% of them were sold under government subsidy programs. In new apartment sales, a decline of 3.4% was recorded compared to the third quarter of the same year, and a 1.3% decline after seasonal adjustment. Compared to the same period last year, a decrease of 26.2% was recorded in the original data and 22.1% after seasonal adjustment.

60.1% of all apartments sold in the fourth quarter were second-hand apartments, approximately 13,040 units. Compared to the third quarter, a decrease of 12.1% was recorded, while seasonally adjusted data show the opposite trend – a moderate increase of 0.5%. Compared to the same period last year, a decrease of 4.9% was recorded in the original data, while seasonally adjusted data show an increase of 1.4%.

In December 2025, 8,800 apartments were sold: 41.9% of them new apartments, approximately 3,680 units. Of the new apartments, about 27.1% were sold under government subsidy programs. 58.1% of the apartments sold were second-hand units, approximately 5,120 apartments.