Geocartography: Apartment demand will be 15% lower in February compared with the end of 2007.
Demand for apartments has slowed for the second consecutive month, even as developers report a good year for sales. Geocartography Knowledge Ltd. predicts that apartment demand in the Jewish sector will be 15% lower in February compared with the end of 2007.
The primary reason for the decline is seasonal: fewer homes are sold during winter than during the extended summer season. The decline follows steady growth in demand throughout 2007.
Geocartography adds that the average asking price for an apartment is $192,000, and that 8% of homebuyers are prepared to pay more than $300,000.
Regarding rental apartments, according to Madas, the largest increase in February, compared with January, was an 8% increase for a three-room apartment in north Tel Aviv to an average of NIS 4,636 per month. The average rent for a two-room apartment in Beersheva rose by 7%, the average rent for a three-room apartment in Haifa and the Krayot rose by 6%, and the average rent for a three-room apartment in Ramat Gan and Givatayim rose by 4%.
On the other hand, the average rent for a two-room apartment in Jerusalem fell by 11%, and the average rent for a three-room apartment in the city fell by 6% in January, compared with December.
Published by Globes [online], Israel business news on February 4, 2008
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