CBS: Housing construction hits 10-year high

By ADI BEN-ISRAEL/GLOBES
August 31, 2011 18:12

Some 75,000 apartments were under construction in the second quarter of 2011, the largest number since 2001, the Central Bureau of Statistics reported on Wednesday. There were 21,980 housing starts in the first half of 2011, 15% more than in the first half of 2010, and 6% more than in the second half. The apartments under construction will reach the market over the next few years, and help push down prices, according to the Ministry of Housing and Construction.

There were 10,810 housing starts in the second quarter, the fourth consecutive quarter of growth. 31% of the housing starts were private or semi-detached houses.

Housing starts were up 55% in the first half, compared with the corresponding half, in the Southern District, up 29% in the Tel Aviv District, up 11.7% in the Haifa District, and up 9.3% in the Central District. Housing starts were down 11% in the Northern District and down 8% in the Jerusalem District. There were no housing starts in Judea and Samaria, due to the government's construction freeze.

Housing completions totaled 16,830 in the first half, 3% more than in the corresponding half.


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