Drop in sales attributed to increasing scarcity of land available for new apartments, as well as to steep rises in prices of new and existing housing.
By MIRIAM BULWAR DAVID-HAYtel aviv 88(photo credit: )
Despite the growing population and the never-ending demand for housing in Tel Aviv, there have been fewer sales of new apartments in the city this year than there were last year, reports www.local.co.il. The drop in sales was attributed to the increasing scarcity of land available in the Tel Aviv area for new apartments, as well as to the steep rises in the prices of new and existing housing there in recent years.
According to the report, the accounting firm BDO Ziv carried out a nationwide survey for the National Building Contractors' Association on the sales of new apartments around Israel during the first quarter of this year compared with previous quarters. Among the main findings were that the city of Rishon Lezion has shot into first place this year from seventh place last year, with 381 new apartments sold in the first three months of 2008. Petah Tikva came in second with 321 new apartment sales, Tel Aviv was third with 273 (compared to 400 during the last quarter of 2007) new apartment sales, and Jerusalem came fourth with 209 new apartment sales during the quarter.
The report said that Tel Aviv differs from other cities in that it attracts a large number of apartment buyers from around Israel and from abroad, as well as having to cater for its own growing population, with the result that property prices have skyrocketed in recent years. A builders' spokesman said the results showed that although people from around Israel want to buy apartments in Tel Aviv, the high prices and lack of new housing are causing them to look to satellite cities such as Rishon Lezion and Petah Tikva, where property is more affordable and where there is more open land available for the construction of new housing.
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