Apartment sales by receivers drop 5% between 2020 and 2021

During this period, just over 1,400 apartments were offered for sale, compared to 1,500 apartments sold in 2020.

 An apartment at Port Tel Aviv luxury project (photo credit:  Ilan Pivko Architects)
An apartment at Port Tel Aviv luxury project
(photo credit: Ilan Pivko Architects)

The number of apartments offered for immediate sale from a receiver decreased by 5% between 2020 and 2021, a study has found.

Oded Hen from the Oded Hen law firm, which specializes in bankruptcies and debt write-offs, found that during this period, just over 1,400 apartments were offered for sale, compared to 1,500 apartments sold in 2020.

According to the data, most of the properties offered for sale were apartments in shared buildings: 981 housing units, 257 private houses or cottages, 70 semi-detached houses, 50 penthouses, 28 garden apartments and 26 duplexes. The leading cities in the number of properties offered for sale from a receiver in 2020 are: Tel Aviv-153 units, Jerusalem-97 units, Haifa-91 units, Netanya-60 units, and Petah Tikva 57 units.

View of new high-rise apartment buildings next to older small homes, in the southern Israeli city of Ashdod (credit: GERSHON ELINSON/FLASH90)View of new high-rise apartment buildings next to older small homes, in the southern Israeli city of Ashdod (credit: GERSHON ELINSON/FLASH90)

“In the last six months there has been a decrease of about 7% in applications for insolvency and applications for bankruptcy compared to 2020,” Hen also said.

The reasons for the decrease in insolvency applications in the last six months are the entry of a new government, the psychological effect of expected stability on the economy, a new state budget, no lockdowns and business stability, Hen said.