Israel is often characterized by a significant housing shortage. With an annual supply of 30,000 new properties and a demand of 40,000 per year, the shining star for democracy in the Middle East.
The Jewish Agency, which manages emigration into Israel, is expecting immigration to Israel to rise to a staggering 100,000 in light of the worldwide Covid-19 pandemic, and subsequent economic slowdown.
Isaac Herzog, Chairman of JA, told a Israeli Government committee that Israel could expect to see some 250,000 new Jewish immigrants over the next three to five years – a marked increase on the 30,000 that it currently receives every year. This is likely cause the recent stabilisation of house prices in 2019, to rise ongoing.
The primary reason for the continued rise in house prices in the recent run up to 2019 is the supply shortage, due to low construction volumes.
The Israeli housing market on a whole is stabilizing, weighed down by government cooling measures, the average price of owner-occupied dwellings in Israel rose by a meager 0.96% during the year to Q2 2019 (-0.25% in real terms)
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