The government is now working on a plan to tax owners of empty apartments.
The Central Bureau of Statistics reports that the number of empty apartments in Israel rose from 97,404 in 2000 to 140,300 in 2009(a 44% increase).
Occupation of even some of these apartments would greatly boost the housing supply and dramatically narrow the demand/supply gap.An empty apartment is defined as an apartment that is not permanently occupied for any reason, for example because it has been purchased by a foreign resident, has been transferred to heirs and is subject to an ownership dispute, is a holiday apartments, or has been sealed or abandoned, or is in ruins.The government is now working on a plan to tax owners of empty apartments, in order to render it not worthwhile to keep them in that condition. It remains to be seen if this will bring homes onto the market and lower prices.
Monday, February 28, 2011
Monday, February 21, 2011
Finance Commitee: Raise 1st home purchase tax threshold to NIS 1.6m
Most apartments in high demand areas cost more than NIS 1.2 million.
Knesset Finance Committee chairman MK Moshe Gafni (United Torah Judaism) told the government to raise the purchase tax threshold on a first home to NIS 1.6 million from the current NIS 1,139,000. He cited the fact that most apartments in high demand areas cost more than NIS 1.2 million. .
Ministry of Finance housing coordinator Reuven Kogan said that widening the purchase tax brackets and raising the threshold would affect tax revenuesand said that the median home price was NIS 865,000, so there was no genuine need to raise the tax threshold
. He further stated that, in 2010, 67% of buyers of a first home were exempt from the purchase tax, and that if the threshold were raised to NIS 1.4 million, the exemption would apply to 90% of buyers of first homes.
Knesset Finance Committee chairman MK Moshe Gafni (United Torah Judaism) told the government to raise the purchase tax threshold on a first home to NIS 1.6 million from the current NIS 1,139,000. He cited the fact that most apartments in high demand areas cost more than NIS 1.2 million. .
Ministry of Finance housing coordinator Reuven Kogan said that widening the purchase tax brackets and raising the threshold would affect tax revenuesand said that the median home price was NIS 865,000, so there was no genuine need to raise the tax threshold
. He further stated that, in 2010, 67% of buyers of a first home were exempt from the purchase tax, and that if the threshold were raised to NIS 1.4 million, the exemption would apply to 90% of buyers of first homes.
Consumer Confidence Index points to strong housing demand
11.6% of respondents in the January survey are interested in buying an apartment in the next six months, up from 7.8% in December.
11.6% of respondents in the Consumer Confidence Index, compiled by Globes Research and Price Waterhouse Coopers CPAs Israel, for January 2011 say that they are interested in buying an apartment in next six months, up from 7.8% of respondents in December 2010. This is the largest monthly increase since 2009, and indicates the highest interest in buying a home since early 2010.
11.6% of respondents in the Consumer Confidence Index, compiled by Globes Research and Price Waterhouse Coopers CPAs Israel, for January 2011 say that they are interested in buying an apartment in next six months, up from 7.8% of respondents in December 2010. This is the largest monthly increase since 2009, and indicates the highest interest in buying a home since early 2010.
Tuesday, February 8, 2011
Housing demand up 13% in December
New home sales rose 10% in 2010.
Housing demand rose 13% in December 2010, compared with November of the same year, the Central Bureau of Statistics in Israel reported today,
21,498 new homes (both privately and publicly built) were sold in 2010, 10% more than the 19,975 new homes sold in 2009.
Petah Tikva was the city with the highest demand for new homes in 2010, at 2,453 apartments, of which 2,268 were sold. It was followed by Jerusalem, Tel Aviv, and Ashkelon (where sales almost doubled compared with 2009), Netanya, Rishon LeZion, Kfar Saba, Ashdod, Rehovot, and Beersheva.
Housing demand rose 13% in December 2010, compared with November of the same year, the Central Bureau of Statistics in Israel reported today,
21,498 new homes (both privately and publicly built) were sold in 2010, 10% more than the 19,975 new homes sold in 2009.
Petah Tikva was the city with the highest demand for new homes in 2010, at 2,453 apartments, of which 2,268 were sold. It was followed by Jerusalem, Tel Aviv, and Ashkelon (where sales almost doubled compared with 2009), Netanya, Rishon LeZion, Kfar Saba, Ashdod, Rehovot, and Beersheva.
Subscribe to:
Posts (Atom)