Despite the pandemic and recession, this is a market that is coming back to life after being eulogized. It's good news for contractors and homeowners whose properties are on the market.
In August, investors bought 1,600 apartments, a rise of 55% compared to August the previous year and a spike of 87% compared to the month before, after the purchase tax for "additional apartments" was reduced at the end of July.
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It's worth noting that the average of purchases by investors in July-August was the same as it was in June. It could be that the rise in investments in August was impacted by the postponement of purchases in July. The weight of investors in all of the transactions in August was 16%, a rise of 3% compared to August the previous year, but still lower than their share in the first five months of 2015, before the addition of the purchase tax.
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Analysis of the income levels of investors in August compared to that in the months since the start of the pandemic (March-July) shows that the tax reduction was expressed in slightly lower levels, mainly for the bottom and top quintiles of the distribution of income (from work) of these buyers.
So, the average income of a household that purchased an apartment for investment in August was NIS 48,300 (gross monthly income), 13% lower compared to the income among investors in last March-July.
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