Kiryat Gat Sees 217% Surge in New Apartment Sales, Leading National Market

Kiryat Gat has experienced a remarkable 217.3% increase in new apartment sales during June-August, selling 1,044 units and topping the national list for new home transactions. This surge, compared to the previous three months, also saw a 37% rise in second-hand apartment sales, with 204 units sold. In total, 1,248 apartments were sold in Kiryat Gat during this period, placing it among the top cities for overall sales volume.

Nationally, despite an 8.1% year-over-year increase in apartment sales, approximately 85,700 new apartments remain unsold. While new apartment sales rose 11.6% in the last quarter, a seasonally adjusted figure shows a 5.5% decrease. The inventory of unsold new apartments has been steadily increasing since April 2022, at an average monthly rate of 1.2%.

The Tel Aviv district holds the largest share of unsold new apartments, with about 26,330 units (30.7%), followed by the Central district with 21,190 units (24.7%). Jerusalem leads among major cities with approximately 10,250 unsold new apartments, followed by Tel Aviv-Yafo with 9,820. Outside major cities, Lod has 3,010 unsold apartments, and Kiryat Gat has 2,930.

New apartment sales constituted about 41.8% of all transactions from June to August, with 35.8% of these new units sold under government subsidy programs. August alone saw 3,320 new apartments sold, 38.9% of which were subsidized. In contrast, second-hand apartment sales saw a 10.8% increase over the same period, with 14,090 units sold.