Contractors Federation Head Criticizes Government, Cites 10% Drop in Housing Prices
Translated & summarized from TheMarker by baba
Israel's housing prices have fallen by 10% as potential buyers wait for further declines, according to Yehuda Morgenstern, Director General of the Ministry of Construction and Housing. He spoke at a contractors' conference in Eilat. The president of the Manufacturers Association also noted a lack of a long-term national plan for the real estate industry.
The story in 4 lines · by baba
- Housing prices in Israel have dropped by 10%, according to the Director General of the Ministry of Construction and Housing.
- Israelis are not buying apartments due to a perceived downward trend in the market.
- The remarks were made at the annual real estate conference of the Contractors and Builders Association in Eilat.
- There is no long-term national plan for Israel's real estate sector, according to the Manufacturers Association president.
The Director General of the Ministry of Construction and Housing, Yehuda Morgenstern, stated at a contractors' conference in Eilat that apartment prices in Israel are currently experiencing a 10% decline. He attributed this trend to Israelis' reluctance to purchase homes, as they perceive the market to be falling and wish to avoid feeling like they are overpaying. Morgenstern made these remarks during the annual real estate conference hosted by the Contractors and Builders Association.
Additionally, the president of the Manufacturers Association commented that Israel lacks a long-term national plan for the real estate sector, asserting that no significant effort has been made to address this issue over the past four years.
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