After this 2019 campaign of elections where practically none of the candidates promised a price drop in the field of real estate, one cannot really be surprised that changes are slow to come.
What is certain, is that many Israeli citizens fear that prices will be frozen or worse, that they will skyrocket. They wonder if it is better to buy now or wait to see what will happen in the next few months.
Why didn’t these elections touch the real estate?
These last elections were quite different from the previous ones, meaning that everything turned more around judicial, personal and of course security issues. Anything affecting the economy in general, and real estate in particular, was set back, including of course the serious issue of housing and its prices.
It is therefore now, after the re-election of Benjamin Netanyahu and once the latter has appointed his new Ministers, Secretaries etc. including the new Secretary of the Treasury, that we may see changes. What will happen to the problem of rising real estate prices, investors, land marketing, construction and building problems, and especially the lack of housing?
Of course, the first thing we will hear will be promises. To bring down prices, more construction plans and so on for the next few years. But what will happen concretely, in reality, for the people of Israel? No one knows yet, we can only wait and see what will come.
So, should we buy an apartment or not?
According to the VCELL Research Institute, it is precisely now that it is a good idea to buy, and it gives several positive reasons to answer those asking why.
Some good reasons
- The risks of rising real estate prices are real, and therefore there will be more chances to pay less if you buy now.
- The uncertainty of the economy, especially about the commercialization of land to the free public, is likely to cause a shortage of new constructions in the future.
- The level of apartment sales, especially in the center around Tel Aviv, is at its lowest and there is not much choice of apartments. In addition, the prices will certainly increase in the next few months.
Two small tips to facilitate a real estate purchase
First and most important, is not to rush. Do a thorough research on the subject, from the various projects, their location, the evolution of the neighborhood, where they are located, and up to the price, the condition, if there are any advantages or promotions. It is worth and important to compare several projects before the final decision. Do not rush to a real estate agency.
Once the apartment or the appropriate project has been found, take advice from a lawyer and ask him to accompany the buyer until the purchase contract is signed. It is also very important that he accompanies the buyer to the Bank if he wishes to make a mortgage. When one does not have enough knowledge in this field one is easily lost, therefore this accompaniment is paramount.