Is it a Buyer’s or a Seller’s Market?
This is a big question.
For the last 20 years, Israel has been a seller’s markets. Developers did not have many incentives and buyers had to move quickly. My wife and I actually missed the boat in the project we eventually bought in. We ummed and erred and by the time we decided to register for the project, they had all gone.
Fortunately, someone pulled out and a friend who was involved with the project let us know immediately and we stepped in injury time. There was a long list of others waiting in line to take our place. It was most definitely a seller’s market.
Has the Covid 19 epidemic changed things?
Well, the answer is yes, and no.
The uncertainty and the lockdown, when absolutely nothing happened for two months, has caused some developers to become a little jittery. Prices haven’t come down, but some have added sweeteners that were previously unavailable.
For example, one developer has added a clause to the contract allowing buyers to drop out of the sale with no penalties, if the market crashes and prices drop.
Another is prepared to fix the price of apartments in any foreign currency, so that the foreign purchaser doesn’t have to be concerned about major fluctuations in exchange rate.
Another is giving vouchers of tens of thousands of shekels for purchasers to use in furniture shops.
Another is prepared to offer long term financing deals.
And if you have a good agent (hint, hint), he might even be able to knock a good amount off from the purchase price.
Those are the positives.
The negative is that should developers be concerned, they will delay new housing projects causing a shortage of housing, causing prices to rise steeply.
Having spoken with a few developers today, I can honestly say that they sincerely believe that Israel is on the brink of a new wave of mass Aliyah and foreign purchasers. They only see demand for housing in Israel, rising.
From the number of inquiries we’re getting, I can’t say that they’re wrong.
We can help sweeten the deal, but you still have to make your claim.
Contact us today. We’ll help you consider the options are best for you.