The decline in mortgage taking in Israel is gaining momentum. In February 2023 mortgages totaling NIS 5.73 billion were taken, down 49% from February 2022, the Bank of Israel reports. This was the lowest monthly figure for mortgage taking since the first Covid lockdown in April 2020 and similar to the monthly mortgage taking figures in the second half of 2019, although since then housing prices have risen 35%.
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Among the reasons for the low mortgage taking figure last month were the rise in interest rates, and concerns over the government’s planned judicial reform, which has resulted in an atmosphere of economic instability and uncertainty in Israel.
Between November 2022 and January 2023, mortgage taking was down 30%-40% from the corresponding month of the previous year. The rise in this figure to 50% in February suggests that the housing market maybe cooling off more than previously expected.
Published by Globes, Israel business news – en.globes.co.il – on March 13, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
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