Kiryat Gat Surges to Lead National Apartment Sales with 1,044 Units
Kiryat Gat topped nationwide apartment sales between June and August with 1,044 units sold, driven largely by subsidized housing projects and significant price gaps.
A surprising revelation emerged from the Central Bureau of Statistics report regarding apartment prices and sales. Kiryat Gat became the city with the highest number of apartment sales nationwide, outperforming major hubs.
The Rise of Kiryat Gat Real Estate
Between June and August, an unprecedented 1,044 apartments were sold in Kiryat Gat, compared to just 329 apartments between March and May. This represents a staggering surge of over 200%, nearly tripling sales within a single quarter and surpassing Tel Aviv in new apartment sales.
"The Ministry of Finance noted that out of the total transactions, free-market new apartment sales in Kiryat Gat stood at just 167 units during June-August, meaning the vast majority were driven by subsidized housing projects like 'Mechir LeMishtaken'."
According to the Ministry of Finance, the average price for a government-subsidized apartment in Kiryat Gat stood at 1.4 million NIS, while free-market apartments averaged 2.4 million NIS. This massive price gap effectively granted substantial equity to program beneficiaries.
Secondary Market and Nationwide Trends
The secondary market also showed renewed activity, with used apartment sales rising from 149 to 204 transactions, marking a nearly 37% increase. Other cities also recorded significant jumps in new apartment sales between June and August, including Netanya, which rose from 113 to 250 units, and Herzliya, which jumped from 60 to 212 units.
