Housing starts slump
Despite the rise in housing prices and belying repeated promises by Minister of Housing and Construction Ariel Atias that he is going to flood the housing market, contractors are in no rush to build. The Central Bureau of Statistics reported today that building starts fell in the second quarter of 2010. Housing starts had risen in the first quarter of 2010 but this was the only such rise in the past seven quarters.
There were 8,959 building starts in the second quarter of 2010, 5.5% down from the preceding quarter, and the lowest number since the corresponding quarter. However, in the Tel Aviv and Central District where housing prices are rising at the fastest rate, there were more housing starts in the second quarter, but the national figure was dragged down by a slowdown in housing starts in the north and the south.
Housing starts in the Central District in the second quarter rose 3.3% to 3,643 compared with the first quarter. There were 1,820 housing starts in the Northern District, down 6.5% from the preceding quarter and 983 housing starts in the Southern District down 31% from the preceding quarter.
In Tel Aviv District alone there was a 16% rise inhousing starts in the second quarter to 986 apartments. There was also a 12% rise in housing starts in
however Haifa District in the second quarter to 989 apartments.
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