Ashdod Real Estate Faces Sharp Slowdown Amid Drop in Home Sales
Ashdod's real estate market faces a sharp slowdown, with sales dropping to 158 units last quarter from 510 last year, as hesitant buyers wait for price cuts and brokers report a challenging climate.
The real estate market in Ashdod is experiencing a significant slowdown, with recent data from the Central Bureau of Statistics highlighting the depth of the drop in activity. In the last quarter, only 158 housing units were sold in the city, compared to 510 apartments in the corresponding period last year.
Local real estate brokers describe a market where buyers hesitate to execute deals, property owners struggle to find buyers, and contractors face low demand. Michael Nezri of Excellent Real Estate explained that the overall market is much calmer now, noting that a significant part of the sales gap stems from the high volume of new project activity last year.
"A year ago, new projects captured the majority of the sales market. Today, all contractors are crying, because this is not a good time to buy an apartment," Nezri said. Potential buyers observing the slowdown believe that as sales continue to drop, pressure on sellers to compromise on price will increase, leading many to postpone their purchases.
Another factor impacting the local market is the situation of buyers from outside Israel, particularly France and other European nations. Arik Saban of Snir Real Estate in Ashdod noted that the economic and security climate complicates deals, alongside foreign exchange rates where low euro and dollar values yield lower returns for foreign investors.
Broker Yana Zarch from Yana Real Estate pointed out that psychological stress and the security situation have created a deadlock, with many real estate agents leaving the field due to plummeting sales. She advises sellers looking to upgrade their housing to first secure a buyer for their current property before committing to a new purchase.
