Freshkovsky Delays Apartment Tender Results Amid Record Housing Surplus
Freshkovsky delays publishing results of its 400-apartment tender despite a 15 million NIS campaign. Experts highlight a record 84,000 unsold homes in Israel, questioning the viability of developer marketing gimmicks.
Nearly a month has passed since the launch of the tender by the Freshkovsky real estate company to purchase apartments at discounted prices. While the company reported that thousands participated in the lottery—part of a broader trend of developers offering financing benefits and promotions—the official results have yet to be published.
Freshkovsky is reportedly expected to release a detailed statement soon to update investors on the exact number of registered participants and units sold. A total of 400 apartments were offered at relatively low prices. Freshkovsky invested 15 million NIS in the marketing campaign for this "transparent tender," requiring a 25,000 NIS deposit from each participant. Prior to the closing of the registration, the company reported 100,000 visits to its website.
Stock Exchange Silence and Market Pressure
In a financial report submitted to the Tel Aviv Stock Exchange eight days later, the company detailed dividends and interested-party transactions, but made no mention of the tender. This move highlights the immense pressure on developers in a saturated market, which currently faces a record high of approximately 84,000 unsold new apartments. While Freshkovsky sources claim the tender results are highly positive, no official regulatory filing has been made.
Real estate expert Adv. Ilan Leibovich commented on the current market conditions:
"The Israeli consumer of 2026 is not a naive buyer attracted by shiny slogans or celebrity presenters. In a market where over 84,000 apartments stand empty, the public is alert, calculating, and looking for only one thing: a genuine price reduction. As long as developers substitute direct price cuts with marketing gimmicks and bombastic names, buyers will continue to vote with their feet."
It should be noted that Leibovich primarily focuses on overseas properties. He added that the only way to stimulate the market is through direct, transparent, and simple dialogue regarding the actual numbers.
Competitors Report Strong Sales
In contrast, other major developers have recently reported strong sales figures. Companies such as Aura (which launched a joint campaign with the "Hever" consumer club), Hagag Group, and others have posted high transaction volumes. The key question remains whether this momentum will persist and how interest rate cuts will impact homebuyers in the short to medium term.
Yossi Freshkovsky, Chairman of the Board of Directors, addressed the macroeconomic shift:
"The fifth consecutive interest rate cut will stimulate the housing market because it eases financing and provides significant relief. Already in the second quarter, we witnessed a 40% increase in the sale of new apartments, and I expect this to accelerate in the third and fourth quarters."
