Property sales in Tel Aviv drop 16%

Real estate sales in central Israel and the greater Tel Aviv area were declining, the Central Bureau of Statistics (CBS) said Wednesday. According to CBS data, while some 9,280 new apartments in central Israel have been sold since the beginning of 2007 – a 2.8% rise in comparison with the same period last year – the overall property sales in Tel Aviv have dropped 16%. Some 27% of the apartments sold in central Israel in 2007 were located in the greater Tel Aviv area. Israel's north, south and Jerusalem districts enjoyed an overall rise of 5.5% rise in real estate sales since the beginning of the year, but the majority of sales – 39% – were still made in central Israel.