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| Housing market looks like 2014 - just before prices surged higher

Zev Stub    
Thursday, 07 December 3:41 PM
The calendar says 2017, but in the Israelis housing market everything looks like it’s 2014 all over again.  
That was the year then-Finance Minister Yair Lapid announced his Zero VAT plan, which would have exempted many categories of home buyers from the value-added tax. The idea was to stem the rise in housing prices by eliminating the tax for many buyers.
 
In 2017, Zero VAT is history but Finance Minister Moshe Kahlon has his own plan. Mahir Lemishtaken (“buyer’s price”) has had a big impact on the market. First-time buyers purchased 3,500 new homes in the third quarter, 40% of them through the program. Without it, new-home purchases would have been at the same level as the 2014 low.
 
        
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