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Total value of bank mortgages drops 10.4% in October

By Adi Ben-Israel

Mortgages taken from banks totaled NIS 3.5 billion in October, down 10.4 percent compared with September and 20% compared with October 2013. The figure is the lowest in the past year.
The low volume of mortgages is due to two main factors: the Succot holiday, which took place in October and detracted from activity, and people waiting for the 0% VAT law, which affected total deals in the real-estate market, thereby reducing the volume of mortgages.
The average monthly mortgage volume so far this year is NIS 4.2 b.; the volume of mortgages in October was 16% less than the monthly average this year.