Spreading payments over the coming years, reducing interest rates for buyers, and promising to bear the cost of inflating mortgages, real estate companies’ deals are multiplying and becoming more creative. But they too cannot hide: the prices of new apartments on the open market have been falling for three consecutive months.

When the housing price index for last October was published, the annual rate of increase exceeded 20%, and there is no sign of stopping. But since then, things have changed: the last three indices have shown a combined increase of 0.5%, and the annual rate of increase has been reduced by nearly 6% in just one quarter. Even though the companies themselves try to act as if nothing is happening, the drops are already being felt in sales offices.

Although the apartment price index does not show a decline at the moment – it increased by an additional 0.1% in January – the new apartment sector, which is also being sold in significantly lower volumes than it was here a year ago, is not contributing. In January, the prices of new apartments on the open market decreased by 0.5%, and in December by 1.9%. According to a Globes test, this is a decrease of up to NIS 90,000 on average for a new apartment. Therefore, even if developers and entrepreneurs are not yet ready to admit it, the trend is being felt on the ground.

A look at the latest promotions from real estate companies reveals numerous discounts, and above all, great creativity in the way discounts are offered – and these result in a real decrease in the price that the buyer actually pays, even if companies hesitate to announce price reductions.

And there are also real discounts, especially on the sale of “like new” apartments.