Tivuch Ida

Professional agency with a personal touch

Total mortgages jump in May on tax-hike concerns

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By Irit Avissar

GLOBES

May appears to be a particularly strong month for mortgage taking due to concerns that the purchase tax on home purchases for investment might rise. Sources in the banking sector estimate that mortgage taking in May might cross the NIS 5 billion threshold, about 10 percent above the monthly average in the past year.

“The past month has seen hysteria for mortgage banks, and contractors have also witnessed and encountered huge demand,” a senior banking source said. Recent months have been strong in the mortgage market. Mortgages worth NIS 5.6 billion were taken in March, with more modest amounts of NIS 4.71b. in April, NIS 4.62b. in February and NIS 4.57b. in January

The positive sentiment began with the cancellation of former finance minister Yair  Lapid’s 0% VAT plan, which brought many young couples off the fence and into the market. The aftermath of the cancellation is still being felt.

Another likely factor is that Finance Minister Moshe Kahlon plans to raise the purchase tax on homes bought for investment.

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Author: Ida Real Estate

I have dealt with people starting from my teen years whether it was a junior counselor position, volunteering in community centers for the elderly, working as a secretary and as a real estate agent. Dealing with the public is a learning experience and challenging. Someone once told me that a person can learn from every being they meet whether it be a child or a stranger they met for 2 minutes. This I hold true. I have met so many people and have learned a lot and keep learning. My father who ran his own business made it a point to provide good service to all his customers no matter how small the customer. I hope to offer quality, honesty, and result in happy customers whether they are sellers, buyers, or renters.

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