As demand continues to surpass supply, Israel’s government intends to significantly increase construction starts and expand a discount scheme aimed at curbing fast growing house prices.
Israel wants to begin building 280,000 housing units by 2025, or 70,000 on average per year, under a collaborative plan by the finance, interior, construction, and housing ministries. This compares to roughly 55,000 deaths per year over the previous decade.
The numerous incentives, according to Construction and Housing Minister Zeev Elkin, would result in a loss of up to 20 billion shekels ($5.89 billion) to the country’s lands administration, which allocates Israel’s land to developers.
“The idea is not a one-step miracle cure,” Elkin stated during a press conference on Sunday.
Other initiatives included in the proposal, elements of which require parliament approval, include reducing red tape and developing additional rental housing units.
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