The Cabinet, at its weekly meeting on Sunday 29 Kislev 5775, approved the target price plan for the housing market; marketing will begin immediately at a 20% discount off the market price. The target price plan is open to all citizens and its goal is to bring about a lowering of prices in in-demand areas and from there to all areas.

The plan is the product of a joint effort by the Construction Ministry, the Israel Lands Authority, the National Economic Council in the Prime Minister’s Office, Prime Minister’s Office Director-General Harel Locker and the Finance Ministry. It was decided that preference would be given to those without housing who will receive three votes in the lottery as opposed to those who wish to improve their housing who will receive one vote.

Target price tenders will include housing units the price of which is under NIS 19,000 per square meter in order to prevent the benefit from being given to luxury units.

Already in 2014, approximately 4,000 housing units in Rosh Ha’ayin and Modi’in will be in a target price format. In 2015, over 12,000 additional units in in-demand areas will be included in the plan.

(YWN – Israel Desk, Jerusalem)