Cause for concern? Over half of Israelis struggle to meet mortgage repayments

A survey by Hot's Consumer Club, conducted against the backdrop of soaring real estate prices and record-breaking interest rates, revealed that 62% of families have difficulty meeting their mortgage payments and 49% of young couples don't own apartments.

The CEO of the club stated that there's a huge gap between the desire to buy an apartment and the ability.

For young couples, the goal of buying an apartment is getting further and further away, and some are considering investing in real estate abroad. The club, which has over 300,000 members, conducted the survey through Geocartography, a leading research institute.

The data shows that 22.9% of young people considered buying an apartment in the last year but gave it up, while 91.3% of them gave up buying a home due to the increase in interest rates. 

Also, 78.1% of young couples reported that they needed their parents' help to buy an apartment. To meet the burden of payments, 31% of young couples have reduced spending on food and various supermarket products.

Zvika Vilnai, CEO of the Consumer Club, stated that there's a huge gap between the desire to buy an apartment and the ability to do so because of the spike in interest rates. The enormous frustration felt by many families who have given up on their dream is partly channeled into buying apartments abroad, and from there the path to leaving Israel is short.