The Internal Revenue Service, in conjunction with the Central Bureau of Statistics, is planning to revise Form 7000, the reporting form for construction companies’ sales of new apartments. Under the proposed changes, construction companies will not only have to disclose the transaction amount but also the actual cost of any benefits provided to buyers, such as furniture coupons, payment of purchase tax, or interest-free loans. The aim of this initiative is to counter the practice of construction contractors maintaining nominal prices during periods of low demand, which can influence buyer behavior in the market.
The Central Bank and Tax Administration believe that the reported increase in nominal real estate prices in January 2024 is misleading, as it does not factor in benefits that can make up to 10% of the nominal value. Despite the formal increase in prices, potential buyers must make decisions based on this incomplete information – whether to purchase now before prices potentially rise further, or to wait in hopes of a decrease.
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