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el Aviv's housing market is facing a slowdown, with several developers struggling to sell apartments. MyTown, a developer focused on urban renewal in Tel Aviv, has seen no sales this year despite having 12 projects across the city. The company attributes its lack of sales to two main reasons: it overhauled its sales and marketing division, which led to a decrease in active marketing efforts during the quarter, and its strategy of selling units at premium prices.

    MyTown's CEO, Yossi Hasson, notes that the company has strong liquidity and low leverage, allowing it to weather the downturn. The company also rarely offers purchase incentives, unlike some of its peers who have leaned heavily on discounts. MyTown's revenue fell 64% year-on-year in the second quarter due to a lack of fresh sales and delays caused by the war in Gaza and Iran.

    The slowdown is evident across Tel Aviv's residential real estate market, with Acro selling just 11 apartments in the second quarter compared to 98 in the same period last year. Noam Graif, CEO of Amram Abraham Real Estate, warns that if developers were building only in Tel Aviv, they would be facing a major crisis.

    MyTown's pipeline includes 109 residential units for sale, but with no sales this year, the company is feeling the effects of the downturn. The company's net loss attributable to shareholders was NIS 7.6 million in the second quarter, compared to a profit of NIS 1 million a year earlier. Despite the challenges, MyTown remains optimistic about its future prospects and continues to expand its business development activities.

    The Tel Aviv housing market is facing uncertainty due to high prices, war, and politics, raising broader questions about the health of the city's real estate market. The slowdown has led developers like Acro and Anshei Ha'ir to offer purchase incentives, but MyTown has chosen a different approach, focusing on quality and standards rather than aggressive marketing campaigns.