Finance Ministry figures showed that Q2 residential real estate deal numbers declined 41% in the Tel Aviv area

The ongoing economic downturn in Israel has seemingly taken a toll on one of the most traditionally robust sectors - the housing market.

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According to a Finance Ministry report released Sunday, residential purchases have plummeted to their lowest levels in nearly two decades, reported The Times of Israel.

The strength of the Israeli residential real estate market is generally determined by the number of transactions. In an average quarter, 25,000-27,000 transactions are processed, according to Israeli business outlet Globes. More is considered a strong quarter and fewer, weak.