Israeli City Offers Apartments at 2010 Prices Amidst Low Demand

Harish, a city in northern Israel, is currently experiencing a significant drop in property values, with prices reportedly falling to levels not seen since 2010. This decline is attributed to factors including traffic issues, its peripheral location, and overall low demand for housing.

A 96-square-meter, four-room apartment on Narkis Street, featuring a balcony, elevator, parking, and a safe room (Mamad), was recently sold for 1.35 million shekels. Another four-room apartment on Tamar Street, measuring 97 square meters with a balcony, elevator, parking, and safe room, sold for 1.35 million shekels. These prices are notably lower than those in other peripheral cities like Netivot and Ofakim, and even significantly lower than those in Tel Aviv suburbs from a decade ago.

The article contrasts Harish's falling prices with those in other Israeli cities. For example, a 70-square-meter, three-room apartment in Bat Yam sold for 2.9 million shekels, while a similar-sized apartment in Kiryat Gat went for 1.16 million shekels, and a three-room apartment in Tiberias sold for 845,000 shekels. In contrast, a 116-square-meter, four-room apartment in Be'er Sheva's Ramot neighborhood sold for 1.42 million shekels, and a 93-square-meter, four-room apartment on Jerusalem Boulevard in Be'er Sheva sold for 920,000 shekels.

Despite its offerings, including safe rooms, parking, and balconies, Harish struggles to attract buyers. The low demand has resulted in a very low price per square meter, with some projects falling below 14,000 shekels per square meter. This situation highlights a trend where southern cities are outpacing Harish in terms of housing demand and price appreciation.