Apartment Prices in Harish See Unexpected Surge Amid Market Shifts

The Israeli real estate market is experiencing a notable shift, with second-hand apartments lacking a protected space (Mamad) seeing a significant price drop nationwide due to security concerns heightened by the recent conflict. This has led some individuals to downsize their homes for safety, while investors have largely exited this segment. Sellers needing to offload these properties quickly have been forced to offer substantial discounts, sometimes in the double digits.

However, this trend is not uniform across the country. Tel Aviv has surprisingly seen a nearly 22% increase in second-hand apartment sales, with around 100 more units sold. Many other surveyed cities, including Petah Tikva, Be'er Sheva, Ashdod, Rishon LeZion, Beit Shemesh, Bnei Brak, Modi'in, Bat Yam, and Kiryat Gat, have also reported significant double-digit increases in second-hand apartment sales.

Harish, a relatively new city, stands out as a particular surprise. Despite a general slowdown in new construction projects, sales of second-hand apartments in Harish surged between May and July, with 217 units sold compared to 143 in the preceding three months. This increase is attributed to the city's exceptionally low property prices relative to the national average.

Even with the rise in sales, Harish's prices remain remarkably low. For instance, four-room apartments are selling for between 1.3 to 1.4 million shekels. This is lower than prices in cities like Netivot and Ofakim, where prices per square meter for similar apartments with Mamads are higher, ranging from 15,000 to 16,000 shekels per square meter. In Harish, second-hand apartments, most built after 1992 and thus equipped with Mamads, are priced between 12,000 to 14,000 shekels per square meter.