Apartment Prices Decline Across Most Major Israeli Cities
New data from the real estate platform Yad2 reveals a significant drop in apartment prices per square meter in 16 out of 20 major Israeli cities over the past year. This trend indicates a broader market shift, moving from slight increases earlier in the year to a sustained decline.
The sharpest decrease in the price per square meter for three-room apartments was observed in Rishon LeZion, where prices fell by approximately 4.7%. Tel Aviv, despite a 3.8% drop, remains the most expensive city. For four-room apartments, Ashdod saw the most substantial decline at about 4.1%, followed by Haifa with a 3.4% decrease.
In some cities, the trend varied by apartment size. Haifa and Jerusalem experienced price increases for medium-sized apartments while larger ones saw decreases. Conversely, Netanya showed a decrease in medium-sized apartments but a slight increase for larger units.
Sima Azulai, CEO of Secondhand Real Estate at Yad2, stated that the data points to a clear trend of declining prices in the housing market over the last year, affecting various cities and apartment types. She added that this situation opens up greater opportunities for potential buyers to explore options, compare properties, and negotiate prices.
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