Apartment in Central Israel Sells for Under $350,000 Amid Market Slowdown
Translated & summarized from Ice by baba
Apartments in the central Israeli cities of Lod and Ramla are selling for significantly lower prices than the national average, with a three-room unit in Lod fetching 1.27 million shekels. While the northern city of Afula also has lower-than-average prices, demand there has not surged. The article highlights these lower prices as potential opportunities, contrasting them with the stagnant market in Afula and other sales across Israel, including Be'er Sheva, Shoham, Acre, and Rehovot.
The story in 6 lines · by baba
- A three-room apartment in Lod sold for 1.27 million shekels, significantly below central Israel's average.
- A four-room apartment in Afula sold for 1.53 million shekels, reflecting lower prices in the north.
- Ramla saw a three-room apartment sell for 1.87 million shekels, also noted for low prices.
- Demand has not increased in Lod's new neighborhoods despite attractive pricing.
- Other sales included apartments in Be'er Sheva, Shoham, Acre, and Rehovot.
- Afula's property prices remain 35% below the national average.
Despite a general rise in real estate prices across Israel in 2021 and 2022, the northern city of Afula has seen slower growth, with prices remaining 35% below the national average. This week, a 130-square-meter, four-room apartment with a balcony, safe room, and parking in Afula sold for 1.53 million shekels. This price is not unusual for Afula, where property values have been stagnant for some time.
In contrast, the central Israeli cities of Lod and Ramla are experiencing particularly low prices relative to their region. In Lod, a 60-square-meter, three-room apartment sold for 1.27 million shekels. In Ramla, an 86-square-meter, three-room apartment with a balcony, safe room, parking, and elevator sold for 1.87 million shekels. These prices suggest that opportunities for more affordable housing exist in these central areas, potentially offering a better value than older apartments in southern Tel Aviv.
The article notes that even in Lod's new neighborhoods, there is no surge in demand despite the low prices, indicating the local market may have reached its peak and a significant increase in supply has led to many unsold units. Other recent sales mentioned include a four-room apartment in Be'er Sheva for 1.08 million shekels, a three-room apartment in Be'er Sheva for 770,000 shekels, a four-room penthouse in Shoham for 3.8 million shekels, and a three-room apartment in Acre for 880,000 shekels. In Rehovot, several apartments sold for prices ranging from 2.15 million to 3.17 million shekels.
