Rehovot Sees Price Per Square Meter Decline, Nes Ziona Remains Stable
Translated & summarized from Bizportal by baba
Data from the Israel Tax Authority shows a significant price difference between Rehovot and Nes Ziona, with Rehovot's median price per square meter falling to approximately NIS 24,600 while Nes Ziona's remains around NIS 32,400. Rehovot's market saw a decline in price per square meter, particularly for larger apartments, indicating buyers are getting more space. Nes Ziona's market has been more stable, with a slight increase in median price per square meter. Future housing development in Nes Ziona may impact its market.
The story in 5 lines · by baba
- Rehovot's median price per square meter is NIS 24,600, while Nes Ziona's is NIS 32,400.
- Rehovot's price per square meter has declined, while Nes Ziona's has remained stable.
- Larger apartments in Rehovot experienced the most significant drop in price per square meter.
- Nes Ziona's market shows stability with a slight increase in median price per square meter.
- Thousands of new housing units are planned for Nes Ziona, potentially affecting its market.
Recent data from the Israel Tax Authority reveals a widening price gap between the neighboring cities of Rehovot and Nes Ziona, with Rehovot experiencing a decrease in the median price per square meter for apartments sold. In Rehovot, the median price per square meter stands at approximately NIS 24,600, while in Nes Ziona, it is around NIS 32,400. This disparity has persisted from the previous year, but the trends differ: Rehovot's price per square meter has "eroded," while Nes Ziona's has remained largely unchanged.
The analysis is based on 73 apartment transactions in Rehovot and 14 in Nes Ziona. In Rehovot, the average apartment price has remained stable at about NIS 2.45 million. However, the median price per square meter has dropped by approximately 5%, from NIS 25,800 to NIS 24,600, indicating that buyers are receiving more space for the same amount of money. This decline is most pronounced in larger apartments; four-room apartments saw their average price per square meter fall from NIS 25,100 to NIS 22,800, and five-room apartments from NIS 25,800 to NIS 24,300.
Within Rehovot, neighborhood-level data shows variations. For instance, in Neve Alon, the average price per square meter decreased from NIS 26,500 to NIS 23,700. In Sha'arayim, it fell from NIS 25,800 to NIS 24,200, and in Ha'Sela, from NIS 23,800 to NIS 22,300. Even in the newer Rehovot HaHadasha neighborhood, where the average apartment price increased, the price per square meter declined because the sold apartments were larger.
In Nes Ziona, the median price per square meter saw a slight increase to approximately NIS 32,400 from NIS 32,000 in the corresponding period last year. The average price, however, decreased from NIS 32,200 to NIS 30,800. This is partly attributed to the sale of several very large, expensive apartments in the previous period, which skewed the average upwards. Current listings also reflect the price difference, with the median asking price per square meter in Rehovot around NIS 23,200, compared to approximately NIS 30,300 in Nes Ziona.
Looking ahead, Nes Ziona has plans for thousands of new housing units, which could influence future market dynamics. The article also provides details on how to use the Israel Tax Authority's transaction database, explaining the difference between median and average prices and the factors that can affect reported sale prices, such as partial property sales or data entry variations.
