Rehovot Sees Price Per Square Meter Decline While Ness Ziona Remains Stable
Translated & summarized from Bizportal by baba
Data from the Tax Authority shows a nearly NIS 8,000 per square meter price difference between Rehovot and Ness Ziona, with Rehovot's prices declining and Ness Ziona's remaining stable. In Rehovot, the median price per square meter fell to approximately NIS 24,600, while Ness Ziona's is around NIS 32,400. The decline in Rehovot is particularly noticeable in larger apartments. Ness Ziona is preparing for future market shifts with plans for thousands of new housing units.
The story in 5 lines · by baba
- Rehovot's median price per square meter is NIS 24,600, while Ness Ziona's is NIS 32,400.
- Rehovot's price per square meter has declined, while Ness Ziona's has remained largely stable.
- Larger apartments in Rehovot have seen the most significant drops in price per square meter.
- Ness Ziona is planning thousands of new housing units, potentially impacting its future market.
- The price difference between the two neighboring cities is nearly NIS 8,000 per square meter.
Recent data from the Tax Authority reveals a significant price disparity per square meter for apartments in the neighboring cities of Rehovot and Ness Ziona. In Rehovot, the median price per square meter for sold apartments stands at approximately NIS 24,600, while in Ness Ziona, it is around NIS 32,400, a difference of nearly NIS 8,000. This gap has persisted compared to the previous year, but the trends within each city differ. Rehovot has experienced a decrease in price per square meter, while Ness Ziona has seen minimal change.
The Rehovot market shows a slight decrease in the average apartment price, now around NIS 2.45 million, compared to NIS 2.46 million previously. However, the price per square meter has declined by about 5%, from a median of NIS 25,800 to NIS 24,600, indicating that buyers are acquiring more space for the same amount. This decline is most pronounced in larger apartments; four-room apartments saw their average price drop from NIS 2.43 million to NIS 2.30 million, with the price per square meter falling from NIS 25,100 to NIS 22,800. Five-room apartments and larger experienced a similar trend, with the average price decreasing from NIS 3.61 million to NIS 3.09 million, and the price per square meter dropping from NIS 25,800 to NIS 24,300.
Within Rehovot, neighborhood-specific data shows variations. In Neve Alon, the average price per square meter fell from NIS 26,500 to NIS 23,700. Sha'arayim saw a decrease from NIS 25,800 to NIS 24,200, and Sela experienced a drop from NIS 23,800 to NIS 22,300. Even in the newer Rehovot HaHadasha neighborhood, where average apartment prices rose, the price per square meter declined from NIS 26,000 to NIS 24,500, attributed to the sale of larger units.
In contrast, Ness Ziona's market has remained relatively stable. The median price per square meter increased slightly from NIS 32,000 to NIS 32,400. While the average price per square meter saw a slight decrease from NIS 32,200 to NIS 30,800, this is partly explained by the sale of exceptionally large and expensive apartments in the previous period, which skewed the average upwards. The current data, based on a smaller sample size, is considered more stable.
Looking ahead, Ness Ziona is planning thousands of new apartments, including a new neighborhood in the northwest and a development area for 258 units, which could influence future market dynamics. The article also provides lists of recent transactions and apartments currently for sale in both cities to aid potential buyers.
