Israel's Housing Market Shows Slight Price Drop Amid Recent Property Sales

The Central Bureau of Statistics (CBS) in Israel reported a 0.3% decline in the housing price index for March-April 2024 compared to the previous two months, marking a 1.3% annual decrease. This index combines prices of both new and second-hand apartments. The upcoming housing cabinet is expected to set a new construction start target after more than a year, with the latest index for April-May due soon, raising questions about whether prices will continue to fall.

To provide insight into the current housing market, national real estate networks shared recent second-hand property sales across several cities. In Beersheba, a 2-room apartment of 55 square meters sold for 785,000 shekels, while a 5-room cottage with a 130 square meter house on a 225 square meter lot, including a 200 square meter garden, parking, and a safe room, sold for 1.61 million shekels.

In Rishon Lezion, a 4-room apartment of 67 square meters with a 15 square meter balcony, elevator, parking, and safe room sold for 1.58 million shekels. Ramla saw a 3-room apartment of 58 square meters sell for 1.26 million shekels, and a 4-room apartment of 120 square meters with elevator, parking, and safe room sold for 2.2 million shekels.

In Holon, a 3-room apartment of 65 square meters sold for 1.735 million shekels, and a 5-room apartment of 90 square meters with elevator and parking sold for 2.25 million shekels. Haifa's sales included a 3.5-room apartment of 56 square meters for 1.29 million shekels and a 5-room apartment of 125 square meters with balcony, elevator, parking, and safe room for 2.2 million shekels. The real estate network RE/MAX contributed to this market overview.