Israeli Housing Prices Drop 0.6% as Real Estate Market Faces Prolonged Freeze
Israel's housing prices fell by 0.6% in July-August, with a 1.8% annual drop, according to the Central Bureau of Statistics. A nationwide review highlights recent real estate transactions across major cities.
Housing prices in Israel have resumed their downward trend, according to the latest Central Bureau of Statistics (CBS) index for July-August, recording a 0.6% decline compared to the preceding two-month period. The index also showed an annual decrease of 1.8%, while prices of new apartments dropped by 0.4% amid a deep freeze in real estate transactions.
To shed light on the current housing market climate, characterized by transaction stagnation as reflected in CBS and Chief Economist data, a comprehensive review of second-hand apartment sales over the past week was conducted in cooperation with national real estate networks including RE/MAX, Anglo-Saxon, and Diyor Plus.
Transaction Highlights Across the Country
Sales data from various cities illustrate the current market pricing:
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Beersheba: A 3-room apartment on Bnei Or Street (Shkhuna Bet), 76 sqm, 2nd floor, sold for 600,000 NIS. A 4-room apartment on Shlomo HaMelech Street (Shkhuna Dalet), 83 sqm, sold for 1.19 million NIS.
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Kiryat Gat: A 4-room apartment on Lakhish Boulevard, 90 sqm, sold for 1.7 million NIS; another 4-room unit on Avney HaChoshen Boulevard sold for 1.8 million NIS.
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Ashdod: A 4-room apartment on Tel Hai Street (District 15), 128 sqm with an 8 sqm balcony, elevator, and safe room (Mamad), fetched 2.14 million NIS.
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Rehovot: A 3-room apartment on Ahad HaAm Street, 80 sqm with a large 62 sqm balcony, elevator, storage, and parking, was sold for 2.87 million NIS. A larger 5-room apartment on Efraim Katzir Street, 125 sqm, reached 3.6 million NIS.
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Holon: A 4-room apartment on Yigal Yadin Street, 100 sqm, was acquired for 2.45 million NIS, while an 8-room private house on Yavetz Street with a 100 sqm garden sold for 5.355 million NIS.
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Haifa: A 4-room apartment on HaTishbi Street, 98 sqm, changed hands for 1.645 million NIS, and a 4.5-room unit on Beit Lehem Street sold for 1.8 million NIS.
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Northern Cities: In Acre, a 3-room apartment on Jerusalem Street sold for 810,000 NIS, while in Nahariya, a 2.5-room apartment on Zamenhof Street went for 625,000 NIS.
