Housing prices continue to spike, with 7.2% increase over past year

Prices up all over the country; consumer price index rises 1.6% since beginning of the year

A construction site for new residential housing in Be'er Yaakov, central Israel, on March 26, 2020. (Flash90)
A construction site for new residential housing in Be'er Yaakov, central Israel, on March 26, 2020. (Flash90)

Housing prices in Israel continued to track upwards in April and May, showing a 7.2% jump, on average, compared to the same period last year, according to the latest data from the Central Bureau of Statistics (CBS).

Prices went up all over the country, with the highest spike in the north at 8.8%.

In Tel Aviv, prices went up by 1.3% since the March-April period alone.

New Finance Minister Avigdor Liberman said this week he is very concerned about soaring housing prices and that he is working alongside Housing Minister Ze’ev Elkin to provide solutions.

CBS data also showed that Israel’s consumer price index has risen by 1.6% since the beginning of the year.

Housing prices in Israel have continued to climb in recent years, and the rising cost of living in the country has fueled a series of protests in Israel over the past decade.

Sales of homes plummeted to their lowest levels in nearly two decades during the COVID pandemic last year. There were 16,800 apartments bought during the second quarter of 2020, a drop of 27% compared to the same quarter in 2019.

Sales rebounded over the summer, and Israelis ended up taking out a record amount in mortgages in 2020, despite the economic mayhem caused by the pandemic.

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