Housing snapshot: Home sales and rentals across Israel

Although there are widespread predictions that house prices will fall in the course of 2023, the most recent market data (from October to November 2022) still shows year-on-year increases of 18.8%.

As building work and subsidized housing have tended to focus on entry-level apartments, larger apartments are proving more difficult to find and are naturally more expensive. Bargains may still be possible, but searching around the country shows just how great the challenge is for an average family — bringing in a dual monthly income of around NIS 24,000 ($7,100), while shelling out around 30% of the value upfront to cover both the down payment and the costs associated with purchasing a property.

This week The Times of Israel has looked at the cost of five-room (four-bedroom) apartments changing hands between early December and this month, using the property tax database to find out what is selling and at what price.

1. In Herzliya, known for its larger properties, a four-bedroom garden apartment on Shmuel Hanagid Street in the center of town sold in mid-December for NIS 4,500,000 ($1,308,000). The apartment is brand new — completed in 2022 – and measures 130 square meters (1,399 square feet) with an additional 30 square meters (323 square feet) of outdoor space.

2. Further north, close to Netanya, a four-bedroom apartment sold in early December on Hahadarim Street in the town of Even Yehuda for NIS 3,320,000 ($962,000). The apartment is on the first of two floors and measures 124 square meters (1,334 square feet). It was built in 1983.

3. On Eshcolit Street in Pardes Hanna on the edge of town, a four-bedroom apartment sold in early January for NIS 2,345,000 ($696,000). The apartment was built in 2015 and measures 164 square meters (1,765 square feet) in a building of 56 apartments. The unit is located on the 12th of 15 floors, and the sale included a reserved parking space.

4. In Haifa, a four-bedroom property sold for NIS 2,500,000 ($703,000) during the second week of January. The apartment is on Lionel Watson Street in the Ramat Begin neighborhood. It measures 115 square meters (1,238 square feet), with one parking space, and is located on the third of five floors in a building dating to 1970.

5. Moving up to the north of Israel, prices start to fall. A recent sale in Tiberias, on Rachel Street near the city’s Leonardo Hotel, of a new (2022) four-bedroom apartment was completed for NIS 1,150,000 ($326,000). The apartment measures 124 square meters (1,334 square meters) and is located on the sixth of 22 floors.

6. In Tel Aviv, a new four-bedroom apartment completed in 2022 on Totzeret Ha’aretz Street close to the Carmel Market sold at the end of December for NIS 6,178,800 ($1,835,000). The apartment measures 126 square meters (1,356 square feet) and was one of 348 apartments on the 30th of 40 stories.

7. On Ha’aviv Street on the fringes of Ness Ziona, a four-bedroom apartment built in 2016 sold for NIS 3,650,000 ($1,036,000) in late December. The apartment covers 122 square meters (1,313 square feet) with two reserved parking spaces, on the second of four floors in the building.

8. In Ashkelon on Hatziyonut Boulevard a four-bedroom apartment measuring 135 square meters (1,453 square feet) sold for NIS 2,350,000 ($698,000) in early January. The apartment is on the sixth of 10 floors and was built in 2019, with one parking space.

9. In mid-January, a garden apartment changed hands in Modiin on Rachel Imeinu Street for NIS 4,400,000 ($1,307,000). With four bedrooms, the apartment was built in 2007 and the inside living space measures 140 square meters (1,506 square feet). The sale also included two parking spaces, a 60 square meter (645 square feet) roof, and 55 square meters (592 square feet) of yard space.

10. On Navon Street in Jerusalem, close to Jaffa Street and Mahane Yehuda Market, a four-room apartment (three bedrooms) sold at the beginning of January for NIS 5,370,000 ($1,595,000). It measures 116 square meters (1,248 square feet) and was completed in 2021, on the first of five floors in a building containing eight apartments in total.

11. In the West Bank settlement of Efrat on Yehuda Hamacabee Street, a 114-square-meter (1,227 square feet) apartment built in 2001 and divided into four bedrooms sold for NIS 2,390,000 ($710,000) in early January.

12. In mid-January, on Nachum Sneh Street in Beersheba, a four-bedroom apartment measuring 157 square meters (1,689 square feet) sold for NIS 1,700,000 ($505,000). The apartment was built in 2016 on the second floor of a four-story building.

Rentals

It is also harder to find larger rentals, but costs seem to reflect location above any other factor. The Times of Israel has taken a look at the leading online rental forum, Yad2, to see what it costs to rent at least four bedrooms in Israel’s major cities.

A garden flat is currently available on Tel Aviv’s Ha’aliya Street. It offers 160 square meters (1,722 square feet) of space with four bedrooms in what is described as a “boutique building.” A further 70 square meters (753 square meters) of private space includes a swimming pool, and there is also a storage room and two parking spaces. The asking price is NIS 40,000 ($11,900) per month.

On Brazil Street in Ramat Aviv,  adjacent to Tel Aviv, a five-bedroom apartment is up for rent at the (relatively more affordable) price of NIS 15,000 ($4,500) per month. It is on the ninth of 12 floors, measuring 140 square meters (1,506 square feet), and also comes with two parking spaces.

In the Old Katamon neighborhood of Jerusalem, on Hapalmach Street, a five-room (four-bedroom) apartment is available for NIS 16,000 ($4,800) per month. It covers 155 square meters (1,668 square feet), with two balconies, parking, and a storage room.

Further out, in Jerusalem’s Gilo neighborhood on Marva Street, a duplex apartment with six bedrooms is going for NIS 7,900 ($2,300) per month. It has a balcony with a view, three parking spaces, and measures 145 square meters (1,560 square feet).

In Haifa, NIS 7,500 ($2,200) a month can secure a private house with four bedrooms on Gnessin Street in the Nave Sha’anan neighborhood close to the center of town. The home has two floors and measures 120 square meters (1,291) with three balconies.

In Beersheba, on Nahal Shila Street close to Lake Park, four-bedroom, second-floor apartment is available for NIS 4,000 ($1,200). The apartment covers 136 square meters (1,463 square feet), with a balcony that offers views to the west.