ISRAEL AT WAR - DAY 141

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Housing snapshot: Home sales and rentals across Israel

The Times of Israel’s regular feature on what is happening in Israel’s property market right now

An illustrative photo of new residential towers in Beit Shemesh, April 2022. (Elijah Lovkoff via iStock by Getty Images)
An illustrative photo of new residential towers in Beit Shemesh, April 2022. (Elijah Lovkoff via iStock by Getty Images)

This week, The Times of Israel took a look at entry-level homes in cities across Israel, seeking to highlight some of the most affordable properties to have changed hands since the beginning of the year.

These homes are often hard to find and involve compromises over size and location. But they can offer an entry point for first-time buyers hit with high prices, interest rate hikes, and declining affordability.

Prices in this roundup are taken from Israel’s Property Tax Database.

1. In Jerusalem,  a one-bedroom (two-room) apartment close to the city’s Botanical Gardens on Tchernikovsky Street sold for NIS 1,120,000 ($317,370) in early January. The apartment is on the third of three floors and covers just 32 square meters (344 square feet), in a building completed in 1970.

2. Moving out of Jerusalem but still within an easy-commute distance, the cheapest property to change hands so far in 2023 in Modiin was a two-bedroom (three-room) apartment on Dvoranit Street that went for NIS 2,140,000 ($597,000) in mid-January. The apartment is on the first of four floors and covers 87 square meters (936 square feet). It also came with a parking space.

3. On Herzl Street in central Beit Shemesh, a two-bedroom apartment of 45 square meters (484 square feet) sold last month for NIS 1,570,000 ($437,985). The residence was built in 1970 on the fourth of eight floors.

4. In Tel Aviv, ranked among the world’s most expensive cities, a one-bedroom apartment located on Rama Street at the far northeastern edge of the city changed hands in mid-January for NIS 1,520,000 ($449,571). The apartment measures 32 square meters (344 square feet) on the first of four floors in a building completed in 1950.

5. In Rishon Lezion on David Tidhar Street, a one-bedroom apartment covering 36 square meters (388 square feet) sold for NIS 1,550,000 ($432,405) in early January. Built in 1980, the apartment is on the second of four floors.

6. On HaTayelet Street along the shoreline in Ashdod, a one-bedroom apartment sold for NIS 1,260,000 ($351,504). It was built in 1998 on the sixth of 13 floors and measures 42 square meters (452 square meters).

7. Staying in the center of the country, on HaCarmel Street in Kfar Saba, the cheapest apartment sold so far this year was a two-bedroom garden apartment built in 1996 that sold for NIS 2 million ($570,287) in early February. The residence is a relatively spacious 122 square meters (1313 square feet) in size, with a 70-square-meter yard (753 square feet) and one parking space.

8. Moving further away from Tel Aviv, in Pardes Hanna on Lamerhav Road in the center of town, a one-bedroom apartment changed hands in the first half of January for NIS 1,035,000 ($301,837). It covers 59 square meters (635 square feet) of space on the first of three floors in a building that dates to 1980.

9. At the northern end of the coastal train line, close to the Arena shopping mall on Levi Eshkol Street in Nahariya, a one-bedroom apartment sold in early January for NIS 500,000 ($141,683). Built in 1970 on the first of four floors, the apartment measures 44 square meters (474 square feet).

10. In Afula on Aliya Street, close to the edge of the city, a two-bedroom apartment of 57 square meters (613 square feet) changed hands in January for NIS 570,000 ($161,518). The apartment was built in 1970 on the first of a four-floor building.

11. Heading south to Beersheba on David HaMelech Street, a one-bedroom apartment in the city sold in early January for NIS 570,000 ($161,519). It measures 51 square meters (550 square feet) and dates to 1970.

Rentals

Keeping rental costs to a minimum can be one way to save for the deposit on a long-term home. But rental costs have also been rising steadily, particularly for new tenants whose landlords are increasing rates by 8% or more. The Times of Israel has been looking for the smallest, cheapest apartments currently available in locations across the country, using the Yad2 property listings.

In Tel Aviv, in the center of the city on Sheinkin Street between the Carmel Market and Rothschild Boulevard, there is a one-bedroom, first-floor apartment available, measuring 27 square meters (290 square feet). Recently renovated and available furnished, the asking price is NIS 4,300 a month ($1,200), with a further NIS 500 ($140) to cover bills.

In nearby Bat Yam, a more affordable city, a 30-square-meter unfurnished ground-floor studio is available for rent for NIS 2,900 a month (about $800). The apartment is on Jerusalem Street in a building built in 1960.

In Holon, on Sokolov Street, a ground-floor, furnished studio apartment that has been refurbished is available for NIS 2,850 (about $800). The space measures just 25 square meters (270 square feet).

On HaShomer Street in Haifa, a 43-square-meter (463 square feet), first-floor apartment is available for NIS 1,750 ($481), plus NIS 240 for bills each month ($555 in total). It has 1.5 rooms and free internet.

In Jerusalem, in the Ramot neighborhood, on Mishol HaDkalim Street, there is a tiny ground-floor studio apartment available furnished for NIS 2,500 ($697). It measures just 18 square meters (194 square feet) but is located close to public transportation lines.

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