Housing snapshot: Home sales and rentals across Israel in April
The Times of Israel’s regular feature on what is happening in the local property market right now
Shoshanna Solomon was The Times of Israel's Startups and Business reporter
Lowered interest rates have seen home prices rise for a third consecutive two-month period, after declining almost the whole of last year when high rates curbed consumers’ appetites for purchases.
Housing prices advanced 1.0 percent in January-February 2024, after rising 1.1% in December 2023-January 2024 and 0.7% in November-December 2023, according to Israel’s Central Bureau of Statistics (CBS).
Overall, house prices rose a modest 0.3% in January-February 2024 over the same period last year.
In Tel Aviv, prices rose 2.1% in January-February 2024, compared to the December 2023-January 2024 period, the CBS data showed. They also rose 0.7% in Jerusalem, 1.3% in Haifa and 0.4% in the south of Israel.
Prices declined 0.2% in the north of the country, as bombing from Lebanon by the Hezbollah terrorist organization continued.
In February this year, 7,511 homes were sold, a 19% jump compared to the same period last year, according to Finance Ministry figures. Compared to January 2024, however, there was a 7% decline in sales. Historically, February 2024 was among the weakest second months of the year since the start of the 2000s, the ministry said.
Acquisitions by foreign residents, including investors, declined 16% in February compared to the same period a year earlier, and 14% compared to January 2024, the data showed.
Sales
To provide the housing snapshot below, we make use of the Israel Tax Authority’s database, which records the actual prices paid for properties, and we focus on sales over the last month (March 26 to April 22) for the most up-to-date picture of what is going on in the market. Where available, we use the exchange rate at the time of the purchase as it appears in the database.
1. In Tel Aviv-Jaffa, a four-room (three-bedroom) 113-square-meter (1,216-square-foot), fifth-floor apartment on 3 Tagore Street in Tel Aviv, in the Ramat Aviv neighborhood in the north of the city, sold for NIS 4,600,000 ($1,256,830) on March 26.
A two-room (one-bedroom), 61-square-meter (656-square-foot) apartment on the seventh floor of 27 Weizmann Street was sold for NIS 4,214,000 ($1,124,332) on March 31. The building, walking distance from the Ichilov Hospital, has nine floors. There is no attached parking space for the apartment.
A four-room (three-bedroom), 70-square-meter unit (753-square-foot) on 6 Tslilei HaNina Street sold for NIS 2,420,000 ($643,445) on April 11. There is no parking space attached to the first-floor apartment, which is in a 1970s building.
2. In Jerusalem, a three-room (two-bedroom), 54-square-meter (581-square-foot) apartment on the fifth floor of seven on 6 Baruch Zukerman Street was sold for NIS 1,760,000 ($471,596). The apartment, in a 1970s building, has no parking attached.
A five-room (four-bedroom), 130-square-meter (1,399-sq.-ft.) apartment on the sixth floor of 117 Maalot Dafna Street was sold for NIS 4,775,000 ($1,285,675) on April 4.
3. In Haifa, a three-room (two-bedroom), 51-square-meter (549-square-foot) apartment on the third floor of 11 Yetsiat Europa Street was sold for NIS 1,200,000 ($327,868) on March 26. The unit is in a building built in 1960 and has no attached parking.
A four-room (three-bedroom), 81-square-meter (872-square-foot) apartment on the first floor of 15 Keller Street was sold for NIS 2,085,000 ($561,389) on April 4.
4. In Netanya, a five-room (four-bedroom), 141-square-meter (1,517-square-foot) apartment on the first floor out of eight on 9 Jabotinsky Street was sold for NIS 2,300,000 ($624,830) on March 28. There is one parking space attached to the unit, which is in a 1980-built building.
A 73-square-meter (786-square-foot) three-bedroom apartment on the first floor of seven on 4 Natan Hameshorer Street was sold for NIS 1,540,000 ($414,647) on April 9.
5. In Beit Shemesh, a 100-square-meter (1,076-square-foot) four-room (three-bedroom) apartment at 22 HaRav Israel Grossman Street sold for NIS 2,600,000 ($700,053) on April 1. The unit is on the last floor of a five-floor building built in 2019. There is no attached parking space.
Rentals
We used the database of Madlan, a website for real estate deals, to compile this sample of rental apartments on the market, with a focus on three-room — two-bedroom — properties, suitable for a couple, two roommates or a small family.
1. In Tel Aviv, a 75-square-meter (807-square-foot) newly renovated three-room (two-bedroom) apartment on Masaryk Boulevard, overlooking Masaryk Square, was on the market for NIS 9,000 ($2,395) monthly, down from NIS 9,500 originally. The unit, which has high ceilings and a balcony overlooking treetops, is on the first floor out of four, in a boutique building, the posting says.
2. In Jerusalem, an 80-square-meter (861-square-foot), three-and-a-half-room (two-and-a-half-bedroom) apartment on the first floor of 37 Emek Refa’im, in the German Colony area, was on the market for NIS 6,000 ($1,600) monthly. The unit is spacy and airy, the posting says, and has two balconies and an attached parking space.
3. In Haifa, a 70-square-meter (753-square-foot) three-room (two-bedroom) apartment on Shalom Shabazi Street was put on the market for NIS 3,300 ($878) monthly. The unit, on the first floor of six, is renovated, has an elevator, is on a quiet street and is suitable for a family or flatmates, the posting says.
