Housing snapshot: Home sales and rentals across Israel in August 2024
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
Home prices in Israel rose in June and July, recently released figures show.
Prices rose 0.9 percent in June and July 2024 compared to the previous two months, marking the eighth time that two-month prices have risen in Israel since November 2023, after declining for most of last year, according to the Central Bureau of Statistics. Compared to the same period a year ago, June and July 2023, the data shows that prices have surged 5.8%.
Compared to the previous two months, prices in June and July 2024 rose 1.8% in the central Israel district, 1% in the Tel Aviv area. 0.8% in the Haifa district, 0.4% in the southern district, and 0.1% in the Jerusalem area. They declined by 0.2% in the northern district.
According to Finance Ministry data, in July this year, 8,909 homes were sold, a 29% rise compared to the same month a year earlier. There was an 8% rise in July compared to June 2024.
Investor acquisitions in July rose 36% compared to the same period a year earlier, accounting for 16% of all acquisitions. Almost half were for new apartments, likely as a result of the special financing deals offered by contractors, the ministry said. The Beersheba area was the most popular in July, with 230 apartments acquired, closely followed by the Jerusalem area with 227 homes acquired.
In the first seven months of the year, the Beersheba area saw a 17% jump in investor acquisitions, and Jerusalem saw a 78% surge, the latter triggered mainly by foreign resident purchases, the ministry said.
In the first seven months of the year, Tel Aviv was the city with the most investor acquisitions, registering a 58% jump compared to the same period a year ago. Jerusalem and Haifa were the two other cities with the most investor deals, respectively. Beit Shemesh saw a 117% surge in investor acquisitions in the January-July period compared to a year earlier.
Foreign resident purchases rose by 62% compared to July a year earlier. However, foreign residents also sold apartments during the month, bringing net acquisitions by foreign residents in Israel in July to 139 units compared to 62 in July last year, with the Jerusalem area being the preferred choice for these investors.
Sales
To provide the housing snapshot below we use the Israel Tax Authority’s database, which records the actual prices paid for properties. The focus is on sales over the past month, August 26 to September 22, to present the most up-to-date picture of the market. Where available, the exchange rate at the time of the purchase, as it appears in the database, is used.
In Tel Aviv-Jaffa, a 96-square-meter (1,033-square-foot), four-room (three-bedroom) apartment at 48 Sheshet HaYamim Boulevard was sold for NIS 2,750,000 ($749,727) on August 28. The apartment, on the second floor of a nine-floor building built in 2003, includes one parking space.
A 93-square-meter (1,001-square-foot), four-room (three-bedroom) apartment at 12 Avigdor Steimatski Street, in the north of the city, was sold for NIS 4,525,000 ($1,224,000) on September 3. The apartment, on the first floor of an eleven-floor building built in 2008 has parking space for two cars.
A 65-square-meter (700-square-foot), three-room (two-bedroom) apartment at 11 Nitzana Street, close to the Drisco Hotel in Jaffa, was sold for NIS 3,250,000 ($867,823) on September 17. The apartment is on the second floor of a four-floor building built in 2010.
In Jerusalem, a four-room (three-bedroom), 92-square-meter (990-square-foot) apartment at 1 Rafael Bar Lavi Street, beyond the Green Line in the Har Homa neighborhood, was sold on September 3 for NIS 2,770,000 ($744,223). The unit is on the third floor of four in a building completed in 2003.
In Haifa, a three-room (two-bedroom), 56-square-meter (603-square-foot) apartment at 31 Oren Street was sold for NIS 1,220,000 ($329,640) on September 1. The apartment is on the seventh floor of 13 in a building built in 1970.
In Beersheba, a four-room (three-bedroom), 105-square-meter (1,130-square-foot) apartment at 4 Tsahal Boulevard was sold on September 6 for NIS 1,581,930 ($421,623). The apartment is on the fourth floor of an eight-floor building built in 2022.
In Beit Shemesh, a four-room (three-bedroom), 109-square-meter (1,173-square-foot) apartment at 22 Nahal Sorek Street was sold on September 17 for NIS 2,700,000 ($715,610). The unit is on the ground floor of a four-floor building built in 1996 and comes with a yard.
Rentals
The database of the real estate website Madlan was used 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.
In Tel Aviv, a 75-square-meter (807-square-foot), three-room apartment (two-bedroom) on the first floor of three at Sderot Yerushalayim in Jaffa was put on the market for NIS 7,200 ($1,950) monthly. The air-conditioned unit, which does not have a safe room, has a large living room, the website says.
In Jerusalem, a 95-square-meter (1,023-square-foot), three-room (two-bedroom) partially furnished apartment on 7 Koretz Street in the Armon Hanatziv neighborhood was put on the market for NIS 7,000 ($1,896) per month. The first-floor unit in a five-floor building has a safe room, a lift, a balcony and a parking space, but is not air-conditioned, the website says.
In Haifa, a 70-square-meter (753-square-foot), three-room (two-bedroom) apartment on Pinsker Street in the Neve Sha’anan neighborhood in the east of the city and close to the Technion – Israel Institute of Technology was put on the market for NIS 3,700 ($1,001) a month. The unit, on the first floor of three, is air-conditioned but has no safe room.
