Housing snapshot: Home sales and rentals across Israel in June 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
House prices in Israel continued to rise in March and April as higher demand and a continued shortage of construction workers fueled expectations of a supply shortfall, according to recently released figures.
Home prices rose 0.9 percent in March and April 2024 compared to the previous two months, marking the fifth 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 March and April 2023, prices have risen 2.1%, the data showed.
When compared to the same period a year ago, prices in March and April 2024 rose the most in the Haifa area (6.6 percent); prices advanced 1.9% in Jerusalem and 0.1% in Tel Aviv.
According to Finance Ministry data, in April 7,345 homes were sold, an 84% rise compared to the same period a year ago. Sales in April 2023 were the lowest in the real estate market since the start of the 2000s, the ministry said.
Investor acquisitions in April surged 108%, whereas acquisitions by foreign residents rose by 83%, compared to the low of April 2023. However, foreign residents also sold apartments in the month, bringing net acquisitions by foreign residents in Israel to just 97, far below the estimates in the market since the start of the war, the ministry said.
Sales
To provide the housing snapshot below, the Israel Tax Authority’s database is used, which records the actual prices paid for properties. The focus is on sales over the last month (May 19 to June 24) 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 60-square-meter (646-square-foot), three-room (two-bedroom) apartment on the fourth floor of a four-story building built in 1970 at 43 Avraham Shlonsky Street in the northeast of the city sold for NIS 3,122,000 ($849,755) on May 20.
On May 22, an 80-square-meter (861-square-foot), four-room (three-bedroom) apartment at Mahrozet 20, in the south of the city, sold for NIS 2,310,000 ($628,743). The unit is on the first floor of a four-story building constructed in 1970.
A 52-square-meter (560-square-foot), two-room (one-bedroom) apartment at 8 Ruhama Street, close to the Old City of Jaffa, sold for NIS 3,150,000 ($839,552) on June 10. The unit, in a 2018-built building, is on the third floor of five.
In Jerusalem, a three-room (two-bedroom), 77-square-meter (829-square-foot) apartment on Leshem Street sold for NIS 2,246,523 ($611,798) on May 20. The apartment, in a building completed in 2023, is on the fifth floor out of 12.
A 67-square-meter (721-square-foot), three-room (two-bedroom) unit at 3 HaRav Hen Street sold on May 29 for NIS 1,933,334 ($520,243). The unit is on the second floor of a three-story building built in 1960.
In Haifa, an 83-square-meter (893-square-foot), three-room (two-bedroom) unit at 31 Lohamei HaGeta’ot sold on May 22 for NIS 1,020,000 ($277,702). The unit is on the first floor floor of a two-story building constructed in 1940.
In Netanya, a 121-square-meter (1,302-square-foot), four-room (three-bedroom) apartment at 12 Doctor Yehuda Perach Street sold for NIS 2,500,000 ($672,947) on June 5. The unit is on the third floor of an eight-floor building built in 2010. There is one parking space attached to the unit.
In Ra’anana, a 103-square-meter (1,109-square-foot), three-room (two-bedroom) unit at 3 Ha-Lotus Street sold on June 9 for NIS 2,700,000 ($723,472). The unit is on the first floor of a four-story building constructed in 2002. There are two parking spaces attached to the unit.
Rentals
The database of Madlan, a website for real estate deals, 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, an 83-square-meter (893-square-foot), three-room apartment (two-bedroom) on 20 Yehudah Halevy Street, in the vicinity of the southwestern Neve Tzedek neighborhood, was on the market for NIS 11,500 ($3,095) monthly. The unit, in a building built in 2018, has a spacious living room and kitchen and is fully furnished. It has a balcony and a view of the nearby railway park. There is also a parking space attached to the unit, the website says.
In Jerusalem, a 52-square-meter (560-square-foot), three-room (two-bedroom) apartment on the second floor of three at 74 Emek Refaim in the German Colony was put on the market for NIS 5,600 ($1,507) per month. The unit is on the second floor out of three in a building built in 1965, and has no elevator.
In Haifa, at 20 Gadna Street, a 65-square-meter (670-square-foot), three-room (two-bedroom) apartment was put on the market for NIS 3,400 ($915) a month. The partially furnished unit is on the third floor of four, in an area that is green and quiet, with a view to the road, the website says, and has a parking space attached.
