Housing snapshot: Home sales and rentals across Israel in May 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
So far in 2024, house prices in Israel have risen due to higher demand and the prospect of a supply shortfall, pushing the average price of a home in Tel Aviv, the most expensive city in Israel, to over NIS 4 million ($1.1 million).
Home prices in February and March 2024 rose 0.9 percent compared to the two previous months of the year. Prices have continuously risen since November 2023 after declining for most of last year, according to the Central Bureau of Statistics.
Compared to February and March of 2023, prices have risen 1.1%, the data showed.
The average price of a home in Israel in the first quarter of the year rose to NIS 2.23 million (roughly $606,000), up from NIS 2.1 million ($571,000) in the same quarter a year earlier.
The most expensive city is Tel Aviv, where in the first quarter of the year homes cost on average NIS 4.14 million ($1.2 million), followed by Herzliya at NIS 3.8 million ($1 million), Ramat Gan at NIS 3 million ($817,000), Kfar Saba at NIS 2.9 million ($790,000), and Netanya at NIS 2.8 million ($763,000).
The lowest prices were in Beersheba, with an average of NIS 1.23 million ($335,000), Haifa at NIS 1.6 million ($436,000) and Ashkelon at NIS 1.7 million ($463,000).
In March of this year, 7,640 homes were sold, a 10% rise compared to the same period a year earlier. Of these, 3,620 were new units, up 26% from a year earlier, with 4,020 second-hand apartments sold, down 0.4%, the Central Bureau of Statistics data showed.
In the first quarter of the year 23,520 homes were sold, up 21% compared to a year earlier.
At the end of March 2024, there was a stock of 66,680 newly built homes waiting to be sold, which would be enough for 20.2 months of supply, according to the Central Bureau of Statistics.
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 (April 19 to May 19) to bring you 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.
In Tel Aviv-Jaffa, a 75-square meter (807-sq. ft.) four-room (three-bedroom) apartment on the sixth floor of a seven-floor, building built in 1960 on 12 Beit El Street between the Tzahala neighborhood and the Atidim high-tech industrial area sold for NIS 3,015,000 ($790,000) on April 21.
On May 1, a 96-square meter (1,033-sq. ft.) four-room (three-bedroom) apartment on 53 Tagore Street in the northern neighborhood of Ramat Aviv sold for NIS 4,400,000 ($1,200,000). The unit is on the fourth floor of an eight-floor building constructed in 1970 and has a parking space attached.
A 76-square meter (818-sq. ft.) 3-room (2-bedroom) apartment on 24 Bruria Street sold for NIS 3,200,000 ($869,000) on May 6. The unit, in a 1970-built building, is on the first floor of four and has an attached parking lot.
In Jerusalem, a three-room (two-bedroom) 72-square meter (775-sq. ft.) apartment at Leshem Street sold for NIS 2,146,523 ($577,000) on April 30. The apartment, in a building completed in 2023, is on the first floor out of 12. There is no parking space attached to the unit.
A 70-square meter (753-sq. ft.) three-room (two-bedroom) unit at 23 Margalit Street, sold on May 7 for NIS 1,820,000 ($489,000). The unit is on the fourth floor of four, in a building built in 1981. There is no parking space attached to the unit.
In Herzliya, a 77-square meter (829-sq. ft.) three-room (two-bedroom) unit at 13 HaRav Ovadya Yosef Street sold on April 21 for NIS 3,765,000 ($1,021,000). The unit is on the first floor of 14, in a building that is in the proximity of the Shivat Hakohavim Mall, and will be completed in 2026. There is no parking space attached to the unit.
In Netanya, a 49-square meter (527-sq. ft.) three-room (two-bedroom) apartment at 13 Shitrit Street sold for NIS 1,585,000 ($431,000) on May 15. The unit is on the second floor of a four-floor building. There is no parking space attached to the unit.
In Beersheba, a 102-square meter (1,097-sq. ft.) four-room (three-bedroom) unit at 20 Max Bodenheimer Street sold on May 8 for NIS 1,420,000 ($381,000). The unit is on the first floor of five, in a building built in 2000. There is no parking space attached to the unit.
Rentals
We used the database of Yad2, 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.
In Tel Aviv, a 105-square meter (1,130-sq.-ft.) three-room apartment (two-bedroom) in the northwestern Kokhav HaTzafon residential neighborhood was on the market for NIS 12,900 ($3,500) monthly. The duplex unit has high ceilings and a lot of light, with a 12-meter balcony. The building has a 24/7 door attendant and a pool. The price includes two parking spaces.
In Jerusalem, a 70-square meter (753-sq. ft.), three-room (two-bedroom) apartment on the 11th floor in the Kiryat HaYovel neighborhood in the southwest of the city was put on the market for NIS 6,500 ($1,800) per month. The unit is in a newly built building that has 20 floors and has not yet been lived in. It has a balcony with a view and a parking space included in the price.
In Herzliya, on 6 Yaacov Dori Street, a 90-square meter (969-sq. ft.) apartment was put on the market for NIS 8,500 ($2,300). The unit is on the first floor of four, has a balcony and is in a newly constructed boutique building, the website says. The building is within walking distance of Reichman University.
