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Housing Snapshot: Home sales and rentals across Israel

The Times of Israel’s behind-the-scenes feature on what’s going on in Israel’s housing market right now

An aerial view of the northern city of Nahariya, March 2018. (Vicu9 via iStock by Getty Images)
An aerial view of the northern city of Nahariya, March 2018. (Vicu9 via iStock by Getty Images)

The average age for owning a property in Israel has been rising for some time — largely because of spiraling prices — and now stands at 36. Often at this stage, many people in Israel have partners and a family and look for three-bedroom (four-room) apartments.

But with the cost of property going up way faster than inflation, and therefore faster than wages (19.8% over the last year to October, compared to 4.9% for the overall consumer price index), it is increasingly challenging to have enough saved, and enough in monthly income to afford to buy a property of this size. Costs vary widely around the country.

This week The Times of Israel takes a look at young family homes, using the national property tax database that tracks what people are really paying in the market.

1. In Jerusalem, on Walter Abeles Street, just off Hebron Road in the Ramat Rachel neighborhood, a new four-room apartment completed this year sold at the beginning of October for NIS 4,100,000 ($1,144,292). The unit measures 123 square meters (1,324 square feet) and is located on the first floor of five, with 60 apartments in the building.

2. At the beginning of November, in Modiin Maccabi-Reut on Hasida Street, close to the Azrieli shopping center, a four-room apartment in a building completed in 2017 sold for NIS 3,060,000 ($857,383). The apartment is on the first of four floors and offers 136 square meters (1,464 square feet) of living space. There are eight apartments in the building in total. The purchased apartment came with two reserved parking spaces.

3. In central Kiryat Motzkin on HaRav Kuk Street, a four-room apartment measuring 100 square meters (1,076 square feet) sold for NIS 1,100,000 ($311,614) in late October. Built in 1980, the apartment is on the seventh of 15 floors, with 45 apartments in the building and no reserved parking.

4. In mid-October in Beersheba, just outside the Old City on HaRav Tana Street, a four-room apartment sold for NIS 1,225,000 ($357,283). It covers 127 square meters of space (1,367 square feet) and was built in 2007. The apartment is located on the fourth of 15 floors in a building of 60 units.

5. In Netanya, on HaTor Street, close to the city’s Sargeant’s Forest and bordering on the popular Kiryat HaSharon neighborhood, a four-room apartment sold for NIS 2,250,000 ($656,235) at the end of October. Built in 2007, the apartment measures 97 square meters (1,044 square feet). One of 18 apartments, it is located on the first of two floors and comes with a dedicated parking space.

6. In Petah Tikva, on Yehoshua Shtampfer Street in the Shifer neighborhood, a four-room apartment scheduled for completion next year was sold off-plan in early October for NIS 2,300,000 ($670,818). The apartment is on the third of nine floors, measuring 94 square meters (1,012 square feet) with no reserved parking.

7. In Rishon LeZion on Even Hen Street, in the Neve Eliyahu neighborhood, a four-room apartment changed hands in early October for NIS 2,850,000 ($831,231). It was built in 2011 and measures 103 square meters (1,109 square feet). The apartment is on the eighth of 21 floors, in a building of 77 units. It comes with one reserved parking space.

8. On Balfour Street in Nahariya, just a short walk from the beach, a four-room apartment sold in late October for NIS 1,575,000 ($449,871). Built in 2020, it covers 125 square meters (1,345 square feet) of living space, on the ninth of 15 floors in a building of 77 apartments.

9. In the Pasko neighborhood of Lod on Albert Einstein Street, a four-room apartment sold in early November for NIS 1,600,000 ($448,933). The apartment measures 112 square meters (1,206 square feet) and was built in 2016. It is one of 12 apartments in the building, on the second of three floors, with one reserved parking space.

10. On Nachal Lachish Street in the center of Ramat Beit Shemesh, close to the city’s Ayalon Park, a four-room apartment sold for NIS 2,225,000 ($648,943) in early October. The apartment is on the second of four floors, with 18 other apartments in the building. Built in 2002, it measures 121 square meters (1,302 square feet) and does not have a dedicated parking space.

Rentals

Rental prices are also rising, especially for new leases, but remain some way below the increase in purchasing prices at an estimated 3.7% in October. Asking rents for a family looking to lease a four-room apartment also vary across the country. Here’s an idea of what it would cost today in different locations, according to the prices advertised on the leading online housing marketplace Yad2.

A four-room apartment on HaGibor HaAlmoni Street on the borders of Tel Aviv and Ramat Gan is available for NIS 8,000 ($2,341) per month. It has two balconies, 100 square meters (1,076 square feet) of living space and is on the second of seven floors.

In the new Agamim neighborhood of Netanya, on Shmurat Nahal BeSur Street, a four-room apartment with two bathrooms is available for NIS 7,000 ($2,048) per month, with a further NIS 1,350 ($395) in local property tax. The apartment is on the second of three floors, and covers 131 square meters (1,410 square feet) of living space in addition to two balconies.

In Jerusalem, on Bnei Batira Street in the Katamonim neighborhood, a four-room apartment is going for NIS 6,000 ($1,756) per month plus NIS 860 ($251) in local property taxes. It measures 110 square meters (1,184 square feet), with three enclosed balconies and two bathrooms. It is on the top floor of seven, with a reserved parking space.

On Hasida Street in Modiin, owners of a four-room apartment are asking for NIS 7,200 ($2,107) per month plus NIS 1,400 ($409) in local property tax. Close to the Azrieli shopping center and parks, it is in a new building, on the second of three floors, with a large 30 square meter balcony, and a smaller second balcony. The apartment includes an additional 97 square meters of living space and a store room, together with two parking spaces.

In Kiryat HaShmuel in Tiberias, on Ahuza Bayit Street, a four-room apartment on the second of four floors is being advertised at NIS 3,500 ($1,024)  per month plus NIS 400 ($117) in local property tax. The apartment measures 119 square meters (1,280 square feet) and includes a storage room.

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