The average house price in Israel rose to almost 2 million shekels

News » Life Style

 The average house price in Israel rose to almost 2 million shekels

Rising interest rates reduced the number of real estate transactions in Israel, but did not lead to lower prices. Young couples did not leave the market, despite the fact that the price of the average apartment in the country has reached a record NIS 1.92 million, up 19.8% from a year ago, according to the Central Bureau of Statistics.

Young people prefer to buy apartments outside of central Israel, mostly on the free market rather than through government programs. from July to September, according to the Central Bureau of Statistics.

Home purchases in the Tel Aviv area fell by 40% in the third quarter of 2022 compared to the corresponding quarter of 2021.

By city, the largest number of home purchases in the third quarter were in Jerusalem (1123), followed by Beersheba (1012) and Haifa (833).

Two-thirds of transactions are 3-4-room apartments .The average price of a four-room apartment reached NIS 1.93 million, and a three-room apartment – NIS 1.43 million.

In six of Israel's 16 largest cities, the average price of a four-room apartment, Israel's most frequently sold house size, has fallen in the third quarter compared to the second quarter, with the largest drop of 10% in Tel Aviv. There were also drops in Jerusalem, Beer Sheva, Netanya, Rishon LeZion and Beit Shemesh. This drop may indicate that House prices could fall, especially as mortgage interest rates continue to rise.

Despite this, the average price of an apartment bought in Israel has risen to nearly NIS 2 million. A few more years ago, an apartment for 2 million shekels was considered presti nice, but now it's just an ordinary apartment.

Follow us on Telegram

Add a Comment

Your email address will not be published. Required fields are marked *