Welcome to the Immo Israel blog! In this post, we'll delve into the housing price trends in Israel for May 2024, highlighting data from March and April, and comparing it to the same period in the previous year. Read on for insights into average transaction prices across the nation and by specific districts, along with a spotlight on the most and least expensive cities in Israel.
Housing Price Data Analysis
The Israeli Central Bureau of Statistics (CBS) reports a 0.9% increase in transaction prices from March to April 2024, up from the increase observed between February and March 2024. This moderate rise signals a steady recovery in prices following a period of stagnation throughout 2023.
Figure 1: Monthly Percentage Change in Housing Price Index
Please note: Data for the last quarter is preliminary, pending additional reported transactions. This disclaimer applies to all subsequent graphs.
Over the year, housing prices in Israel increased by 2.1% from March-April 2023 to March-April 2024, marking a return to growth after a price drop in the latter half of 2023.
Figure 2: 12-Month Percentage Change in Housing Price Index
District Analysis
The variations in housing prices by district compared to the previous period (March-April 2024/February-March 2024) show diverse trends:
- Jerusalem: +0.8%
- North: +0.5%
- Haifa: +1.6%
- Center: +0.6%
- Tel Aviv: +1.1%
- South: +0.9%
Annually, all regions recorded price increases, with Haifa District seeing the highest at 6.6%, followed by the North District at 3.7% and the South District at 3.6%. Both Jerusalem and the Center Districts noted more modest rises of 1.9%, and Tel Aviv District experienced a minimal increase of 0.1%.
Figure 3: Average Prices by District
Average Transaction Prices Analysis
The national average transaction price in the first quarter of 2024 was 2,171,000 NIS, an increase from the previous year. Here’s a breakdown of average prices in major cities:
- Tel Aviv: 4,142,000 NIS
- Herzliya: 3,774,000 NIS
- Ramat Gan: 3,012,000 NIS
- Kfar Saba: 2,919,000 NIS
- Netanya: 2,782,000 NIS
- Haifa: 1,566,000 NIS
- Ashkelon: 1,710,000 NIS
- Beer Sheva: 1,234,000 NIS
While cities like Tel Aviv, Herzliya, Ramat Gan, Kfar Saba, and Netanya continue to command high prices, Beer Sheva, Ashkelon, and Haifa offer more affordable housing options.
Conclusion
The recent data underscore the resilience of the Israeli real estate market, with a general upward trend in prices, though variations persist across different regions and market segments. For potential buyers, understanding these regional differences and the dynamics between new and existing homes is crucial.
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Disclaimer: The data and statistics in this article are based on information from the Israeli Central Bureau of Statistics (CBS). While considered reliable, variations or errors in the data may occur. For the most recent and accurate data, we recommend consulting the CBS website directly. Neither the author nor Immo Israel is responsible for the use or interpretation of this information.
