Housing prices in the Tel Aviv District rose 1.2% last month, while overall prices rose 0.6% monthly. The construction input index climbed another 0.3%, marking a 2.9% annual increase. The consumer price index, however, decreased.
From a comparison of transactions conducted in October-November 2024 with those in September-October 2024, the apartment price index increased by 0.6%, according to the CBS housing price index published this evening (Wednesday).
When broken down by district, housing prices in the Tel Aviv District rose 1.2%. Prices increased by 0.4% in the Jerusalem, Central, and Northern districts, 0.3% in Haifa, and 0.2% in the Southern District.
The annual apartment price index increased by 7.8% in comparing transactions from October-November 2024 to October-November 2023. By district, Haifa experienced the sharpest yearly rise (11.7%), followed by the Northern District (10.2%), Tel Aviv (8.8%), Central (7.9%), Southern (5.2%), and Jerusalem (0.6%). The annual index for new apartment prices rose by 4.2%.
The consumer price index decreased by 0.3% in December compared to November but rose 3.2% overall in 2024 (December 2024 compared to December 2023).
Rent prices for tenants renewing contracts rose 2.6%, while for new tenants (apartments where tenants changed), rents rose by 4.0%. The CBS emphasized that these changes approximate the annual change in rent since most rents remain unchanged during a lease period due to fixed contractual terms, typically without adjustment mechanisms.
The residential Construction Cost Index increased by 0.3% in December 2024, reaching 133.6 points, compared to 133.2 points in the previous month (base: July 2011 = 100.0). Excluding wages, the construction input index also rose by 0.3%.
Among materials and products, the prices of mortar (up 2.6%) and imported concrete (up 2.2%) rose significantly, while the prices of building stone (down 3.5%), construction iron (down 1.3%), iron mesh (down 1.2%), wall and floor tiles (down 1.1%), and firefighting and elevator accessories (down 1.0% each) decreased. The wage index for industry employees rose by 0.2% in December 2024.
In December 2024 (compared to December 2023), the residential construction input price index increased by 2.9%, a higher rate than the 2.0% increase recorded in 2023.
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