While a dramatic decline in demand for homes was recorded, home prices continued to rise rapidly leaving real estate experts totally stunned. Toward the end of the month, the Bank of Israel raised the interest rates, the sharpest rate of increase in the past 20 years bringing the prime interest rate to 3.5 percent. As a result of the hike, a further slowdown in the rate of home purchases is forecasted as mortgage repayments are expected to increase by hundreds of shekels each month. Will this finally stop home prices from the continual upward climb? Only time will tell.
The following is a selection of real estate deals that took place in August 2022 that involved English-speaking real estate agents in Israel. The idea is to give our readers a general idea of the residential real estate market, property prices, and activities taking place around the country that relate to Israel real estate*.
Jerusalem:
A 6-room garden apartment, 153 sqm, with a 190 sqm garden, located on Mevo Yoram in Old Katamon, was sold for 8,000,000 shekels. A 4-room garden apartment, 95 sqm, located on the first floor out of three floors on Graetz Street in the German Colony, sold for NIS 4,000,000. A 5-room apartment, 124 sqm, located on the seventh out of eight floors on HaRav Kook Street in the city center, sold for NIS 5,250,000. (Re/Max Vision).
Tel Aviv:
A 2-room apartment, 40 sqm , located on Dizengoff Street in Old North Tel Aviv, was sold for NIS 2,600,000 NIS. A 2-room apartment, 60 sqm with a 4 sqm balcony, located on Feierberg Street in the city center, was sold for NIS 3,650,000 NIS. (Daon Group).
Netanya:
A 5-room apartment, 156 sqm, located on the 5th out of 21 floors, on Ehud Manor in Ir Yamim, was sold for 6,665,000 NIS (Home in Israel).
Ma’ale Adumim:
An 8-room cottage, 220 sqm with a 25 sqm terrace and 20-meter garden, located on Mitzpeh Nevo, was sold for NIS 3,040,000. (Re/Max Atid).
Ariel
A 5-room garden duplex, 120 sqm with a 130 sqm garden, located on floor minus 1 out of 3 floors, on Ir Hayona Street, was sold for NIS 2,250,000. (Nadlan Ariel).
Tzfat:
A 9-room boutique hotel, 229 sqm, located on Kaf Alef Street in the Old City, was sold for 4,0300,000 shekels.(Re/Max Vision).
* The offices/agents mentioned represented either the buyers, the sellers, or both parties.
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