In November, and even more so in December, the Israeli housing market has been getting back on track. Although at this stage there is no solid data on transaction volumes, there are initial signs indicating a partial return to normalcy. One of the most significant signs is Israel Land Authority’s tenders for developers, which after two months of postponement have returned to activity, while land for the construction of over 5,000 apartments was successfully marketed during the last two weeks of December.
At the end of October, new apartments reached an all-time high, with over 62,000 apartments unsold, and the situation did not change significantly during November and December. After such a long period of decrease in the number of transactions, the supply of apartments remains high and leaves power in the hands of the buyers. However, the announcement by the Bank of Israel on January 1 regarding a reduction in the interest rate may boost the market at the beginning of the new year and bring some buyers back to the sales offices.
The following is a selection of real estate deals that took place in November and December 2023 carried out by 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 around the country relating to Israel real estate*.
Jerusalem:
A 5-room duplex apartment, 130 sqm, located on Mevo Ha’avak, in the French Hill neighborhood, sold for NIS 5,500,000. A 7-room apartment, 211 sqm, located on the 3rd out of 4 floors on Hizkiyahu Hamaelech, Katamon, sold for NIS 10,600,000. A 4-room apartment, 121 sqm, located on Costa Rica, Givat Masua, was sold for NIS 3,470,000 (Re/Max Vision).
A 4-room apartment, 100 sqm, located on the 9th floor out of 20 floors on Yaffo Street, was sold for NIS 4,700,000 (Gilia).
Tel Aviv:
A 4-room apartment, 86 sqm, with a 10 sqm balcony, located on the 6th floor out of 11 floors, on Shlomo Hamelech, sold for NIS 6,550,000 (Daon Group Real Estate).
Modi’in:
A 6-room penthouse, 153 sqm with a 109 sqm terrace, located on the 6th and top floor of a new building on Shazar, in the new Moreshet neighborhood, was sold for NIS 4,800,000. A 3-room apartment, 83 sqm with a 15 sqm balcony, located on Nachlieli, Tzipporim, was sold for NIS 2,460,000 (Shumacher Nadlan).
Netanya:
A 4-room apartment, 120 sqm with a 12 sqm balcony, located on Zalman Shazar, Ramat Poleg, sold for NIS 2,900,000. A 7-room house, 200 sqm, located on Menachem Savidor, Ramat Poleg, sold for NIS 5,3500,000 (Maxine Marks Property).
Carmei Gat:
A 5-room apartment, 130 sqm with a 15 sqm balcony, located on floor 2 out of 8 floors, in a new project sold for NIS 2,090,000 (Deborah Michael Real Estate).
Ariel:
A 4-room apartment, 85 sqm, located on Tzionut in the city center, was sold for 1,400, 000 NIS (Ariel Nadlan).
Ashdod:
A 5-room mini penthouse, 164 sqm, located on the 8th and top floor, located on Bialik, sold for NIS 2,450,000. An 8-room villa, 370 sqm, located on Yoel Moshe Solomon, sold for NIS 6,600,000 (Remax Together).
Gan Yavne:
A 6-room du-mishpachti home (cottage), 204 sqm, located on Arbel, was sold for NIS 3,600,000 (Remax Together)
* The offices/agents mentioned represented either the buyers, the sellers, or both parties.
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