Israel real estate market update: Mabat HaShuk January-February 2024

At the beginning of 2024, the rate of home purchase sales returned to its pre-October 7 level, and ranged from 6,000 to 7,000 transactions per month, about a third of which were for the purchase of new homes, and the rest for the purchase of pre-owned residences. Despite the relative return to routine, this is not a high pace, and it seems that the market is still affected by the war and the uncertainty regarding the security situation. The interest rate also remains high.  After a minor reduction of a quarter of a percentage point in January, at the end of February, the Bank of Israel decided to keep the interest rate at a high of 4.5%, to the dismay of mortgage borrowers.

2023 ended with a record supply of about 68,000 new unsold homes, which should continue to generate a stable price level, and perhaps even lead to a slight decline in prices. Despite this, the most recent home price index published in February indicated a surprising increase of 0.7 percent in home prices, after nearly a year of moderate declines. At this stage, it is difficult to determine whether this is a trend change or a one-time sweep. The March Index, scheduled to be published on the 15th of the month, is expected to clarify whether the market is indeed changing direction and a new period of price increases lies ahead.


The following is a selection of real estate deals that took place in January and February 2024 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*.


A 3-room apartment, 89 sqm with an 11 sqm, on the third and top floor, located on Se’adya Gaon, in Rehavia, was sold for NIS 4,700,000. A 3-room apartment, 75 sqm, located on the first floor on Alfasi, in Rehavia, sold for NIS 3,378,400. A 2-room apartment, 48 sqm on floor 5 out of 20, located on Mevo HaMatmid in the City Center, was sold for NIS 2,200,000. A 4-room apartment, 93sqm with an 8sqm balcony, located on Beit Ha’arava in Arnona, was sold for NIS 2,500,000 (Re/Max Vision).

Buy home in Rehavia, Jerusalem

Tel Aviv:

A 3-room apartment, 91 sqm, with a 22 sqm balcony, located on the 6th floor out of 7 floors, on David Hamelekh, sold for NIS 7,480,000. A 3-room apartment, 64 sqm, with an 11 sqm balcony, located on the 3rd floor out of 4 floors, on David Hamelekh, sold for NIS 2,990,000. (Daon Group Real Estate).

Buy home in Tel Aviv


A 6-room penthouse, 177 sqm with 2 porches, 44 and 64 sqm, located in a new building in the new Moreshet neighborhood, was sold for NIS 5,000,000. A 6-room semi-attached home, 250 sqm with a 150 sqm garden, located on Reuven Street in the Buchman neighborhood, was sold for 6,125,000 (Schuller Properties).

Buy home in Buchman, Modi'in


A 4-room apartment, 165 sqm with a 33 sqm balcony, located on floor 25 out of 32 floors on Natan Yonatan Street, Ir Yamim, sold for NIS 10,500,000. A 5-room apartment, 153 sqm with a 25 sqm balcony, located on Ehud Manor Street, Ir Yamim, sold for NIS 5,00,000 (Maxine Marks Property).

Buy home in Ir Yamim, Netanya

Ramat Beit Shemesh:

A 5-room apartment, 120 sqm with a 14 sqm balcony, located on floor 2 out of 5 floors, on HaRav Elyashiv in RBS Aleph, sold for NIS 3,200,000 (Elite Israel Realty).

Buy home in Ramat Beit Shemesh


A 4-room apartment, 110 sqm with an 8sqm balcony, located on floor 8 out of 10, on Hashaked Street in the Ein Sara neighborhood, was sold for 1,470, 000 NIS (Remax Nahariya).

Buy home in Nahariya


A 5-room mini penthouse, 164 sqm, located on the 8th and top floor 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).

The offices/agents mentioned represented the buyers, the sellers, or both parties.

Everybody now wants a Buyitinisrael more than ever before.  Whether you’re thinking about Aliyah, looking for a home or a haven, or want to support the Israeli economy, drop us a line, when you’re ready to talk.   Whatever the reason, Buyitinisrael.

The contents of this article are designed to provide the reader with general information and not to serve as legal or other professional advice for a particular transaction. Readers are advised to obtain advice from qualified professionals prior to entering into any transaction.

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