During February, the market slowdown continued with a further increase in interest rates, however, as in previous months, according to the home price index and contrary to forecasts, there has not yet been a marked drop in home prices. This demonstrates the unique nature of the Israeli housing market, which is considered somewhat immune to economic forces even in times of crisis. The possibility that we will see a drop in prices in the near future remains, but this too is expected to be moderate. When it comes to new construction, there has been a 2% reduction in price per month for the past two months, which is due to the pressure that real estate developers are under as a result of rising interest rates and increased construction costs.
The following is a selection of real estate deals that took place in February 2023 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*.
A 6-room cottage, 163 sqm, located on the ground floor out of two floors, on Adam Street in the Armon Hanatziv neighborhood, sold for NIS 4,600,000. A 3-room apartment, 110 sqm, located on the first floor on Hulda Haneviya in Musrarah, sold for NIS 2,820,000. (Re/Max Vision). Two adjoining apartments, 480 sqm with two balconies overlooking the walls of the Old City, located on 5 Yefe Eynayim, sold for NIS 35,000,000 (Deborah Michael Real Estate)
A 3-room apartment, 80 sqm, located on floor 2 out of 6 floors on Arba Artzot Sreet in the Old North neighborhood, sold for NIS 4,075,000 NIS. A 5-room penthouse apartment, 120 sqm with an 80 sqm balcony, located on the 18th and top floor on Shetulim Street in South Park, sold for NIS 6,200,000 (Re/Max Ocean).
A 4-room apartment, 120 sqm with an 18 sqm balcony, located on floor 13 out of 14 floors on Mota Gur in Ramat Poleg, sold for NIS 3,450,000 NIS. (KW Home in Israel).
A 5-room apartment, 112 sqm with a 10 sqm balcony, located on the ground floor out of three floors on Hamoria Street, sold for NIS 1,870,000 (Nadlan Ariel).
A 6-room penthouse apartment, 248 sqm, on the eighth and top floor, on Tel Hai in the 15th District, sold for NIS 3,800,000. A 4-room apartment, 110 sqm, on the sixth floor out of seven floors, located on HaRav Kook Street in the Second District, sold for NIS 1,780,000. (Re/Max Together).
Ramat Beit Shemesh
A 5-room apartment, 113 sqm with a 67 sqm balcony, on the third floor out of eight floors, in a new project under construction in Neve Shamir/Ramat Beit Shemesh Hey, sold for NIS 3,800,000. (Elite Israel Realty).
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* The offices/agents mentioned represented either the buyers, the sellers, or both parties.