During January, we saw a change in trend that many have been anticipating when the latest housing price index published indicated a slowdown in the rate of price increases. We have not yet seen a drop in prices across the board — the index shows that there actually was a moderate overall increase of 0.3%, however, the feeling is that such a decrease will likely occur, up to a level of around 5%. Either way, it seems inevitable that in the coming months, the Israeli housing market is expected to become a buyer’s market, where buyers are encouraged to bargain on price. But history shows that this period will probably not last long since developers are already reducing their scope of construction, which will likely end the phenomena of excess supply in the second half of 2023, and may even cause home prices to rise once again, albeit at a more moderate rate.
The following is a selection of real estate deals that took place in January 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*.
Jerusalem:
A 2-room apartment, 28 sqm, located on the ground floor out of two floors on Even Sapir in Nachlaot, sold for 1,465,000 shekels. A 5-room apartment, 114 sqm with a balcony, located on the 12th floor out of 13 floors on Bar Kochva in French Hill, sold for NIS 3,075,000. (Re/Max Vision).
Tel Aviv:
A 4-room apartment, 86 sqm with a 7 sqm balcony, located on floor 2 out of 4 floors on Gordon Street in the Old North neighborhood, sold for NIS 8,300,000 NIS. (Daon Group Real Esate).
Netanya:
A 4-room apartment, 120 sqm +12 sqm balcony, located on the 10th out of 18 floors, on Pierre Kenig, South Beach, sold for 3,290,000 NIS (Home in Israel Keller Williams).
Modi’in:
A 4-room apartment, 128 sqm with a 10 sqm balcony, located on the first floor out of eight floors, on MIgdal Halevanon in the Messuah neighborhood, sold for NIS 2,900,000. (Limor Cohen Melul / Chaim Rozenfeld).
Ma’ale Adumim:
A 14-room villa, 378 sqm with a 200 sqm yard, on Hagitit in the Klei Shir neighborhood, sold for NIS 3,330,000. (Re/Max Atid).
Ariel:
A 5-room single-family house, 111 sqm with a 500 sqm yard, on Kinamon Street in Ma’ale Levona, sold for NIS 1,400,000. A 4-room apartment, 90 sqm, with no balcony or yard, on Vradim Street, sold for NIS 1,410,000 (Nadlan Ariel).
Ashdod:
A 4-room apartment, 119 sqm, on the third floor out of seven floors, located on Hatikva in the City District, sold for NIS 2,150,000. A 4-room apartment, 139 sqm, on the first floor out of seven floors, on Hatzolalim in the 4th District, sold for NIS 1,930,000 (Re/Max Together).
Are you interested in buying a home in Israel? Whether you are taking the first step toward a permanent move, looking for a vacation apartment or retirement residence, or making a financial investment, Buyitinisrael will help you find the property that is right for you. Drop us a line, when you’re ready to talk!
* The offices/agents mentioned represented either the buyers, the sellers, or both parties.
