Tel Aviv new home sales increased by 17.7% while Jerusalem saw a 13% decline in new apartment sales from October 2024 to January 2025, according to data published today (Wednesday) by the Central Bureau of Statistics (CBS). In January, 7,370 apartments were sold, 37% fewer than in the hectic December. The number of new apartments available for sale continues to break records, surpassing 77,500.
By Doron Breutman, Nadlan Center
In January, 7,370 apartments were sold, according to the real estate transaction review by the CBS published today (Wednesday). This represents a 37.3% decrease compared to the previous month, partially explained by record figures from December 2024, when many buyers rushed to purchase apartments before the VAT increase by 1% on January 1, 2025. Additionally, January 2025 figures reflect a 16.2% drop compared to last year’s period.
Out of the total apartments sold in January, 2,910 were new apartments, a 53.8% decline compared to the previous month and a 26.7% drop from the same period last year. Notably, 31.5% of the new apartments were sold under government subsidies. Additionally, 4,460 of the apartments sold were second-hand units, an 18.3% decrease from the previous month and a 7.6% decrease from the same period last year.
Between November 2024 and January 2025, approximately 26,510 apartments were sold, a 19.1% increase compared to the previous three months (August-October 2024). Compared to the same period last year (November 2023 – January 2024), a 33.1% increase was observed, though it is important to consider that the Iron Swords War broke out on October 7, 2023. Among the total apartments sold in these three months, about 12,350 were new apartments, making up 46.6% of all transactions during this period. This figure reflects a 27% increase compared to the previous three months (August-October 2024). About a quarter (24.1%) of the newly sold apartments were under government subsidies. Meanwhile, second-hand apartment transactions accounted for 53.4% of total sales, with approximately 14,160 units sold, marking a 12.9% increase compared to the previous three-month period.
Ofakim and Lod Lead in New Apartment Sales
The data further indicates that the Central District leads with 23.9% of all apartments sold between November 2024 and January 2025. This district accounted for 24.7% of new apartment sales and 23.3% of second-hand sales. Following it is the Southern District, with 23.1% of total sales, including 25.3% of new apartments and 21.1% of second-hand units. Notably, compared to the previous three months, apart from Jerusalem, which saw a 13.4% decline in new apartment sales, all other districts recorded an increase, with the most significant rise of 59.3% in the Northern District. Additionally, a notable 20.2% increase was observed in second-hand transactions in the Northern District.
A breakdown of the data by city shows that Tel Aviv leads in new apartment sales with 871 units sold between November 2024 and January 2025, a 17.7% increase compared to the previous three months. Jerusalem follows with 767 apartments sold (a 12.9% decline), Ofakim with 760 apartments (a 28.8% increase), Lod with 686 apartments (a 120.6% increase), and Kiryat Gat rounding out the top five with 552 apartments sold (an 868.4% increase).
Haifa leads in second-hand apartment sales, with 935 transactions (a 10.3% increase from the previous three months). Other top cities include Jerusalem with 908 transactions (a 12.8% increase), Be’er Sheva with 860 transactions (a 14.8% increase), Tel Aviv with 604 transactions (a 22% increase), and Ashkelon with 493 transactions (a 15.5% increase).
The stock of new apartments remaining for sale continues to reach record levels, standing at 77,652 units as of January 2025. The months-of-supply index (the number of months it would take to sell the remaining units at the current sales rate) continues to grow, reaching 23.7 months. Compared to December 2024, there was a 2.1% increase in the number of available apartments, while compared to the same period last year, there was a 13.1% increase. Additionally, 31.6% of the unsold apartments are located in the Tel Aviv District (24,540 units), and 24.1% in the Central District (18,720 units).
In large cities with more than 100,000 residents, Tel Aviv-Yafo leads with approximately 8,975 unsold apartments, followed by Jerusalem with about 7,354, Bat Yam with 4,137, Ramat Gan with 3,543, and Netanya with 3,381.
