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Israel's Real estate Market continues to slow down

07.08.2023
Homesoverseas.ru editorial office
285

According to the latest data from the Central Bureau of Statistics, housing prices in Israel from April 2022 to April 2023 increased by only 9.8%, which is still about twice the level of general inflation and many times higher than the growth of average wages. But while price growth may be slowing, this slowdown comes after several months of double-digit inflation, when annual growth exceeded 20%.

In the 1st quarter of 2023, the average value of real estate in Tel Aviv was 2.9 million shekels ($786,000), in Jerusalem 2.4 million shekels ($650,000), in the central part of the country 2.6 million shekels ($704,000).

The combination of high prices and the rising cost of housing loans due to the rise in interest rates (in May they rose for the 10th time in a row and amounted to 4.75%) affects the market. The number of transactions for the purchase of apartments and houses has decreased. For several months, both realtors and mortgage consultants have been saying that the market has calmed down. The quarterly report published by the Ministry of Finance for April showed a 55% drop in real estate transactions compared to the same period in 2022.

Source: Times of Israel

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824 600 €
4 bedrooms
build area 138 sq. m
seller: Invest Cafe
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3 bedrooms
build area 80 sq. m
seller: NF Group