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Izzy Leizerowitz |
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03 June, 2024 |
Buyers Bullish On Israel! Home Sales & Prices Keep Rising
Israel's housing market has seen a significant shift, with the number of new homes sold reverting to levels last seen five years ago, yet at prices that are 40% higher. This is according to figures published by the Israel Central Bureau of Statistics for the first quarter of 2024.
In this period, Ashkelon emerged as a standout city, with 861 new homes sold, marking a 151% increase from the fourth quarter of 2023. Similarly, Netanya saw a 123% rise in new home sales, Ashdod experienced a 117% increase, and Tel Aviv recorded a 108% uptick.
Overall, 23,250 new homes were sold in the first quarter of 2024, reflecting a 21% increase compared to the first quarter of 2023. New home sales have been growing at a monthly rate of 3.7%. This upward trend began in December 2023 and has been gaining momentum since.
Jerusalem led the way in the number of new homes sold in the first quarter of 2024, with 1,328 homes sold, up 30.8% from the previous quarter. Haifa followed with 1,073 new homes sold, representing a 55% increase, while Beersheva saw 1,163 new homes sold, an 88.2% rise. Tel Aviv was in fourth place with 1,021 new homes sold, marking a 108% increase.
The market's return to five-year-old sales figures, coupled with a significant rise in prices, highlights the dynamic nature of Israel's housing market as it adapts to changing economic conditions and demand.
In this period, Ashkelon emerged as a standout city, with 861 new homes sold, marking a 151% increase from the fourth quarter of 2023. Similarly, Netanya saw a 123% rise in new home sales, Ashdod experienced a 117% increase, and Tel Aviv recorded a 108% uptick.
Overall, 23,250 new homes were sold in the first quarter of 2024, reflecting a 21% increase compared to the first quarter of 2023. New home sales have been growing at a monthly rate of 3.7%. This upward trend began in December 2023 and has been gaining momentum since.
Jerusalem led the way in the number of new homes sold in the first quarter of 2024, with 1,328 homes sold, up 30.8% from the previous quarter. Haifa followed with 1,073 new homes sold, representing a 55% increase, while Beersheva saw 1,163 new homes sold, an 88.2% rise. Tel Aviv was in fourth place with 1,021 new homes sold, marking a 108% increase.
The market's return to five-year-old sales figures, coupled with a significant rise in prices, highlights the dynamic nature of Israel's housing market as it adapts to changing economic conditions and demand.
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