Housing snapshot: Home sales and rentals across Israel

This month, The Times of Israel is looking to gauge prices at the top of the housing market with a glimpse into the value of the most expensive properties to have changed hands since the start of February. Although these are still higher than the average apartment prices, they appear to be significantly lower than prices through the boom period of just a few months ago.

Prices in this roundup are taken from Israel’s Property Tax Database.

1. In Jerusalem, on Mekor Haim Street in the centrally located neighborhood Katamon, a 154-square-meter (1,700 square feet), three-bedroom (four-room) apartment scheduled for completion this year sold over the last month for NIS 6 million ($1.7 million). The home is on the sixth of seven floors, with no reserved parking.

2. In Tel Aviv, the most expensive property to change hands over the last month was a three-bedroom (four-room) apartment in the center of town, close to Rabin Square on Rembrandt Street, which sold at the end of February for NIS 7.6 million ($2.1 million). The apartment is scheduled for completion in 2026. It will be located on the fourth of seven floors, measuring 108 square meters (1,160 square feet) in total.

3. In early February, in Haifa on Yosef Shechter Street in the Ramat Eshkol neighborhood, the highest value property exchange was a four-bedroom (five-room) apartment measuring 136 square meters (1,460 square feet) which sold for NIS 3,670,000  ($1 million). The apartment was completed in 2022 and is located on the second of seven floors.

4. In Beersheba a five-bedroom (six-room) apartment built in 2018 sold in mid-February for NIS 3,150,000 ($ 900,000). The apartment on Reuven Rubin Street, close to the Soroka Medical Center, measures 283 square meters (3,050 square feet) and was built in 2018, on the top floor of nine. The purchase also included two parking spaces.

5. In Petah Tikva, on Arieh Braun Street on the outskirts of town, a five-bedroom (six-room) new-build apartment sold for NIS 6.8 million ($2 million) in early February. The apartment is scheduled for completion in 2025 and will measure 245 square meters (2,650 square feet) in total. It is on the 10th of 13 floors.

6. On Natan Yonatan Street, in the beachside Ir Yamim neighborhood of Netanya, a new apartment with four bedrooms (five rooms) changed hands in mid-February for NIS 4,875,000 ($1.4 million). The apartment, completed in 2022, measures 166 square meters (1,790 square feet) and is located on the fifth of 18 floors.

ּ7. In early February, in Bet Shemesh, the most expensive home to sell was a four-bedroom (five-room) apartment on a new and unnamed street, set for completion in 2023.  It is on the seventh floor of nine and cost NIS 4,865,000 ($1.4 million). The apartment measures 203 square meters (2,200 square feet) and does not include reserved parking.

8. In Modiin, a brand new property scheduled for completion in the course of this year sold for NIS 5,405,983 ($1.5 million) in mid-February. This was the most expensive apartment by some distance, also on an as-yet-unnamed street. It included four bedrooms (five rooms) on the top floor of six, measuring 150 square meters (1,610 square feet) of living space.

9. In Tiberias, the highest-value property transaction in recent weeks was the sale of a three-bedroom (four-room) apartment on HaShomer Street, close to the sea, for NIS 1.6 million ($448,447). The apartment is new and scheduled for completion this year on the seventh of 11 floors, measuring 106 square meters (1,150 square feet).

Rentals

In another indication of the slowdown in home sales, the market for home rentals remains strong. Official statistics show a price increase of 8% and more in new leases. The Times of Israel has looked at key markets around the country, identifying the highs and lows of homes available today via the leading online platform Yad 2.

In Jerusalem, NIS 2,500 ($690) per month secures a studio apartment, furnished and measuring just 18 square meters (194 square feet) on Mish’ol HaDekalim in the Ramot neighborhood. Also for rent currently is a four-bedroom (five-room) apartment on Ha’Rav Raphael Baruch Toledano Street, in the Ramat Shlomo neighborhood, for NIS 7,500 ($2,100) a month. This offers 150 square meters (1,615 square feet) of living space and is unfurnished, although recently refurbished.

In Tel Aviv, the most expensive rental property on the market currently appears to be a penthouse in Neve Tzedek priced at NIS 30,000 ($8,300) a month. It has four bedrooms (five rooms), measuring 200 square meters (2,150 square feet), with additional balcony space. The apartment is unfurnished. The cheapest apartment currently listed is a 14-square-meter (150 square feet) studio on Dizengoff Street, furnished, and priced at NIS 3,500 ($965) excluding bills.

On Shapira Street in Haifa, a one-and-a-half-room apartment measuring 40 square meters (430 square feet) is available for rent (furnished) for NIS 1,800 ($500) a month. A two-bedroom (three-room), furnished apartment on Yitzhak Elkhanan in the city is going for NIS 6,700 ($1,850) a month for 103 square meters (1,110 square feet) of living space.

On Hanna Senesh Street in Beersheba, a one-bedroom (two-room) apartment is being advertised for NIS 1,800 ($500) a month. The home is furnished and measures 45 square meters (485 square feet). Alternatively, NIS 5,200 ($1,435) is currently the most expensive rental available, and secures a three-bedroom (four-room) residence on floor 23 of a tower block on Yitzhak Lamdan Street, measuring 145 square meters (1,560 square feet).

In Tiberias, a three-bedroom (four-room) apartment is available for rent, furnished, for NIS 6,500 a month ($1,800). It is located on Moran Street and measures 120 square meters (1,300 square feet). A 47-square-meter (505-square-feet) unfurnished two-bedroom (three-room) apartment on Allentown Boulevard costs NIS 1,900 ($525).