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  • Statistics

Recent Trends in Housing Prices in Israel - May 2023

Recent Trends in Housing Prices in Israel - May 2023

Welcome to the Immo Israel blog, where we explore the latest trends in housing prices in Israel. In this article we will delve into the available data for February and March 2023, and compare the prices to last year. You will also become acquainted with the average prices of national transactions and in various districts, with an overview of the most and least expensive cities in the country.

Analysis of Housing Price Data

Comparison of data regarding transaction prices between February and March 2023 to January and February 2023, available from the Israeli Central Bureau of Statistics (CBS), reveals that average housing prices have not changed. This stability in prices reflects a period with minimal fluctuations, providing some assurance to buyers and sellers in the real estate market.

Figure 1: Monthly Percentage Variation in the Housing Price Index

Monthly Percentage Variation in the Housing Price Index in Israel 2022-2023

* The data for the last quarter is not final as additional transactions took place during this period but have not yet been reported. This applies to all upcoming graphs.

Housing prices in Israel remained relatively stable between February and March 2023 compared to January-February 2023. However, comparison to the same period in 2022 reveals a significant increase of 11% in housing prices.

Figure 2: 12-Month Percentage Variation in the Housing Price Index

12-Month Percentage Variation in the Housing Price Index in Israel

Comparison of prices by areas in Israel reveal fluctuations in prices in different districts. Jerusalem, the North, and Haifa experienced a slight increase in prices, with rises of 0.4%, 0.8%, and 0.7% respectively. On the other hand, the Center, Tel Aviv, and the South recorded a slight decrease in housing prices, with decreases of −0.1%, −0.3%, and −0.2% respectively. The index for new housing prices, according to the CBS, shows a slight increase of 0.1% between February and March 2023 compared to January-February 2023.

Figure 3: Average Prices by Districts

Average Prices by Districts in Israel for Q1 2022 vs Q1 2023

Analysis of Average Transaction Prices

During the first quarter of 2023, the average transaction price nationwide reached 1,969,800 NIS, marking an increase of 1% compared to the previous quarter and 9.3% compared to the first quarter of 2022.

Examination of average prices in the major cities in Israel reveal the following figures:

  • Tel Aviv: 4,236,900 NIS
  • Herzliya: 3,477,700 NIS
  • Ramat Gan: 3,276,300 NIS
  • Kfar Saba: 2,915,100 NIS
  • Netanya: 2,610,300 NIS
  • Haifa: 1,638,200 NIS
  • Ashkelon: 1,326,100 NIS
  • Beer Sheva: 1,173,100 NIS

We can see that prices in major cities (over 100,000 residents) such as Tel Aviv, Herzliya, Ramat Gan, Kfar Saba, and Netanya are quite high. On the other hand, Beer Sheva, Ashkelon, and Haifa are among the more affordable cities in terms of housing.

Figure 4: Average Prices in Major Cities

Average Housing Prices in Major Israeli Cities Q1 2022 vs Q1 2023

In conclusion, recent data on housing prices in Israel reveal an overall upward trend, although variations exist from one district to another. If you are looking for real estate in Israel, it is important to take these into account. Immo Israel's unique search engine offers a convenient and efficient way to explore a wide selection of properties throughout the country.

Don't miss the opportunity to discover real estate in Israel, and stay updated with our upcoming articles!

Disclaimer : The data and statistics used in this article are based on information provided by the Israeli Central Bureau of Statistics (CBS). While these data are deemed reliable, there may be variations or errors in the figures. Readers are encouraged to directly consult the CBS website for the most recent and accurate data. The author of this article and Immo Israel cannot be held responsible for the use or interpretation of the information presented in this article.

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