Housing prices still rising in some Israeli regions

In January-February 2023 housing costs in Israel fell 0.2% as compared with December-January 2022-2023, the Central Bureau of Statistics reported final week. Though housing costs have risen 12.7% over the previous yr, the most recent knowledge suggests a change in pattern as greater rates of interest and dearer mortgages dampen the housing market.

However a better take a look at the info reveals that costs are nonetheless rising in some areas of the nation. Within the northern area (the north excluding the Haifa area) in January-February 2023 housing costs rose 2.2% as compared with December-January 2022-2023. There was little new building within the area in order that demand outstrips provide, though that is at present the most affordable area within the nation with the typical dwelling costing NIS 1.3 million.

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Costs additionally rose by 0.2% within the central area, which doesn’t embody the Tel Aviv area. In Tel Aviv itself (Tel Aviv, Ramat Gan, Givatayim and Ramat Hasharon), the value of a mean dwelling fell 0.5% in January-February 2023 as compared with December-January 2022-2023. The Tel Aviv area is the nation’s most costly with a mean dwelling costing NIS 3.1 million and within the present financial local weather such excessive costs are maybe not sustainable. Costs additionally fell 0.5% within the Haifa area, which incorporates the Kraiot, Hadera and Pardes Hanna-Karkur. It’s much less clear why costs fell a lot on this area the place properties are extra modestly priced.

Costs in January-February 2023 fell 1.1% as compared with December-January 2022-2023 within the Jerusalem area, which incorporates Beit Shemesh and Mevaseret Zion. The common dwelling within the area prices NIS 2.1 million and it’s doable that the approval of 8,000 new properties over the previous 4 years in Beit Shemesh has made builders versatile within the asking value for brand new flats.

Costs in January-February 2023 fell 1.5% as compared with December-January 2022-2023 within the southern area, which incorporates Beersheva, Ashkelon, Ashdod, Kiryat Gat, and Kiryat Malakhi. Costs on this area have fallen 3.3% over the previous 4 months.

Revealed by Globes, Israel enterprise information – en.globes.co.il – on April 18, 2023.

© Copyright of Globes Writer Itonut (1983) Ltd., 2023.