Tel Aviv Apartment Sales 2024

Real Estate Transactions in March-May 2024

TL;DR:

Despite the difficult environment in Israel this past months, sales have dramatically risen. They have not reached the heights of April 2022, but since the October 23 trough, the upward trend has solidified. Interestingly the US home sales have undergone a similar up trend since October 2023 as well. The phenomenon is even more puzzling in Israel in light of the ongoing war. We see also that the luxury market is sluggish. Most of the increase in sales is concentrated in the low and middle price bracket, pointing that the prime real estate, all things being equal, should witness a similar uptick in activity in the short to medium term. The dearth of new high end projects coupled with increase foreign demand is bound to translate in a significant rise in prices in the segment.

TL;DR:

Sold Apartments

Between March and May 2024, approximately 22,610 apartments were sold. This marks a 37.0% increase compared to the same period last year (March-May 2023) and a 2.7% increase compared to the previous three months (December 2023 – February 2024).

47.4% of the total apartments sold were new apartments, amounting to around 10,710 units. Approximately one-fifth (18.3%) of these new apartments were sold with government subsidies. There was a 63.7% increase in the sale of new apartments compared to the same period last year and a slight increase of 1.7% compared to the previous three months.

52.6% of the total apartments sold between March and May 2024 were second-hand apartments, totaling about 11,900 units. Sales of second-hand apartments saw a 19.4% increase compared to the same period last year and a moderate increase of 3.4% compared to the previous three months.

In May 2024, 7,470 apartments were sold, marking a 29.8% increase compared to the same month last year (May 2023). After adjusting for seasonality, there was a 5.3% increase compared to the previous month (April 2024), and the trend remains with a similar increase of 5.7% after seasonal adjustment.

Mar - May 2024

vs.
Mar - May 2023

22'610

Units Sold

Up 37%

11'900

Second Hand Units Sold

Up 19.4%

10'710

First Hand Units Sold

Up 63.7%

Leading Locations

Jerusalem ,Haifa ,Beersheva

Tel Aviv, Jerusalem, Petah Tiqva

May 2024

vs.
May 2023

7'470

Units Sold

Up 29.8%

3'920

Second Hand Units Sold

Up 10.8%

3'550

First Hand Units Sold

Up 60.3%

End of May 2024

17.4 Months supply

64'470 Units left for sale

Trend Analysis

Examining the trend data reveals that from September 2021 to July 2023, there was an average decline of 3.3% in the total number of apartments sold. In contrast, from August 2023 to the present, there has been an average increase of 3.6% in the total number of apartments sold.

Regarding the trend in the total number of new apartments sold, there was an average decline of 3.3% from September 2021 to June 2023. However, from July 2023 to now, there has been an increase of 4.3%.

For second-hand apartments, there was a 3.4% decline from September 2021 to August 2023. From September 2023 to May 2024, there has been an average monthly increase of 3.5%.

Geographical Characteristics

The Central District leads with 25.8% of the total apartments sold between March and May 2024. In this district, nearly a third of the new apartments (27.5%) and about a quarter of the second-hand apartments (24.3%) were sold. Following the Central District is the Southern District, with 20.4% of the total apartments sold: 21.0% of new apartments and 19.8% of second-hand apartments.

Apartments Sold by District
Mar-May 2024 Compared to Dec 2023-Feb 2024

Apartment Data

Region	New Apartments		Second-Hand Apartments
Region	Absolute Numbers March-May 2024	Percentage Change Compared to the Previous Three Months	Absolute Numbers March-May 2024	Percentage Change Compared to the Previous Three Months
Total	10,700	1.7	11,890	3.4
Jerusalem	796	-21.1	1,118	10.8
North	1,248	25.2	1,336	3.5
Haifa	1,399	16.7	2,202	4.1
Center	2,946	-4.7	2,893	5.1
Tel Aviv	1,981	12.2	1,615	4.2
South	2,244	-3.3	2,355	-1.3
Yehuda & Shomron	89	-36.6	369	-6.3

Tel Aviv-Jaffa, Jerusalem, Petah Tikva, and Ashkelon lead in the number of new apartments sold in the three months March-May 2024 with more than 500 apartments. In second-hand apartments sold during the same period, Jerusalem, Haifa, and Be’er Sheva lead with more than 700 apartments.

New Apartments Remaining for Sale

At the end of May 2024, the inventory of new apartments remaining for sale stood at approximately 67,470 apartments, and the number of months of supply (the number of months it will take until all the remaining apartments are sold) was 17.5 months (Table 2). 31.7% of the apartments remaining for sale are located in the Tel Aviv district (21,380 apartments) and 24.1% in the Central district (16,270 apartments).

New Apartments Remaining for Sale in Large Cities with More Than 100,000 Residents, May 2024

In large cities with more than 100,000 residents, Tel Aviv-Jaffa leads with approximately 8,730 apartments remaining for sale, followed by Jerusalem with approximately 6,350 apartments remaining for sale.

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Real Estate Transactions in March-May 2024

Real Estate Transactions in March-May 2024

TL;DR:

Apartments Sold by DistrictMar-May 2024 Compared to Dec 2023-Feb 2024

Tel Aviv Apartment Sales 2024

Tel Aviv Apartment Sales 2024

Apartments Sold by District
Mar-May 2024 Compared to Dec 2023-Feb 2024