The Tel Avivi ⎸ Property Advisors https://thetelavivi.com Seasoned team of international real estate professional with over 12 years experience in the Tel Aviv residential and commercial real estate market. We accompany our clients through the whole process with only one goal in mind : finding the best homes at the best price. Tue, 10 Jun 2025 10:50:57 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 https://thetelavivi.com/wp-content/uploads/2022/05/cropped-cropped-Whatsapp-Business-Logo1.001-1-32x32.webp The Tel Avivi ⎸ Property Advisors https://thetelavivi.com 32 32 The Hidden Costs of Waiting: How the Strong Shekel and Global Shifts Hurt Buyers https://thetelavivi.com/tel-aviv-real-estate-market-prices-trend/ Tue, 10 Jun 2025 10:50:51 +0000 https://thetelavivi.com/?p=107016 The Hidden Costs of Waiting: How the Strong Shekel and Global Shifts Hurt Buyers

Tel Aviv’s post-war revival is colliding with a surging shekel, tight supply, and rising global uncertainty—quietly adding six-figure sums to foreign buyers’ price tags.

Tel Aviv real estate market prices have demonstrated both resilience and complexity, shaped by war, global economic crosscurrents, and evolving investor psychology. Between April 2024 and April 2025, residential property prices in Israel rose by approximately 7.8%, with Tel Aviv registering consistent price appreciation despite occasional monthly slowdowns. According to data from the Central Bureau of Statistics (CBS), the city recorded a 1.5% price increase between January and February 2025, culminating in 9.7% year-on-year growth—a robust figure by any international standard.

War and Urban Realignment

The war that began on October 7, 2023, delivered a shock to Israel’s economy and housing market. Restrictions on Palestinian labor—essential to the construction sector—led to severe manpower shortages, with over 17% of construction sites across the country shutting down by early 2024. Construction timelines lengthened, input costs surged, and developers began reducing output. At the same time, Tel Aviv became a magnet for internal migration, perceived as relatively safer and more stable. By mid-2024, new home sales in Tel Aviv surged 71.5% year-over-year, with resale activity climbing 21.7% (CBS, 2024).

However, this boom masked underlying fragility. The stock of unsold new apartments ballooned to 78,000 units nationwide, equivalent to 17–18 months of market supply—a level not seen in years. Many of these dwellings are in peripheral regions, while demand in Tel Aviv remains strong and focused on fewer, more expensive units.



Policy, Rates, and Economic Sentiment

The Bank of Israel has played a cautious game. Despite pressures to stimulate the economy, it held its benchmark interest rate at 4.5% throughout early 2025. This policy reflects a dual challenge: curbing inflation (which fluctuated between 2.8–3.6%) while stabilizing the currency during wartime uncertainty. At the same time, Israel’s GDP growth moderated from 6.5% in 2022 to below 2% in 2023, before contracting slightly in Q4 and rebounding modestly in Q1 2024.

Interest rates have placed a heavy burden on domestic buyers. Mortgage affordability has deteriorated; monthly repayments now often exceed rental prices by 25–30%. This has pushed many locals—especially first-time buyers—into the rental market or into less expensive cities like Haifa or Ashkelon. Nevertheless, investors have remained active: the average price paid by investors rose 14% between January and June 2024, suggesting continued belief in long-term capital gains.

Exchange Rate Volatility and the Foreign Buyer

A critical but underreported factor shaping the current market is the strengthening of the Israeli shekel (ILS). Over the last 12 months, the shekel has appreciated meaningfully against both the euro and the U.S. dollar. From its post-October 2023 low of around 3.97 ILS/USD, the shekel has strengthened to the 3.60–3.65 range by mid-2025. Against the euro, the move has been even more pronounced—falling from over 4.30 ILS/EUR to 3.90 and below in recent weeks.

For foreign residents—especially those from the U.S., U.K., France, and Switzerland—this currency movement acts as a hidden price increase. A Tel Aviv apartment priced at 10 million shekels would have cost approximately $2.52 million in October 2023. Today, with the shekel stronger, the same apartment would cost $2.78 million—a difference of over $260,000, or more than 10%, purely due to FX movements.

This appreciation is partly a reflection of Israel’s strong foreign exchange reserves (over $200 billion) and central bank policy, but it also reveals an inconvenient truth for global buyers: delaying a purchase during times of shekel weakness may cost you significantly. Unlike volatile emerging market currencies, the shekel tends to revert to strength during stability due to Israel’s tech exports, current account surplus, and robust monetary institutions.

The message is clear: for foreign buyers, the window of currency advantage has narrowed. Unless the Bank of Israel begins aggressive rate cuts—or global markets turn risk-averse again—further strengthening of the ILS remains a distinct possibility.

Historical Parallels and Structural Strength

This isn’t the first time Tel Aviv real estate has acted as a geopolitical hedge. Following the 1967 Six-Day War, real estate in cities like Jerusalem and Tel Aviv became symbolic safe harbors for diaspora Jews seeking financial and emotional ties to Israel. The influx of foreign capital supported urban development and bolstered property values for years.

But today’s world is faster, more financialized, and more interconnected. Capital moves digitally, and buyers from New York, Paris, London, and Zurich can finalize transactions in a matter of days. Furthermore, today’s buyers are not only driven by sentiment but by strategy—hedging against antisemitism, political instability in Europe, and a desire to anchor capital in tangible assets with long-term upside.

Forward Outlook: A Crossroads Ahead

Tel Aviv sits at a critical juncture. The fundamentals remain strong: limited land, rising construction costs, and global demand for urban lifestyle and security. However, the interplay of interest rates, war recovery, and currency shifts will define the months ahead.

Should the Bank of Israel begin cutting rates in sync with the U.S. Federal Reserve—a likely scenario if inflation continues to decline—domestic affordability will improve, and transaction volumes will increase further. However, if conflict continues and global interest rates stay elevated, purchasing power will remain tight for locals, and foreign buyers will have to contend with an expensive shekel.

For those considering a move, the lesson is simple: delay may cost you twice—once in price appreciation, and again in exchange rate disadvantage.


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Jan – Feb 2025 Real Estate Prices and Transactions https://thetelavivi.com/luxury-real-estate-tel-aviv-price-update/ Sun, 11 May 2025 14:39:41 +0000 https://thetelavivi.com/?p=106865

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may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis
may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis
may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis
may 2024 Tel Aviv real estate analysis

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may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis
may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis

Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold
Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024
tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

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Price changes in the tel aviv real estate market

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Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023
Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023
Tel Aviv Real Estate Market Report for March 2023

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Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold
Q1 2024 new homes sold

Q1 2024 new homes sold

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Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023
Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

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Tel Aviv Real Estate Market Report for March 2023

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r48 hotel tel aviv

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Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold
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Q1 2024 new homes sold

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r48 hotel tel aviv

r48 hotel tel aviv

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r48 hotel tel aviv

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Q1 2024 new homes sold

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Tel Aviv Apartment Prices

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Tel Aviv Apartment Prices
Tel Aviv Apartment Prices

Tel Aviv Apartment Prices

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Q1 2023 Tel Aviv Real Estate Report

Q1 2023 Tel Aviv Real Estate Report

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Q1 2023 Tel Aviv Real Estate Report

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Q1 2024 new homes sold

Q1 2024 new homes sold

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r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv
r48 hotel tel aviv

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Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold
Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold

tel aviv real estate prices q1 2024

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r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv
r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv

Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold
Q1 2024 new homes sold

Q1 2024 new homes sold

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Latest price changes in the tel aviv real estate market : August 2023

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r48 hotel tel aviv

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Luxury Real Estate Tel Aviv Price Update

TLDR: You Think Real Estate Prices Are Crashing? Think Again. Here’s the Data.
Real Estate Market Update

If you’ve been waiting on the sidelines thinking the Israeli real estate market is about to crash — I have news for you: it’s not. Quite the opposite, actually.

📊 According to the latest release (April 15, 2025) from the Israel Central Bureau of Statistics, home prices are up — across the board.

🔼 Nationwide Price Rise: +0.9% in Just One Month

In the most recent period (January–February 2025), dwelling prices across Israel rose by 0.9% compared to December 2024–January 2025.

And if you zoom out a bit?

📈Year-over-Year? +7.5%

That’s right — prices in January–February 2025 were 7.5% higher than in the same months last year.

🗺 By District – Tel Aviv Still Leading

Here’s the breakdown by district over the past month:

  • Tel Aviv: +1.5%
  • Jerusalem: +1.4%
  • Haifa: +0.9%
  • South: +1.1%
  • North: +1.8% (the biggest jump)
  • Central: -0.3% (the only dip)

Now compare that to year-over-year gains:

  • North: +11.7%
  • Tel Aviv: +9.7%
  • Haifa: +8.8%
  • Jerusalem: +6.8%
  • South: +5.1%
  • Central: +3.8%

Tel Aviv may be expensive, but clearly, the appetite isn’t slowing down.

🏗 New Construction? Up 1.0% This Month Alone

Prices of newly-built apartments rose by 1.0% this month — even excluding government-supported projects. Over the past year, new apartment prices have jumped 6.4%.

So no — the market isn’t “correcting.” And if you’re expecting 2023-style discounts to come back, you’re betting against the numbers.

🧠 What It All Means

Since 2010, we’ve only seen two brief windows of annual price declines — once in 2018, and again for six months in late 2023. But 2024 flipped the script, and now, 2025 is continuing that upward trend.

If you’re a buyer waiting for prices to drop… you might be waiting a while.Check out our selection

Bottom line?

The Israeli housing market — especially Tel Aviv — is not crashing. It’s climbing.

Want to talk strategy or see what’s worth buying before the next jump? Contact us.

Dec 24 -Feb 25
vs.
Sept. -Nov. 2024
27'260
Units Sold
Up 24.5%
14'850
2nd Hand Units Sold
Up 18.4%
12'410
1st Hand Units Sold
Up 32.8%
Leading Locations
Jerusalem ,Haifa ,Beersheva
Tel Aviv, Jerusalem, Lod
Feb. 2025
vs.
Jan. 2024
7'350
Units Sold
Down 7.5%
4'450
2nd Hand Units Sold
Down 8.1%
2'900
1st Hand Units Sold
Down 6.7%
End of Sept 2024
24.3 Months
supply
77'850 Units for sale
Up 0.3%
Apartments Sold by District
Dec. 24-Feb. 25 Compared to Sep. 24-Nov. 24
Apartment Data
Region New Apartments Second-Hand Apartments
Absolute Numbers
Dec. 24-Feb. 25
Percentage Change
Compared to the Previous
Three Months
Absolute Numbers
Dec. 24-Feb. 2025
Percentage Change
Compared to the Previous
Three Months
Total 12,410 32.6 114,8500 18.4
Jerusalem 1,100 13.4.5 1,379 19.5
North 1,237 54.6 1,861 38.5
Haifa 1,297 17.6 2,454 6.7
Center 3,134 38.5 3,419 20
Tel Aviv 2,359 39.8 2,185 18.2
South 3002 27.0 2,990 13.3
Yehuda & Shomron 177 6.0 49.3 24.8
Apartments Sold by District
Mar-May 2024 Compared to Dec 2023-Feb 2024
Apartment Data
Region New Apartments Second-Hand Apartments
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
]]>
Aug – Sep 2024 Real Estate Prices and Transactions https://thetelavivi.com/2025-tel-aviv-real-estate-market-opportunities/ Sun, 17 Nov 2024 12:58:15 +0000 https://thetelavivi.com/?p=106707

2025 Tel Aviv real estate market opportunities

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may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis
may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis
may 2024 Tel Aviv real estate analysis

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may 2024 Tel Aviv real estate analysis

Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold
Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024
tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

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Price changes in the tel aviv real estate market

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Price changes in the tel aviv real estate market

Price changes in the tel aviv real estate market

Price changes in the tel aviv real estate market

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023
Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023
Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023

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Q1 2023 Tel Aviv Real Estate Report

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Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold
Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold

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tel aviv real estate prices q1 2024

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Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023
Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

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Tel Aviv Real Estate Market Report for March 2023

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Tel Aviv Real Estate Market Report for March 2023
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r48 hotel tel aviv

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r48 hotel tel aviv

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Q1 2023 Tel Aviv Real Estate Report

Q1 2023 Tel Aviv Real Estate Report

Q1 2023 Tel Aviv Real Estate Report

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Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold
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tel aviv real estate prices q1 2024

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Tel Aviv Real Estate Market Report for March 2023

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market price housing

market price housing

market price housing
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home house prices

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home house prices

home house prices

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number of houses on the market

number of houses on the market

number of houses on the market

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number of houses on the market

number of houses on the market

number of houses on the market

median price house

median price house

median price house

median price house
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august home prices

august home prices

august home prices

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home price market

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housing in israel prices

housing in israel prices

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housing in israel prices

housing in israel prices

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market for homes

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market for homes

market for homes
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housing market price decline

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which house prices

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which house prices
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house prices and the economy

house prices and the economy

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house prices and the economy

house prices and the economy

house prices and the economy

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market housing rates
market housing rates

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median home price index

median home price index

median home price index
median home price index

median home price index

median home price index

august housing

august housing

august housing

august housing
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august housing

august housing

housing market in decline

housing market in decline

housing market in decline

housing market in decline
housing market in decline

housing market in decline

housing market in decline

house price rise index

house price rise index

house price rise index

house price rise index
house price rise index

house price rise index

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house market economy

house market economy

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house market economy
house market economy

house market economy

house market economy

official house price index

official house price index

official house price index

official house price index
official house price index

official house price index

official house price index

house market 2023

house market 2023

house market 2023

house market 2023
house market 2023

house market 2023

house market 2023

r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv
r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv

Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold
Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024
tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

real estate investment in Israel

real estate investment in Israel

real estate investment in Israel

real estate investment in Israel
real estate investment in Israel

real estate investment in Israel

real estate investment in Israel

Tel Aviv real estate analysis

Tel Aviv real estate analysis

Tel Aviv real estate analysis

Tel Aviv real estate analysis
Tel Aviv real estate analysis

Tel Aviv real estate analysis

Tel Aviv real estate analysis

latest price changes august 2023

latest price changes august 2023

latest price changes august 2023

latest price changes august 2023
latest price changes august 2023

latest price changes august 2023

latest price changes august 2023

Price changes in the tel aviv real estate market

Price changes in the tel aviv real estate market

Price changes in the tel aviv real estate market

Price changes in the tel aviv real estate market
Price changes in the tel aviv real estate market

Price changes in the tel aviv real estate market

Price changes in the tel aviv real estate market

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023
Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023
Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023

real estate behaving like oil

real estate behaving like oil

real estate behaving like oil

real estate behaving like oil
real estate behaving like oil

real estate behaving like oil

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Tel Aviv Apartment Prices

Tel Aviv Apartment Prices

Tel Aviv Apartment Prices

Tel Aviv Apartment Prices
Tel Aviv Apartment Prices

Tel Aviv Apartment Prices

Tel Aviv Apartment Prices

Q1 2023 Tel Aviv Real Estate Report

Q1 2023 Tel Aviv Real Estate Report

Q1 2023 Tel Aviv Real Estate Report

Q1 2023 Tel Aviv Real Estate Report
Q1 2023 Tel Aviv Real Estate Report

Q1 2023 Tel Aviv Real Estate Report

Q1 2023 Tel Aviv Real Estate Report

tel aviv real estate market in numbers

tel aviv real estate market in numbers

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tel aviv real estate

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tel aviv real estate

tel aviv real estate
tel aviv real estate

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tel aviv real estate

2023 Israel real estate numbers

2023 Israel real estate numbers

2023 Israel real estate numbers

2023 Israel real estate numbers
2023 Israel real estate numbers

2023 Israel real estate numbers

2023 Israel real estate numbers

2023 tel aviv real estate

2023 tel aviv real estate

2023 tel aviv real estate

2023 tel aviv real estate
2023 tel aviv real estate

2023 tel aviv real estate

2023 tel aviv real estate

housing market

housing market

housing market

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housing market

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a house has

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a house has a

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a house has a

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home prices decline

home prices decline

home prices decline

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housing prices decline

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tel aviv house prices

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housing market in decline

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official house price index

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official house price index

house market 2023

house market 2023

house market 2023

house market 2023
house market 2023

house market 2023

house market 2023

r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv
r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv

Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold
Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024
tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

real estate investment in Israel

real estate investment in Israel

real estate investment in Israel

real estate investment in Israel
real estate investment in Israel

real estate investment in Israel

real estate investment in Israel

Tel Aviv real estate analysis

Tel Aviv real estate analysis

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Tel Aviv real estate analysis
Tel Aviv real estate analysis

Tel Aviv real estate analysis

Tel Aviv real estate analysis

latest price changes august 2023

latest price changes august 2023

latest price changes august 2023

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latest price changes august 2023

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Price changes in the tel aviv real estate market

Price changes in the tel aviv real estate market

Price changes in the tel aviv real estate market

Price changes in the tel aviv real estate market
Price changes in the tel aviv real estate market

Price changes in the tel aviv real estate market

Price changes in the tel aviv real estate market

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023
Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023
Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023

Tel Aviv Real Estate Market Report for March 2023

real estate behaving like oil

real estate behaving like oil

real estate behaving like oil

real estate behaving like oil
real estate behaving like oil

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Tel Aviv Apartment Prices

Tel Aviv Apartment Prices

Tel Aviv Apartment Prices

Tel Aviv Apartment Prices
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Tel Aviv Apartment Prices

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Q1 2023 Tel Aviv Real Estate Report

Q1 2023 Tel Aviv Real Estate Report

Q1 2023 Tel Aviv Real Estate Report

Q1 2023 Tel Aviv Real Estate Report
Q1 2023 Tel Aviv Real Estate Report

Q1 2023 Tel Aviv Real Estate Report

Q1 2023 Tel Aviv Real Estate Report

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tel aviv real estate market in numbers

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2023 Israel real estate numbers

2023 Israel real estate numbers

2023 Israel real estate numbers
2023 Israel real estate numbers

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2023 Israel real estate numbers

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r48 hotel tel aviv

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r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv
r48 hotel tel aviv

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may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis
may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis

2025 Tel Aviv real estate market opportunities

TLDR:
The Tel Aviv real estate market shows stable short-term trends with a slight 0.1% price decrease, strong annual growth of 6.1%, and notable opportunities for buyers and investors. However, the important take away is that the relative price stability is based on a real increase of transactions , proving the upward trend is solidifying.
Unlocking Real Estate Opportunities in Tel Aviv and Israel

The Israeli real estate market from July to September 2024 highlights vibrant growth, with a 31.3% increase in transactions compared to the previous year. Tel Aviv remains a pivotal hub, with opportunities in both new and second-hand housing markets. Stakeholders should act strategically amid evolving dynamics.

Sales Surge and Market Trends

The Israeli real estate market showcased remarkable resilience between July and September 2024, with 24,350 dwellings sold. This represents a substantial 31.3% year-over-year increase, reaffirming the market’s strength despite global economic uncertainties. The quarter also witnessed a 4.3% rise in sales compared to the previous quarter, highlighting robust demand.

New dwellings made up 44.2% of these transactions, with 10,760 units sold. This segment posted an impressive 35.4% growth over the same period last year. However, the slight 1.2% dip compared to the prior quarter indicates potential shifts in buyer preferences or affordability considerations. Second-hand dwellings accounted for the remaining 55.8% of transactions, reflecting a steady preference for pre-owned homes, likely driven by their relative affordability and availability in desirable locations.

Geographic Highlights and Inventory Insights

The geography of Israel’s real estate market plays a critical role in shaping transaction trends. The central district emerged as a standout, accounting for 23.2% of all sales. Cities like Tel Aviv-Yafo and Jerusalem remained focal points, both in terms of transaction volumes and inventory challenges.

Tel Aviv-Yafo topped the list for unsold new units, with approximately 8,720 homes in inventory—representing 31.5% of the country’s total stock. The estimated clearance time for these units averages 18.7 months, posing strategic challenges for developers aiming to balance supply and demand.

  • Jerusalem District: Demonstrated robust growth, with new dwelling sales rising 37.5% quarter-over-quarter, driven by strategic developments and increasing urban appeal.
  • Southern District: Continued to attract buyers with a 10.4% growth in new dwelling sales, bolstered by ongoing infrastructure improvements and affordability.
  • Tel Aviv District: Displayed mixed results, with second-hand sales dropping by 17.1% but new dwelling transactions climbing by 9.3% due to its enduring allure as Israel’s economic and cultural hub.

Opportunities for Stakeholders

Understanding the nuances of this dynamic market can unlock numerous opportunities:

  • Developers: Strategize inventory management in high-supply areas like Tel Aviv to optimize turnover rates and capitalize on premium pricing.
  • Investors: Explore the second-hand housing market, which has shown consistent growth and offers stable long-term returns.
  • Policymakers: Address imbalances in regional supply to foster equitable market growth and affordability, particularly in high-demand districts.
  • Buyers: Focus on emerging markets such as Haifa and the Southern district for affordability and strong growth potential, while leveraging government-supported housing initiatives where applicable.

Market Momentum and Future Outlook

From 2021 to mid-2023, the Israeli housing market faced steady declines in sales. However, the tide turned in late 2023 and carried forward into 2024, marked by a strong resurgence in both new and second-hand housing segments. While new construction sales show signs of plateauing, second-hand transactions continue to thrive, reflecting a recalibration in buyer priorities.

Looking ahead, Tel Aviv remains a cornerstone of Israel’s real estate ecosystem, drawing interest from both domestic and international investors. Meanwhile, cities like Haifa and Beersheba are rising stars, offering a mix of affordability, lifestyle, and growth potential that appeals to a broad demographic.

Conclusion

The Israeli real estate market, a blend of resilience and opportunity, continues to evolve amid changing economic landscapes. As 2024 progresses, staying informed on these trends will be crucial for making strategic decisions. Whether you’re buying, selling, or investing, understanding these market dynamics will position you to seize the opportunities ahead.

© 2024 The Tel Avivi | All Rights Reserved

July -Sept 2024
vs.
July -Sept 2023
24'350
Units Sold
Up 31.3%
11'900
Second Hand Units Sold
Up 19.4%
10'710
First Hand Units Sold
Up 63.7%
Leading Locations
Jerusalem ,Haifa ,Beersheva
Jerusalem Tel Aviv, Ofakim
Sept 2024
vs.
Sept 2023
7'900
Units Sold
Up 45.6.8%
4'500
Second Hand Units Sold
Up 44.8%
3'450
First Hand Units Sold
Up 46.8%
End of Sept 2024
18.7 Months supply
69'970 Units left for sale
Apartments Sold by District
Mar-May 2024 Compared to Dec 2023-Feb 2024
Apartment Data
Region New Apartments Second-Hand Apartments
Absolute Numbers
July-Sept 2024
Percentage Change
Compared to the Previous
Three Months
Absolute Numbers
July-Sept 2024
Percentage Change
Compared to the Previous
Three Months
Total 10,760 -1.2 13,590 9.0
Jerusalem 1,207 37.5 1,308 6.4
North 1,098 -16.6 1,582 9.5
Haifa 1,224 -8.7 2,442 8.8
Center 2,475 -5.5 3,169 6.7
Tel Aviv 1,982 -17.1 1,841 9.3
South 2,630 17.4 2,761 10.4
Yehuda & Shomron 130 33.7 490 25.6
Apartments Sold by District
Mar-May 2024 Compared to Dec 2023-Feb 2024
Apartment Data
Region New Apartments Second-Hand Apartments
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
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À Vendre⎸ Florentine ⎸ 2 Ch. à Coucher https://thetelavivi.com/congres-7/ Mon, 21 Oct 2024 12:13:05 +0000 https://thetelavivi.com/?p=106561

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]]> À Vendre ⎸ Lev Ha’Ir ⎸ 1 Ch. à Coucher https://thetelavivi.com/ehad-haam-27/ Mon, 21 Oct 2024 11:54:11 +0000 https://thetelavivi.com/?p=106551

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For Sale ⎸ Lev Ha’Ir ⎸ 1 Bedroom https://thetelavivi.com/lev-hair-new-apartment-for-sale/ Mon, 21 Oct 2024 11:48:28 +0000 https://thetelavivi.com/?p=106530

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For Sale ⎸ Florentine ⎸ 2 Bedroom https://thetelavivi.com/florentine-new-apartment-for-sale-congress-7/ Mon, 21 Oct 2024 09:28:20 +0000 https://thetelavivi.com/?p=106506

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July – Aug 2024 Numbers Tel Aviv Real Estate Analysis https://thetelavivi.com/israel-housing-market-trends-2024-august/ Tue, 15 Oct 2024 18:59:47 +0000 https://thetelavivi.com/?p=106457

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Q1 2024 new homes sold

Q1 2024 new homes sold

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

tel aviv real estate prices q1 2024

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Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023
Latest price changes in the tel aviv real estate market : August 2023

Latest price changes in the tel aviv real estate market : August 2023

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Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold
Q1 2024 new homes sold

Q1 2024 new homes sold

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r48 hotel tel aviv

r48 hotel tel aviv

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Q1 2024 new homes sold

Q1 2024 new homes sold

Q1 2024 new homes sold
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Q1 2024 new homes sold

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r48 hotel tel aviv

r48 hotel tel aviv

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r48 hotel tel aviv

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Q1 2024 new homes sold

Q1 2024 new homes sold

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r48 hotel tel aviv

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Q1 2024 new homes sold

Q1 2024 new homes sold
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r48 hotel tel aviv

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r48 hotel tel aviv

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Q1 2024 new homes sold

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r48 hotel tel aviv

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r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv
r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv

may 2024 Tel Aviv real estate analysis

may 2024 Tel Aviv real estate analysis

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may 2024 Tel Aviv real estate analysis

Prices continue to rise despite the war, inflation, persistent high interest rates and economic slowdown.

TL;DR

The Israeli housing market is often viewed as a bellwether for broader economic trends, reflecting the intricate balance between supply, demand, government policy, and macroeconomic forces. Over the past few years, this market has navigated through periods of significant price volatility, shaped by global economic shifts, rising construction costs, and changing consumer behaviors. In this latest report, in this challenging war environment, we examine the recent developments from July to August 2024, providing insights into both national and regional trends, with a focus on newly-built housing and government-supported initiatives.

As Israel grapples with ongoing economic uncertainties, the housing market’s performance offers a glimpse into the country’s economic resilience and challenges. This analysis not only highlights the data but also delves into the underlying factors driving these trends, offering a comprehensive outlook for stakeholders, investors, and policymakers. By understanding the dynamics of housing prices, we can better anticipate future movements and address the challenges of affordability and sustainable growth.

Israel Housing Market: Trends, Insights, and Implications

The Israeli housing market remains a critical area of analysis, especially as it reflects broader economic trends. Between July and August 2024, the market saw a 0.3% increase in average dwelling prices compared to the previous two-month period. Though this uptick appears modest, its significance lies in its continued momentum despite recent economic uncertainties.

This minor increase follows a long period of price adjustments seen throughout 2023, when real estate prices fell in response to macroeconomic pressures such as global inflation, rising interest rates, and changes in consumer demand. That the market is now showing sustained recovery signals a rebound, albeit a cautious one. A 6.3% year-on-year price increase, when comparing July–August 2023 to 2024, is particularly noteworthy, as it underscores the resilience of the housing sector in Israel.

1. Key Price Trends Across the Regions

Regional disparities in housing prices continue to offer valuable insights into local economic conditions. While overall dwelling prices rose by 0.3% nationally, regional variations reveal critical distinctions:

  • Jerusalem: A decline of 0.5%—an anomaly that could be linked to local policy shifts or decreased demand for high-priced homes in the capital.
  • Haifa: An increase of 1.6%—this rapid growth suggests a strong demand for homes in this port city, driven by both local economic development and its increasing appeal as a more affordable alternative to Tel Aviv.
  • Central District and Northern District: Moderate gains of 0.4%, indicating a steady but unspectacular housing market in these regions.
  • Tel Aviv: A mere 0.1% increase. This is a clear sign that the city, while still Israel’s economic hub, is reaching price saturation, where affordability constraints may have begun tempering further price escalation.
  • Southern District: A 0.3% increase, reflective of slower growth in this region, which is often considered less dynamic than the northern cities but still subject to broader national price trends.

2. Newly-Built Dwellings: A Barometer of Growth

Newly-built homes are often viewed as a leading indicator for overall market health, given their reliance on new construction and government-backed initiatives. The 1.3% increase in the price of newly-built dwellings from July to August 2024 is a sign of ongoing strong demand in this segment. Government-supported housing projects accounted for over 22% of these transactions, marking a slight increase from previous periods. This indicates that government interventions continue to play a critical role in sustaining affordability in the market.

When stripping out these subsidized transactions, the price increase for newly-built homes falls to 0.5%, which suggests that without governmental support, the market could be experiencing more muted growth. From a macroeconomic perspective, this reliance on government aid raises questions about the long-term sustainability of housing affordability in Israel, particularly in the face of rising construction costs and interest rates.

Economic Implications and Outlook

From an economic standpoint, the Israeli housing market is displaying both resilience and warning signs. The 6.3% year-on-year increase reflects not just market recovery, but also inflationary pressures due to the war effort and pent-up demand. However, as interest rates remain elevated to combat inflation, and global and local economic uncertainties persist, there is a growing risk that housing demand could cool off in the coming quarters.

Additionally, while the government’s active role in supporting the construction of new dwellings is commendable, reliance on such subsidies could create distortions in the market. Over time, this could potentially lead to an over-reliance on government-backed housing and a slowdown in private sector construction.

Our forecast is that the Israeli housing market will continue to see moderate growth in 2025, but the pace will likely accelerate in the aftermath of the war, especially in Tel Aviv. The regional disparities in price movements suggest that areas outside Tel Aviv, particularly Haifa and the Northern District, may present investment opportunities, as they catch up with the more central areas. Policymakers must remain vigilant, ensuring that any intervention in the housing market fosters long-term stability rather than short-term gains.

Note: All price data for the most recent months are provisional and subject to further revisions.

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Is The Future of Israeli Real Estate Rosy ? https://thetelavivi.com/israel-real-estate-update-august-2024/ Tue, 15 Oct 2024 17:09:44 +0000 https://thetelavivi.com/?p=106396

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Introduction

In the summer of 2024, Israel’s real estate market experienced a significant rise in property prices, despite a large supply of unsold new dwellings. According to the Israeli Central Bureau of Statistics (CBS), by the end of August 2024, 69,720 new dwellings remained unsold, with the months of supply—indicating the time it would take to sell the current inventory at the current sales pace—reaching 18.4 months. Despite this oversupply, prices continued to climb. This phenomenon, occurring during the ongoing war that began on October 7th, can be attributed to a mix of speculative buying, investor psychology, and a desire to hedge against uncertainty.

However, this article argues that, following the conclusion of the war, prices in Israel’s housing market may stabilize in the short term. Over time, as inflationary pressures ease and the oversupply is absorbed, prices are expected to rise significantly. This analysis considers both the immediate and long-term impacts of the war on Israel’s housing market, offering forecasts based on historical precedents and economic factors.

June - August 2024
vs.
June - August 2023
24'360
Units Sold
Up 22.4%
13'490
Second Hand
Units Sold
Up 19.8%
10'870
First Hand
Units Sold
Up 25.7%
Leading Locations
Jerusalem ,
Haifa,
Beersheva
Tel Aviv,
Jerusalem,
Ofakim
August 2024
vs.
August 2023
7'250
Units Sold
Up 3.1%
3'940
Second Hand
Units Sold
Up 1.5%
3'210
First Hand
Units Sold
Up 5.1%
End of May 2024

18.4
Months supply

64'720
Units left for sale
The Impact of the War on Real Estate Prices

Why Prices Continue to Rise Despite Oversupply

Between June and August 2024, 24,360 dwellings were sold, representing a 22.4% increase compared to the same period in 2023​. However, the supply of unsold new dwellings grew to 69,720 units by the end of August, indicating a significant imbalance between supply and demand. Despite this, prices have not dropped—instead, they have risen, largely due to psychological and speculative factors exacerbated by the war.

  1. Psychological Response to Conflict: In times of war or uncertainty, real estate often becomes a “safe haven” for investors. The war that erupted on October 7th has created an environment where people view property as a stable investment compared to volatile financial markets. This trend is compounded by the perception that Israeli real estate will retain its value over time, even if the short-term outlook is uncertain.

  2. Speculative Buying: Many buyers, particularly investors, are speculating that prices will continue to rise due to limited land availability and high demand in central urban areas like Tel Aviv, Jerusalem, and Haifa. These investors are not necessarily driven by the need for immediate housing, but by the expectation of future appreciation, even in the face of high interest rates.

  3. High Interest Rates and Currency Stability: The Israeli government has maintained a strict monetary policy, keeping interest rates high to control inflation and stabilize the currency. While this has increased borrowing costs, it has also kept inflation in check, making property an attractive long-term investment. Many buyers view real estate as a hedge against future inflation and uncertainty, driving demand despite the high cost of financing.

The Path to Price Stabilization Post-War

As the war continues, economic pressures, including the rising cost of construction materials and disruption in supply chains, have contributed to the rise in property prices. However, after the war, several factors could lead to a stabilization of prices in the short term:

Easing of Inflationary Pressures

Historically, conflicts often lead to short-term inflation spikes, particularly in the construction sector. During the war, supply chains for construction materials are disrupted, and costs rise as resources are diverted to defense needs. This has been the case in Israel, where building costs have increased, contributing to rising property prices despite an oversupply of homes​.

Once the conflict ends, however, supply chains will likely stabilize, and inflationary pressures will ease. This will allow developers to build at lower costs, which could lead to a temporary stabilization in property prices as the market adjusts to lower input costs. As inflation pressures ease, buyers may become more cautious, particularly if the high interest rates persist.

Short-Term Stabilization of Demand

In the immediate aftermath of the war, demand for new housing may slow as potential buyers wait for market conditions to stabilize. During periods of uncertainty, especially after a conflict, buyers often take a “wait and see” approach. This could lead to a temporary softening of demand, helping to stabilize prices as the market absorbs the remaining unsold inventory.

However, this stabilization is likely to be short-lived, as Israel’s strong economic fundamentals and high demand for housing, particularly in urban centers, will quickly restore demand. The underlying scarcity of land and housing in key areas such as Tel Aviv and Jerusalem will continue to support price growth in the long term.

Apartments Sold by District
Mar-May 2024 Compared to Dec 2023-Feb 2024
Apartment Data
Region New Apartments Second-Hand Apartments
Absolute Numbers
June-August 2024
Percentage Change
Compared to the Previous
Three Months
Absolute Numbers
June-August 2024
Percentage Change
Compared to the Previous
Three Months
Total 10,870 -1.6 13,490 10.2
Jerusalem 1,071 -25.0 1,373 19.5
North 1,314 5.5 1,675 22.4
Haifa 1,141 -20.0 2,320 2.7
Center 2,472 -17.4 3,164 7.6
Tel Aviv 2,186 0.9 1,803 6.2
South 2,568 13.4 2,685 10.0
Yehuda & Shomron 104 16.9 468 23.5
Long-Term Forecast: A Significant Price Increase After Stabilization

Despite the potential short-term stabilization, prices are expected to rise significantly over the long term once the market absorbs the current supply. Several factors support this forecast:

Absorption of the Current Supply

As the unsold inventory is gradually absorbed, supply constraints will start to bite again, particularly in high-demand areas. Israel’s growing population, combined with limited land for development in key urban areas, will put upward pressure on prices once the existing supply is depleted.

In high-demand regions like Tel Aviv, Jerusalem, and Haifa, where land is scarce and construction is slow, developers may not be able to keep up with demand in the post-war recovery phase. As a result, once the excess supply is absorbed, prices are likely to rise significantly, driven by renewed demand and limited availability.

International Comparisons: Post-Conflict Recovery in Real Estate Markets

A comparison with other countries that have experienced conflict reveals similar trends. For example, in post-war Lebanon, property prices in urban centers such as Beirut rose significantly after the end of hostilities, despite an initial stabilization period. In Croatia, following the end of the Balkan conflicts in the 1990s, property prices surged as the country rebuilt its economy and demand for housing in urban centers resumed​.

In Israel, a similar pattern is likely to emerge. Once the war ends and economic recovery begins, demand for housing in central locations will increase, driving up prices in key markets.

Investor Confidence in Long-Term Growth

Israel’s strong economic fundamentals, coupled with its strategic importance and resilient population, will attract both domestic and international investors in the post-war period. Investors are likely to re-enter the market with renewed confidence, driving demand for high-quality housing and pushing prices upward.

Moreover, with interest rates expected to remain high in the near term, real estate will continue to serve as a hedge against inflation, further supporting price growth. As investor sentiment improves and the post-war economy stabilizes, housing prices will reflect the strong underlying demand for property.

Conclusion

The Israeli real estate market has experienced a paradox during the ongoing war, with property prices rising despite an oversupply of unsold dwellings. However, this trend is likely to stabilize in the short term as inflationary pressures ease and supply begins to be absorbed. Post-war, prices are expected to rise significantly, driven by the absorption of excess supply, renewed demand, and investor confidence in Israel’s long-term growth prospects.

In the long term, Israel’s real estate market will continue to be shaped by the fundamental dynamics of supply and demand, with high demand in urban centers ensuring that prices remain elevated. While the war has introduced short-term uncertainty, the underlying strength of the market will drive significant price growth once peace and stability are restored.


References
  • Israeli Central Bureau of Statistics, Real Estate Transactions – Dwellings in June-August 2024 Report, October 10, 2024​.

  • Post-conflict recovery in real estate markets: Examples from Lebanon and Croatia​.

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housing prices in

house prices are rising

house prices are rising

house prices are rising

house prices are rising
house prices are rising

house prices are rising

house prices are rising

home price report

home price report

home price report

home price report
home price report

home price report

home price report

index for housing market

index for housing market

index for housing market

index for housing market
index for housing market

index for housing market

index for housing market

market price housing

market price housing

market price housing

market price housing
market price housing

market price housing

market price housing

house price rate

house price rate

house price rate

house price rate
house price rate

house price rate

house price rate

housing segment

housing segment

housing segment

housing segment
housing segment

housing segment

housing segment

housing market home prices

housing market home prices

housing market home prices

housing market home prices
housing market home prices

housing market home prices

housing market home prices

home house prices

home house prices

home house prices

home house prices
home house prices

home house prices

home house prices

number of houses on the market

number of houses on the market

number of houses on the market

number of houses on the market
number of houses on the market

number of houses on the market

number of houses on the market

median price house

median price house

median price house

median price house
median price house

median price house

median price house

august home prices

august home prices

august home prices

august home prices
august home prices

august home prices

august home prices

home price market

home price market

home price market

home price market
home price market

home price market

home price market

housing in israel prices

housing in israel prices

housing in israel prices

housing in israel prices
housing in israel prices

housing in israel prices

housing in israel prices

market for homes

market for homes

market for homes

market for homes
market for homes

market for homes

market for homes

housing market price decline

housing market price decline

housing market price decline

housing market price decline
housing market price decline

housing market price decline

housing market price decline

which house prices

which house prices

which house prices

which house prices
which house prices

which house prices

which house prices

house prices and the economy

house prices and the economy

house prices and the economy

house prices and the economy
house prices and the economy

house prices and the economy

house prices and the economy

market housing rates

market housing rates

market housing rates

market housing rates
market housing rates

market housing rates

market housing rates

median home price index

median home price index

median home price index

median home price index
median home price index

median home price index

median home price index

august housing

august housing

august housing

august housing
august housing

august housing

august housing

housing market in decline

housing market in decline

housing market in decline

housing market in decline
housing market in decline

housing market in decline

housing market in decline

house price rise index

house price rise index

house price rise index

house price rise index
house price rise index

house price rise index

house price rise index

house market economy

house market economy

house market economy

house market economy
house market economy

house market economy

house market economy

official house price index

official house price index

official house price index

official house price index
official house price index

official house price index

official house price index

house market 2023

house market 2023

house market 2023

house market 2023
house market 2023

house market 2023

house market 2023

r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv
r48 hotel tel aviv

r48 hotel tel aviv

r48 hotel tel aviv
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