May 2024 Tel Aviv Real Estate Analysis : Marked Improvement The Tel Avivi ⎸ Property Advisors

may 2024 Tel Aviv real estate analysis

h6>may 2024 Tel Aviv real estate analysis

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latest price changes august 2023

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Q1 2024 new homes sold

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latest price changes august 2023

Price changes in the tel aviv real estate market

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

Tel Aviv Real Estate Market Report for March 2023

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Q1 2024 new homes sold

tel aviv real estate prices q1 2024

real estate investment in Israel

Tel Aviv real estate analysis

latest price changes august 2023

Price changes in the tel aviv real estate market

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

Tel Aviv Real Estate Market Report for March 2023

real estate behaving like oil

Tel Aviv Apartment Prices

Q1 2023 Tel Aviv Real Estate Report

tel aviv real estate market in numbers

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2023 Israel real estate numbers

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on the market house prices

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r48 hotel tel aviv

Q1 2024 new homes sold

tel aviv real estate prices q1 2024

real estate investment in Israel

Tel Aviv real estate analysis

latest price changes august 2023

Price changes in the tel aviv real estate market

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

Tel Aviv Real Estate Market Report for March 2023

real estate behaving like oil

Tel Aviv Apartment Prices

Q1 2023 Tel Aviv Real Estate Report

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2023 Israel real estate numbers

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r48 hotel tel aviv

Q1 2024 new homes sold

tel aviv real estate prices q1 2024

real estate investment in Israel

Tel Aviv real estate analysis

latest price changes august 2023

Price changes in the tel aviv real estate market

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

Tel Aviv Real Estate Market Report for March 2023

real estate behaving like oil

Tel Aviv Apartment Prices

Q1 2023 Tel Aviv Real Estate Report

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2023 Israel real estate numbers

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Q1 2024 new homes sold

tel aviv real estate prices q1 2024

real estate investment in Israel

Tel Aviv real estate analysis

latest price changes august 2023

Price changes in the tel aviv real estate market

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

Tel Aviv Real Estate Market Report for March 2023

real estate behaving like oil

Tel Aviv Apartment Prices

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may 2024 Tel Aviv real estate analysis

Detailed Analysis of Israel's Real Estate Market Dynamics (February-March2024)

Our comprehensive real estate market data analysis, shows the onset of a shift of the trend both in existing units sold and in new units sold. Our findings are extracted from the raw data published every month by the Central Bureau of Statistics and offer valuable insights into the current state and trajectory of the market, crucial for you to make informed investment decisions. Explore a comprehensive analysis of Israel’s real estate market for February-March 2024, including detailed insights on regional trends, price fluctuations, and investment opportunities. Learn how variations in newly-built dwelling prices and government interventions are shaping the market across different districts like Tel Aviv, Haifa, and the Northern District.

Overview of Current Market Conditions

As we argued in our last report , the shift in the trend in real estate prices is now solidifying especially in existing units sold and most noticeably in the Tel Aviv District.

The downward spiral of prices of new units sold is now settling down as the market consolidate and the excess capacity is gradully being absorbed. Interestingly enough, real estate promoters and developers are slowing the pace and delaying projects, further reducing the Tel Aviv supply of new units.

Overview:

Dwellings Price Index:

Increased by 0.9% from January-February 2024 and 1.1% compared to the same period in 2023.

District Price Changes:

Varies, with the highest increase in Tel Aviv (2.2%) and the only decrease in the Central district (-0.5%).

Newly-built Dwellings:

Prices increased by 0.5% from the previous period but decreased by 1.6% compared to the same period in 2023.

Average Transaction Prices:

National average rose by 3.1% from the previous quarter and 8.1% year-over-year.

Key Points

The Israeli real estate market has demonstrated notable changes in the first quarter of 2024, providing both opportunities and challenges for buyers and sellers. Here’s a detailed analysis based on the latest data from the Israel Central Bureau of Statistics.

National Trends

Dwelling Prices:

Bimonthly Increase: Dwelling prices rose by 0.9% in February-March 2024 compared to January-February 2024.
Annual Increase: There was a 1.1% increase compared to the same period last year.

Newly-Built Dwellings:

Bimonthly Increase: Newly-built dwelling prices increased by 0.5%.
Annual Decrease: A 1.6% decrease compared to February-March 2023.

Average Transaction Prices:

Current Quarter: The national average price of transactions in Q1 2024 was 2,233.4 thousand NIS, a 3.1% rise from the previous quarter.
Annual Comparison: An 8.1% increase from Q1 2023.

Regional Insights

Price Changes by District:

Highest Increase: Tel Aviv (2.2%), Haifa (1.7%)
Decrease: Central District (-0.5%)

Annual Changes by District:

Highest Annual Increase: Haifa (4.6%), Southern District (4.3%)
Annual Decrease: Central District (2.4%)

Average Prices by District:

Highest Prices: Tel Aviv (4,141.6 thousand NIS), Herzliya (3,774.3 thousand NIS)
Lowest Prices: Beer Sheva (1,234.2 thousand NIS), Haifa (1,565.6 thousand NIS)

Big Cities Analysis:

Highest Price Increase: Rishon Lezion (14.5%), Holon (13.7%)
Notable Decrease: Ramat Gan (-5.2%), Jerusalem (-4.1%)

Conclusion

As the market and the geo political situations continue to evolve, the main factor for the recovery in prices for real estate seems to be the expectations for interest rates cuts in the next few months. Beyond the expected monetary policy loosening, the medium term trigger will be a resolution of the conflict and an appeasement on all fronts. In the meantime, prices seem to be reacting exactly how we predicted.

Published May 17, 2024