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Q1 2022 Tel Aviv Real Estate Report

Tel Aviv Residential Real Estate Prices are Up 14.5% from 2021

Housing prices in Tel Aviv continue to soar, up 14.5% from last year. Prices for homes have reached new highs as the Israeli government hopes for market to ‘moderate’; despite not having any clear plan on how to accomplish this.

Residential real estate prices in Tel Aviv rose by 14.5% between January and February 2021 and the corresponding period this year, whereas the entire Israeli real estate market saw an increase of 15.2%, marking a dramatic climb in an already active housing market defined by soaring demand and an extreme lack of supply, according to the most recent report by the Israeli Central Bureau of Statistics (CBS) published last week.

Overall prices have been rising by 1.2% on average each month since February 2021, hitting annual increases of 17.7% in central Israel, 16.4% in Jerusalem, and 14.5% in Tel Aviv. Just between January-February 2022 and November-December 2021 price in Tel Aviv grew by 2.3%. A new Bank Leumi report indicated that prices may rise by another 9-13%, according to Globes. Furthermore, the Housing Index has risen by 24% over the past year.

Finance Minister Avigdor Liberman had said in December that housing prices would “moderate” by the end of 2022 and that he believes Israelis may even see prices drop in the coming years. The plan he offered to enact this is to build more cheap, basic quality, stock in the suburban areas, not addressing the Tel Aviv real estate market at all. Beyond this, the new government plan does not address population growth, immigration, the fact that the government controls the supply of land, or the increase of infrastructure for these new neighborhoods. The plan is reminiscent of those of French governments in the 1950’s with the construction of the modern banlieue. Without accounting for the future, the newly planned neighborhoods are destined for overpopulation, lack of services, and a low quality of life for residents.

Dwellings Price Index

Base: Average 93=100.0

Index of Prices of New Dwellings

Base: 2017=414.5

According to the CBS report, prices for new apartments rose by 17.8% in January and February 2022 compared to 2021, climbing by just over 5% from December 2021 alone. Demand was highest in Tel Aviv, where there is an extreme lack of new projects on a large scale.

Demand is what is driving the market, with the data showing that building permits were issued for over 76,000 housing units in 2021. The government has put the aforementioned housing plan, with a target of starting construction of 280,000 homes over the next four years, but not in Tel Aviv.

Mortgage data released this month by the Bank of Israel shows that mortgage lending increased by 21%, signaling that demand is indeed still as strong as ever.