Surge in Israel’s New Home Sales Despite Higher Prices in Early 2024
According to recent data from the Central Bureau of Statistics for the early part of 2024, Israel’s real estate sector has witnessed a significant shift. The number of newly sold homes has reverted to levels seen five years ago, but with a 40% surge in prices.
Q1 2024 Reported Tel Aviv Transactions
In the first quarter of 2024, the volume of transactions continued to slow down. However, prices for high-end real estate remained relatively stable despite the tepid demand. A significant portion of these transactions occurred in the “New North” near Kikar Hamedina, an area currently experiencing urban regeneration. Several TAMA 38-2 projects, initiated before the slowdown, have recently entered the market. Developers have been actively marketing these projects, showing a greater willingness to reduce prices in response to the current economic conditions.
