Apartment Prices Continue Rising: A 0.5% Increase Over the Past Year
Following a six-month decrease of housing prices, apartment prices have risen during the past six months. During February-Match of 2019, apartment prices in Israel rose by approximately 0.1% compared to January-February of the same year, as released by the Central Bureau of Statistics.
Compared to the same time-period last year (February-March 208), apartment prices have risen by approximately 0.5%. It appears that after a 6-month downward trend in housing prices, the prices have begun to increase moderately over the past several months.
When divided into districts, the most prominent increase in housing prices occurred in the Northern district, in which prices rose by 1.6% during February-March. The Jerusalem district has seen a 0.3% increase in apartment prices, and the rise in apartment prices in the Tel-Aviv district was 0.2%. The Southern district experienced the sharpest decrease in housing prices – approximately -0.5%. There was also a decrease in housing prices in the central district – -0.3% and the Haifa district – -0.01%.
New apartment prices decreased by 0.2% out of all the surveyed purchases. Also, 32% of purchases were made under government involvement, as well as target prices and Mechir Lamishtaken.
The Central Bureau of Statistics also released the average apartment prices for the first quarter of 2019; the average price of a 2.5-3 room apartment in Israel is 1.16 million NIS, the average price of a 3.5-4 room apartment is 1.46 million NIS, and the average price of a 5 room apartment is 1.68 million NIS.
The lowest prices in the country are in the Northern district of Israel, where the average price of a 3.5-4 room apartment is 936,000 NIS. In the Southern district, which includes Beer Sheva and Ashkelon, the average price of the same apartment is 1.1 million NIS. In the Haifa district, the price for a 3.5-4 room apartment is 1.23 million NIS, in the Jerusalem district the price is 1.69 million NIS, and in the Tel-Aviv district, including the nearby Gush-Dan cities, the price of a 3.5-4 room apartment is 2.3 million NIS.