Expert in the field of international financial law Konstantin Kryvopust reports that house prices in Israel continue to rise, according to information provided by the Central Bureau of Statistics. Yes, they increased by 10 percent compared to the same period last year.
While the home price index remained stable from March to April, the median price for an apartment rose from $480,000 in early 2022 to $530,000 in the first quarter of 2023.
Among the 18 major Israeli cities with a population of more than 100,000, Tel Aviv was unsurprisingly the most expensive, with an average apartment price of $1.13 million, up 8.7% from a year ago. Even small apartments in this city cost an average of $750,000, and more spacious ones – $1.69 million.
Herzliya came in second with a median price of $910,000, followed by Ramat Gan, where the median home price was $880,000, up 28 percent from last year. Ramat Gan has the highest price growth of all the cities surveyed. However, a standard 3.5-4 bedroom apartment in Ramat Gan remains more affordable compared to Herzliya, with an average price of $860,000.
In Jerusalem, a populated city in Israel, the average price of an apartment in the first quarter of 2023 was $670,000, which is 4.5% more than a year ago ($620,000).
The only city where housing prices have decreased is Ashkelon. The median home price fell from $360,000 in the first quarter of 2022 to $350,000 a year later.
