2023-12-16 11:11:00
Apartment Prices Falling in Several Areas, But Not Everywhere
Recent reports indicate that apartment prices in several areas across the country are experiencing a significant decrease. The average decline is over 7%, and in some places, it has even reached 10%. This decrease applies to both new and old apartments and comes after a substantial increase in prices during 2021-2022, where prices went up close to 30%.
One such area experiencing a decrease in apartment prices is Be’er Ya’akov. Recent transactions in the city have shown a drop of several percent since the war, indicating a moderate decrease compared to the moderate increases seen in previous years. Despite the decline, the city’s real estate market has not recognized any significant declines throughout the year 2023, possibly due to the relatively favorable prices.
In one example, an apartment on the eighth floor in Be’er Ya’akov was sold for 2.61 million shekels in November, amounting to about 24 thousand shekels per square meter. This indicates a drop in prices, especially when compared to a similar apartment sold on the first floor for NIS 2.65 million in July of the same year.
However, the story is different when examining the price increases over time. For example, an apartment in the Balon 3 building was sold for NIS 2.1 million in February 2021, representing a 30% increase within three years.
Similar patterns are observed in other neighborhoods, with new developments experiencing steady price increases in recent years. For instance, reports indicate a large compound being developed in Be’er Ya’akov where prices have gone up from NIS 23,000 to NIS 26-26,500 per square meter.
Overall, while some areas are seeing a decline in apartment prices, there are still pockets of steady growth and relatively stable prices, indicating that the real estate market continues to show varying trends across different regions.
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