Rising housing prices in Israel, and stagnant rents


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The Covid-19 crisis has pushed up housing prices in Israel, but rents have stagnated. According to the Central Bureau of Statistics, the average price of a four-room house in Israel increased in the first quarter of 2021 to a record high of 1.65 million shekels, with prices increasing by 5.3% since June 2020. In contrast, the average Rent in Israel. The first quarter of 2021 was 4,087 shekels, an increase of only 1.5% over the same period last year. Related Articles The Consumer Price Index rose 0.3% in April, well below expectations. Figures released by the Chief Economist at the Finance Ministry also indicate that the residential real estate market in Israel has intensified over the past year. Since the end of the first shutdown in May 2020, tens of thousands of apartments have been bought and sold every month – 10% higher than the multi-year average. More evidence of a booming real estate market comes from the Bank of Israel, which found that the mortgage once again crossed the NIS 8 billion mark in April. This would have been an unimaginable monthly sum a year ago, yet 8 billion shekels have been crossed three times since December 2020. If the current rate continues, 2021 will be a record year for getting a mortgage. The bottom line is that home prices are on the rise and the pace is increasing – 4.5% over the past 12 months, according to the Central Bureau of Statistics and 5.3% over the past 10 months, which is an annual rate of 6.3%. In the fourth quarter of 2020 and the first quarter of 2021, home prices rose 7.3% year-on-year. Of course, this price hike has been uneven across the country. Over the past twelve months, the average price for a four-room apartment has increased by 16.4% in Netanya, 10.2% in Tel Aviv, 8.8% in Rishon LeZion, 6.7% in Ramat Gan and 3% in Petah Tikva, And 2.4% in Beersheba. 2% in Haifa, but it decreased 1.6% in Jerusalem. Posted by Globes, Israel business news – en.globes.co.il – May 20, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021


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