At the end of this calendar year, the Ynet site is publishing a comparative study of apartment prices on the Israeli real estate market. Where have prices increased the most? Where have they decreased? Which cities are most in demand?
The study carried out by Madlan takes into account 4-room apartments, the most sought-after type of apartment, in large cities and on the basis of actual transactions concluded in 2024.
The city in which prices have increased the most this year is Lod with a 32.3% increase in the prices of 4-room apartments compared to 2023. Thus, it takes on average 2,224 million shekels to buy a 4-room apartment in Lod.
In second position is Akko, where sirens have often sounded this year due to Hezbollah rocket fire. The increase in apartment prices is 21.32%, it costs 1,559 million shekels for a 4-room apartment.
In third position, still in the north and in Hezbollah’s line of fire: Kiryat Bialik with an increase of 20.18% for a 4-room apartment, which sells today for 1.775 million shekels.
In fourth position, Beer Sheva in the south with an 18.73% increase in the price of 4-room apartments. They sell for an average of 1,382 million shekels.
Note that in all these cities, despite the increase in prices, they remain affordable for many potential buyers, which explains the growing demand. Furthermore, new real estate projects have been launched in these cities, promoting a dynamism that attracts buyers.
A fall in apartment prices was recorded in only three Israeli cities: Kiryat Ono (-4.6%), Harish (-3.73%) and Beer Yaakov (-0.63%).
Tel Aviv remains the city with the most expensive real estate prices. However, the price increase in 2024 was relatively moderate: +1.91%. The average price of a 4-room apartment there is 4,753 million shekels.
In Nahariya, despite regular attacks from Hezbollah, prices increased by 3.99%: a 4-room apartment sells on average for 1.537 million shekels.
List of most requested cities in 2024:
1. Tel Aviv
2. Haifa
3. Jerusalem
4. Ramat Gan
5. Rishon Letsion
6. Petah Pumpkin
7. Netanya
8. Holon
9. Beer Sheva
10. Bat Yam
Experts note that the state of the real estate market in 2024 has favored the middle classes with new affordable projects for them on the outskirts and an overall moderate increase in prices.
After October 7 and with the ban on Palestinian workers working in Israel, the real estate construction industry suffered a major blow. Added to this was the mobilization of many workers and artisans as army reservists. But professionals report an improvement in the situation since the arrival of foreign workers who are making it possible to get projects back on track.
