Prices of houses in Jerusalem and Haifa remain unchanged. The slightest fall in prices is in Ramat Hasharon.
Prices of luxury houses and plots for individual houses in Tel Aviv, Herzliya Pituach and other towns continue to deteriorate, and in the last nine months, prices have fallen 3%-15%, according to Einstein Price List number eight, published at the weekend. This development is a continuation of the price decreases of plots and luxury houses in 1997.
The figures are based on the latest deals by ten real estate agents, among them Luxury Homes kanyon (owned by Einstein), Century 21 and others. Prices are compared to the previous Price List, published in September 1997. Here are the main findings:
500 sq.m. plots
- Zahala: Plots in attractive streets are being sold at $925,000, representing a 6% drop. Plots in less attractive streets are being sold for $720,000-$800,000, an 8%-10% drop.
- North Afeka: Plots in Mishmar Haezrahi, Hamitnadev, Hanotar, Hish and similar streets are being sold for $1.15 million, reflecting a 4% drop. Plots in Ofakim, Harehesh and Mishmar Hagvul Streets are being sold for $1.05 million, a 5% drop.
- South Afeka: Plots in Mivtahim, Shamir and Shafia are being sold for $1.1 million, representing a 6% drop. Plots in Mishma’at and Kommemiut Streets are being sold for $1 million, a 5% drop.
- Tel Baruch: in the north - $715,000-$780,000, representing a 5%-8% drop. Prime plots in the south of Tel Baruch - $500,000-$730,000, a 6% drop.
- Shikun Dan: $500,000-$550,000 - a 5% drop.
- Ramat Hasharon: $725,000 for plots in good locations; $625,000 in poorer locations.
Small plots in north Tel Aviv
Plots of 250 sq.m. in quiet streets in north Tel Aviv, in the vicinity of Bodenheimer and Schtreker Streets - $600,000-$700,000, a 12%-14% drop. 300 sq.m. plots in the same neighbourhood - $450,000-$625,000, a 10%-15% drop. The plots are 60% designated for building.
Luxury houses
- Zahala: $1.55-$1.75 million in prime locations, representing a 5%-6% drop. In less than prime areas, prices are $1.25-$1.4 million, a drop of 7%-8%.
- Afeka: Prices of houses in good locations stand at $1.5-$1.6 million, representing in most cases a 3% drop. In poorer locations, prices are $1.05 milion - a drop of 3%.
- Tel Baruch: Prices of 200 sq.m. villas in prime locations stand at $1.18 million, reflecting a 5% drop.
- Similar houses on Bnei Efraim, Mivtza Kadesh and KKL Streets are being sold for $720,000 - a 10% fall in prices.
- north Tel Aviv: A 240 sq.m. house in Tzameret neighbourhood sold for $1.6 million, a 6% drop. 180 sq.m. houses sold for $850,000, a 15% drop.
- Herzliya Pituach: Prices of 400 sq.m. houses in good areas remain unchanged, at $2-$2.8 million. Prices of 400 sq.m. houses on other streets, such as Ahi Dakar, Basel, King David, Wingate and others are $1.4-$1.7 million, a 7% drop. Smaller, 300 sq.m. houses are being sold for $1-$1.4 and $0.9-$1 million respectively, representing a drop 10% only in less than prime streets.
Penthouses and luxury apartments
- Ramat Aviv Gimmel: 175 sq.m. penthouses plus open rooftops are being sold for $925,000 - a drop of 8%.
- Luxury apartments in north Tel Aviv: Prices generally remain unchanged. Prices of five room apartments are: Weizmann Towers - $550,000-$600,000; Pinkas Towers - $600,000-$650,000; Ramat Aviv Gimmel - $450,000-$500,000; Azorei Chen $440,000-$550,000; Sea and Sun - $580,000-$650,000. Prices for similar apartments in David Towers rose 6%, to $750,000-$800,000.
Other towns
- Jerusalem: Prices of houses remain unchanged. 250-300 sq.m. houses in Ein Kerem - $850,000-$1 million. 220-300 sq.m. houses in Mevasseret Zion - $500,000-$750,000.
- Haifa: Prices remain unchanged. 240 sq.m. houses on Hof Hashenhav and Liberia Streets in Dania Alef - $1 million. A similar house on other streets - $700,000-$750,000. A 350 sq.m. house in Dania Bet - $550,000-$650,000, depending on the location.
- Caesarea: Prices of houses on plots of 1 to 1.2 dunam (0.25-0.30 acres) dropped by as much as 13%.
Published by Israel's Business Arena June 21, 1998