The average price of a secondhand four-room apartment in Tel Aviv reached NIS 3.37 million in 2015, and Tel Aviv is the most expensive city in Israel for apartments, according to data from the Yad2 classifieds website. According to the data, Tel Aviv is in second place behind Haifa for homes wanted, and in first place for homes offered for sale.
Haifa leads Tel Aviv for apartments wanted despite the air pollution in the city, with Beersheva, Jerusalem and Rishon LeZion following both in apartments for sale and in apartments wanted on the Yad2 site.
For prices, Givatayim is second after Tel Aviv, with an average price for a secondhand four-room apartment of NIS 2.7 million. Ramat Hasharon is next, with a price of NIS 2.6 million, followed by Jerusalem, on NIS 2.46 million, and Herzliya, on NIS 2.42 million.
The cheapest city in Israel according to the Yad2 figures is Tiberias, where the average price of a secondhand four-room apartment is NIS 761, 604. Other cheap places to buy are Kiryat Ata, on NIS 886,462; Akko, on NIS 908,971; Beersheva, on NIS 1.03 million; and Karmiel, on NIS 1.033 million.
The Yad2 figures show that Tiberias offers the highest return on rental apartments in Israel, at 4.3%. It is followed by Akko, on 4.2%; Kiryat Ata, on 3.92%; Hadera, on 3.48%; and Ashkelon, on 3.37%.
Karmiel offers the lowest monthly rent for a four-room apartment, at NIS 2,694. It is followed by Tiberias, on NIS 2,729; Beersheva, on NIS 2,880; Kiryat Ata, on NIS 2,892; and Ashkelon, on NIS 3,051.
The highest rents are of course in Tel Aviv, where the average monthly rent for a four-room apartment is NIS 6,840. Next most expensive for renting such an apartment is Ramat Hasharon, on NIS 5,876, followed by Givatayim, on NIS 5,570; Ramat Gan, on NIS 5,567; and Herzliya, on NIS 5,531.
Yad2 VP marketing Gal Ofarim says, "Our statistics show that the government's short-term efforts will not help the housing market - apartment prices will continue to rise. There is no rise in supply, and there is a rise in demand, and so prices are not falling. If the government expands supply, there is a chance that prices will fall. There are many slogans, zero VAT and so on, but in the end everyone needs real estate, and at least from our data we don't see prices falling."
The Yad2 index examines the latest transactions carried out in the desired area according to reports to the Tax Authority. The site also provides further information about the area such as about the neighbors, the standard of education in the area, and so forth.
Published by Globes [online], Israel business news - www.globes-online.com - on February 8, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016