Tel Aviv leads apartment prices down in July-August

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Housing prices fell in Israel 0.3% in July-August, the Central Bureau of Statistics reports, but the declines were much sharper in Tel Aviv.

Housing prices in Israel have begun to fall the Central Bureau of Statistics has reported. Housing prices fell by 0.3% in July-August after rising by 1% in June-July and rising 0.4% in May-June. Housing prices have now risen by 2.3% over the past 12 months.

The fall in housing prices was led by the Tel Aviv region where housing prices fell by 1.2% in July-August, the steepest fall in the past two years. While it is too early to identify a trend, the fall in prices followed the sharp fall in the number of homes being sold, in all likelihood due to the ongoing Covid-19 pandemic. In Tel Aviv in July, the number of apartments sold was down 30% compared with July 2019.

During the first lockdown between March and mid-May housing prices fell 0.7% with prices recovering between mid-May and July.

Outside of Tel Aviv, housing prices fell a more moderate 0.4% in Haifa in July-August and fell 0.1% in the southern region, 0.7% in the central region, and 0.4% in the northern region.

Published by Globes, Israel business news - en.globes.co.il - on October 18, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

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