Israel real estate market is a continually growing field. While the recovery in global markets of properties in 2010 was being still unsteady, the Israel market saw the third strongest growth in property prices, after Hong Kong and Mainland China, according to the Knight Frank Global House Price Index. This attracts to Israel attention of developers and private buyers.
Today the attention is drawn not only to such traditional hot spots as Jerusalem and Tel-Aviv, but to many other places: different sea shore areas, Haifa, Petah-Tikva, Ashkelon where the number of sold apartments in the first three months of 2010 more than doubled compared to the same period a year earlier, and so on.
Demand for new real estates January 2010 rose by 15 percent, while sales of new apartments increased by 9 percent, according to figures published by Israel’s Central Bureau of Statistics.
In spite of governmental efforts to stop the vertiginous rise of prices of real estate in Israel:
- the prices for apartments climbed up by 17% in 2010
- the rentals were raised up by 4% (this limited augmentation could be explain by fall of dollar price)
In 2 years the price of apartments were raised by 36% (2009-2010)
Here is average costs of apartments in Israel:
- 2 rooms: 725.000 NIS
- 3 rooms : 803.000 NIS
- 4 rooms : 1,16 million NIS
- 5 rooms : 1,58 million NIS
- 6 rooms : 2,04 million NIS
The highest average prices are in Tel Aviv, about 3,22 million NIS, and in Jerusalem about 2,04 million NIS.
Another domain of Israel real estate that is not loosing its popularity is rentals. In addition to always highly rated apartments in Tel-Aviv and a large number of demands for rentals in Jerusalem during Jewish festivals, visitors are attracted to different areas in the North and in the South. It is important to say that the tendency of demands and supplies in rentals is changing fast as well and is influenced by important changes of boosting economy, especial in such fields as high-tech and communications.
But buying or renting the real estate outside of your native country is always a challenge, especially if you don’t speak the language or understand the mentality. Also, Israel being a small country, there is a large diversity in the local situation of its different areas. It includes demographic, developmental and security situations. In order to choose suitable property for buying or an apartment to rent, you need to hold the information, concerning these issues. The team of Israel Real Estate dot biz will provide you with such information.