When it comes to buying
real estate in Israel, prices vary considerably from one city to the next. Even
within a city, the prices can vary from neighborhood to neighborhood. For
example, in Herzliya, a 100-square-meter apartment can go for as much as
$117,251. A realtor in Herzliya, Elad Daniel Goral, said that the average price
of a property there can range from NIS 1,900,000 ($587) to NIS 4,000,000
($1,240,000).
The price of an
apartment in Israel can be very high. In late 2008, the highest price was paid
for an apartment in Eilat's Shahamon neighborhood. In 2010, the same
neighborhood sold for NIS 9.2 million. And in 2013, the same house went for
nearly NIS 10 million. In 2015, there were three Eilat deals that exceeded NIS
8 million. This indicates that prices have fallen considerably since the start
of the year.
Although the number of
luxury deals has decreased in recent years, the value of properties purchased
during the past year has been the highest in at least eight years. The majority
of these deals were for new apartments, which are typically the most expensive
type of property in Israel. While this is still a high price, it is still well
within reach for Israeli buyers. This trend is likely to continue as the
government continues to market more land for sale in Israel.
The price of apartments
has skyrocketed, as the average home in Tel Aviv-Yafo was NIS 12 million in
late 2008. However, the price of homes in Haifa was almost NIS 9 million in
2010 and NIS 10.3 million in 2013. During the past year, three deals in the
Eilat neighborhood have exceeded NIS 8 million. This makes it much more
difficult to find a property over NIS 4,000,000.
The cost of luxury
apartments has increased dramatically in Israel, but the average price of these
properties has decreased in most cities. In the past year, there were more than
77,500 sales for apartments in Israel, and the number of new homes in the
country rose by about 10%. But the prices of real estate in Israel have
remained relatively low. Despite the high prices, many buyers are still unable
to purchase properties in these cities.
There have been many
increases in prices in the past few years, but the highest price of an
apartment in Israel occurred in early 2008. In Eilat, a house in the Shahamon
neighborhood was sold for NIS 12 million. Another house in the same neighborhood
was sold for NIS 9.3 million in 2010. In 2015, three deals reached NIS 8
million in Eilat. The price of real estate in Israel is growing fast, and it is
not hard to buy a house in the region.
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