Monday 3 January 2022

The Real Estate Market in Eilat in 2015


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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