Israel Property News: which cities are most in demand?

Despite the war, real estate in Israel is really picking up. Herzliya and Ramat Hasharon are the most in demand, but the towns in the south are not outdone. Demand is not the same throughout the country.

According to figures from the BCS - Central Bureau of Statistics - and the Chief Economist Division of the Ministry of Finance, the month of December saw an increase in sales of off-plan flats, after the stagnation amplified by the unprecedented terrorist attack of 7/10/2023 perpetrated by hamas.

All the players involved in the property sector are witnessing a revival in the sector, which has been gathering pace since the start of 2024.

To highlight this increase, the Madlan site, the Israeli equivalent of PAP, has referenced leads over three periods: the first week of February 2023, the week following the sad October 7 and the first week of February 2024.

A ‘lead’ is any action during which the Internet user establishes contact with the owner of an advert, indicating their interest in a property.

This contact ranges from a simple exchange of contact details to a telephone call.

The strongest recovery is recorded in Ramat Hasharon with a 1.517% jump in the number of flat applications received compared to the first week of the war, a jump that constitutes a 29% increase compared to 2022.

It is followed by Herzliya, which sees an increase in leads of 1.300% compared to the first week of the war, and a slight increase of 0.50% compared to the first week of February 2023.

Pardes Hana-Karkur is in third place, with an increase of 883%, followed by Netanya, with an increase of 795%.

In fifth place is Kiryat Motzkin, with a 591% increase in leads between the first week of the war and the first week of February 2024.

Madlan points out that the results for southern cities also show a spectacular upturn in demand for flats at the start of the year.

In Beer Sheva, for example, the number of requests for flats increased by 211% compared with the first week of the war (although compared with last year this was a decrease of 6%).

In Ashkelon, there was a 243% increase compared to the first week of the war (a decrease of around 16% compared to last year).

Sderot, one of the towns hardest hit by Palestinian rockets, is surprisingly up 100% on the first week of the war, a jump of 267% on last year.

For Netivot, it's a 214% increase on the first week of the war and a 144% increase on 2022.

Kiryat Malachi is seeing a 38% increase compared with the first week of the war, but a 27% decrease compared with the first week of February 2023.

In Kiryat Gat, where a large-scale construction programme is underway, there has been a 35% decrease compared to the first week of the war. Although this is an increase of 19% on last year, it is the city that has seen the slowest recovery of all the cities surveyed.

As far as the northern towns are concerned, significant increases in flat sales have been recorded in the towns of Kiryat Motzkin (591%), Kiryat Yam (582%) and Kiryat Ata (578%).

Madlan believes that demand is coming mainly from evacuees from the north of the country, who are looking for a safer alternative at relatively affordable prices.

In Kiryat Shmona, unsurprisingly, the number of leads has not changed (i.e. 0% compared with the first week of the war), with a 75% decrease compared with last year.

Nahariya is experiencing a 467% increase in flat sales compared to the first week of the war, but a 59% decrease compared to 2022.

‘In recent times, we have seen the property market return to normal in a way, with a sharp increase in the number of applications,’ explains Tal Kopel, CEO of Madlan, which carried out the study. "However, the recovery is not uniform across the country. Among those that are recovering are mainly towns in the Centre, which are mainly popular with families and are considered reasonably priced, such as Netanya, Bat Yam and Ramat Gan, but also more expensive towns such as Herzliya, Ramat Hasharon and Givatayim."

״It is interesting to note that among the towns that have recovered quickly are Kiryat Motzkin, Kiryat Yam and Kiryat Ata, three towns close to different settlements from which populations close to the war zones were evacuated, allowing them to remain close to their living areas at relatively affordable prices."

Click link to read the full article :
https://credit-immobilier-en-israel.com/2024/03/reveil-de-limmobilier-en-israel/