Sunday, August 17, 2008

Tel Aviv Rental Apartments Hot As Real Estate Drops in Haifa

Tel Aviv rental apartments value increase as real estate drops in Haifa

August 2008 ------ Average rental apartment prices have fallen in recent years, except in cities such as Tel Aviv and Jerusalem.

"The Israel residential market has been unchanged in recent years, except in greater Tel Aviv and Jerusalem, where there has been a sharp rise in demand and prices of apartments," says Union Bank in a survey on the housing market.
The Israel bank says that the average apartment price has fallen 7% since April 2006. The average apartment price fell by 2% in the north, 7% in the Sharon region, and that the sharpest decline was in Haifa - 22.5%.

In contrast, the average apartment rose by 10% in the south in the past two years, by 6% in Jerusalem, 3.4% in Tel Aviv for rental apartments, and 3.3% in the central region.

The average price for a 1.5-2 room apartment in the north fell by 40.3% in the past two years, the largest drop in any area by any apartment size. The average price for a 1.5-2 room apartment fell by 37% in Haifa and by 13% in the Sharon region.

In contrast, the average price for a 1.5-2 room apartment in the south rose by 12.2% since April 2006, by 8.3% in Jerusalem, 6% in the central region, and by 7.4% in Tel Aviv.

For rental apartments, the return varies by region. While apartment rent has risen sharply in the central region, Jerusalem, and Tel Aviv, it has fallen in the north, Haifa, and the Krayot. Nationwide, the highest return is on 1.5-2 room apartments. The average return on a 1.5-2 room apartment in the north is 12.1%, 9.7% in Haifa and the Krayot, and 8% in the south.

The lowest average return is for 4.5-5 room rental apartments in Tel Aviv, at 2.8%, followed by 3.1% in Haifa, and 3.2% in the Dan and Sharon regions.

2 comments:

Unknown said...

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Unknown said...

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