Israeli Housing Prices Climb 20% Since 2021
Housing prices in Israel continued to rise this year, climbing more than 20 percent over the same period in 2021, the country’s Central Bureau of Statistics disclosed Thursday.
The price of housing in Israel increased by 20.3% between October 2021 to October 2022, with the greatest leaps seen in the Central and Northern districts (22.5% each), as well as the Tel-Aviv (19.9%), Haifa (19.9%), Southern (18.7%), and Jerusalem (16.6%) districts.
The prices of new dwellings jumped up more sharply in the same period, by 25.8%.
The uptick comes as Israel continues to grapple with inflation, with the Consumer Price Index rising 5.3% between November 2021 to November 2022. The Bank of Israel has responded by hiking up interest rates, going from 0.1% in early April to 3.25% in November.
A study published earlier this year by the website Compare the Market found Israel to be among the least affordable countries based on average property price and household disposable income, only behind South Korea and ahead of Luxembourg.