7,900 Apartments Were Sold in January 2024
By Jacki Wiluzanski · · Updated · 2 min read
A 33% increase in the number of transactions in January 2024 compared with the previous December. 3,750 of the apartments sold are new apartments. Jerusalem and Ashdod sold the largest number of new apartments in the last three months.
During January 2024, 7,887 transactions for the purchase of an apartment were signed, an increase of 33% over December and of 17.5% over January 2023, according to data from the Central Bureau of Statistics (CBS) published today (Thursday). 3,751 of the apartments sold are new apartments, and 4,136 are second-hand apartments. In both segments, this is an increase at a similar rate of 32%-34% relative to the transaction data for December.
By geographic breakdown, the Central district leads with 26.2% of all apartments sold in the November 2023-January 2024 quarter. In this district, almost a third of the new apartments (29.2%) and about a quarter of the second-hand apartments (23.6%) were sold. It is followed by the Southern district with 20.9% of all apartments sold: 21.6% of all new apartments and 20.3% of second-hand apartments.
Jerusalem has the most transactions, Tel Aviv 8,000 apartments for sale
Jerusalem and Ashdod lead in the number of new apartments sold in the three months from November 2023 to January 2024, with more than 500 apartments in each of the cities. Haifa, Jerusalem and Be'er Sheva lead the market for second-hand apartments sold during that period, with more than 600 apartments.
In addition to the sharp rise in the number of transactions, residential developers may also be encouraged by the fact that in January, for the first time in a long while, there was no increase in the number of unsold new apartments, which remained at 68,000. Although this is a very high level, the growth may have stopped, indicating a change of trend.
30.2% of the remaining apartments for sale are in the Tel Aviv district (20,520 apartments) and 25.3% in the Central district (17,180 apartments). Among large cities with more than 100,000 residents, Tel Aviv-Jaffa tops the list with about 7,940 apartments for sale, followed by Jerusalem with about 5,640 apartments for sale.
