Housing Price Index

The Central Bureau of Statistics (CBS) published last night the apartment price index, which includes new and second-hand apartments, according to which apartment prices rose 0.6 percent, comparing the prices of transactions made in October-November 2024 with the prices of transactions made in September-October 2024. Price increases were seen in all districts: Jerusalem (0.4%), North (0.4%), Haifa (0.3%), Center (0.4%), Tel Aviv (1.2%) and South (0.2%).

According to the index, when comparing transactions made in the current period with the corresponding period last year, that is, October-November 2024 compared with October-November 2023, apartment prices were found to have risen 7.8%. "The annual percentage change of the housing price index over the last decade shows two periods in which annual price declines were recorded, the first in 2018 for three quarters and the second in the second half of 2023. From 2024, annual price increases resumed," note Doron Sage and Dr. Larissa Fleischman of the Office of the Chief Statistician.

Prices of new apartments remained unchanged
Prices of new apartments remained unchanged. Of all new apartment transactions, the share of government-supported transactions rose from 24.2% in the previous period (September-October 2024) to 26.0% in the current period. It also appears that the new apartment price index, excluding government-supported transactions, rose 0.9%.

However, when comparing transactions made in the current period with the corresponding period last year, new apartment prices were found to have risen 4.2%.

Rent increase
Rent for tenants who renewed their lease rose 2.6%, and for new tenants (sample apartments in which there was a change of tenant) it rose 4.0%. "It is important to emphasize that these rates of change reflect an approximation of the annual rate of change in rents in these groups. This is because rent did not change for the vast majority of tenants over the past year, since they are under a lease agreement in which the monthly rent is set, usually without indexation mechanisms," they explain at the CBS.

Rise in residential construction input prices
The residential construction input price index rose 0.3% in December 2024. The residential construction input price index, excluding wages, rose 0.3%. Wage prices rose 0.2%.

Among materials and products, prices rose especially for cement (2.6%) and imported concrete (2.2%). By contrast, prices fell for building stone (3.5%), construction iron (1.3%), iron mesh (1.2%), wall and floor tiles (1.1%) and fire protection fittings and elevators (1.0% each).

In 2024 (December 2024 compared with December 2023), the residential construction input price index rose 2.9%, a higher rate than the rise in 2023, when the index rose 2.0%.

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