Over the last 12 months, apartment prices in Israel increased by almost 20%

Rising interest rates failed to lower real estate prices in Israel. Young families have not given up on buying a home, even though the price of an average apartment in the country reached a record 1.92 million shekels ($552,000) in October, a nearly 20-percent increase over the past 12 months, according to the Central Bureau of Statistics.

Young couples, who represent first-time buyers, now prefer to get apartments outside of central Israel, mostly in the open market, rather than through governmental programs.

As a result, most homes were purchased in the southern region in the third quarter of 2022: 3,800 housing deals in this area, compared to 3,600 in central Israel out of a total of 16,500 homes purchased between July and September, according to the Central Bureau of Statistics.... Read More: i24