Despite the sharp decrease in sales of new apartments in January and the general slump in the real estate market in Israel, rental prices remained stable in February, according to data gathered by Ynet's WinWin online apartment listings.
| Recession |
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| January sees 20% drop in sale of new apartments / Gil Kol |
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Central Bureau of Statistics report shows real estate market in crisis, with only 880 new flats sold in January compared to 1,100 last year. New apartments on the market for one-year average |
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In central Tel Aviv the average rental price for a two-room apartment remained NIS 3,400 ($810), while the average rent for a three-room apartment dropped by 4.5% to NIS 4,400 ($1,045) a month.
In south Tel Aviv the average price for a two-room apartment remained NIS 2,600 ($620), whereas the rent for a three-room apartment jumped by 3% to NIS 3,200 ($760) a month.
In the more pricy north Tel Aviv area, two-room apartments gained 3% in rental prices, which averaged NIS 3,500 ($835) in February, but three-room rent plummeted by 6% to an average of NIS 4,800 ($1,145).
The trend in prices was ambivalent in other places in Israel as well. In Jerusalem, for instance, the rental price for a two-room apartment rose by 2% to NIS 3,000 ($715) in February, while the price for a three-room apartment remained unchanged – NIS 3,400 ($810).
Average rental prices remained the same in Beersheba as well, with two-room apartments going for NIS 1,400 ($335) and three-room apartments for NIS 1,700 ($405).
In Haifa the average rental price for a two-room apartment dropped by 6% to NIS 1,500 ($355), and the rate for a three-room apartment remained stable at NIS 2,000 ($475).
The WinWin survey is based on a representative sample of ads published on the website and includes a telephone survey among house owners.
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