Israel’s housing market is gradually rebounding, with home sales rising significantly in the third quarter of 2024, reflecting an increase in demand and optimism about the country’s economic stability. The Central Bureau of Statistics reported a 31.3% year-on-year jump in home sales during the period, with 24,350 homes sold.
Jerusalem led the market with 1,834 transactions, followed by Tel Aviv and Haifa, showcasing strong activity across both new and second-hand property sectors. Government-subsidized housing programs accounted for 21% of new home sales, a testament to Israel’s commitment to addressing housing challenges for its growing population.
Despite these gains, the market still has room to improve, as sales remain below pre-pandemic averages. The inventory of unsold homes has increased by 15% compared to last year, offering opportunities for buyers while developers continue to build in high-demand areas.
This recovery comes as Israel strengthens its regional position, spurring confidence in its economy and attracting investments. The combination of strategic government programs and market resilience is expected to sustain growth in the housing sector while ensuring Israel’s long-term prosperity.
