As with every country, property prices in Israel vary by city and area. Here are some places to consider when moving to Israel.
The most popular cities in Israel tend to be Jerusalem, Tel Aviv, Herzliya, and Haifa. Other popular areas include Gush Etzion, Modiin, Netanya, and Zichron Yaakov. These are popular because of their employment opportunities, history and proximity to recreational areas.
Jerusalem is a prime real estate location because of its employment opportunities and history. As the capital of Israel, it has many jobs for government officials, lawyers and medical providers. Buying a 70 square metre apartment in central Jerusalem can cost between 1 and 2 million shekels. A 120 square metre apartment in Jerusalem can cost between 2.5 and 6 million shekels.
Tel Aviv has the most expensive real estate market in Israel. It is located on the Mediterranean, and it is a destination for many Israelis and tourists. In addition, many of Israel's businesses and financial organisations are located in Tel Aviv. A 70 square metre apartment in Tel Aviv can cost between 1 and 3 million shekels. A 120 square metre apartment in Tel Aviv can cost between 4 and 6 million shekels.
Haifa is Israel's third-largest city, and its housing market is cheaper than Jerusalem and Tel Aviv. Recently, businesses have come to Haifa, and the municipal government is improving the public transportation system and infrastructure. A 70 square metre apartment can cost between 500,000 and 1 million shekels. A 120 square metre apartment can cost between 900,000 and 3 million shekels.
Herzliya is a popular place for many foreigners. It is a smaller town located between Jerusalem and Tel Aviv. It has many luxury home and apartments, and it is expensive, as well. Many Israelis choose to live in Herzliya and then commute to work. It has many technological companies and educational centres. A 70 square metre apartment in Herzliya can cost between 2 and 4 million shekels. A 120 square metre apartment can cost between 5 and 8 million shekels.
Prices are always subject to fluctuations and exceptions, and size and area have a lot of influence on price. For example, 300 square metre villas in Tel Aviv or Jerusalem might start for 10 million shekels, and property only becomes more expensive. For more information about real estate listings in specific areas, contact an Israeli real estate agent.
All prices in this article are from 2010 listings.