Israel: Highest increase in property prices over the last 10 years.
Israel saw a 345.7% increase in house prices over the last decade, the greatest increase in the world, according to new research by money.co.uk.
Israel’s house prices per square meter rose from 6883 NIS in 2010 to nearly 31,000 NIS in 2020, a 345.7% increase. However, average wages in the country only increased by 17.50%, whilst inflation changed by 0.92%.
A study by money.co.uk, looked at how the average property price in OECD countries has changed over the last 10 years and compared it to the difference in average wages and inflation over the same period, to discover which nations are seeing the cost of property outstrip that of earnings.
Number two on the list; In the last decade Switzerland saw and increase of 165%. In 2020 the average house price per square meter stood at just over the equivalent of 37,500NIS.
The USA was not far behind with a 153% increase in property prices over the last decade however the average price per square meter is just over an equivalent of 12,000 NIS – that’s 1/3rd of the price in Israel.
The UK has only seen a 75% increase over the last 10 years. The price per square meter in the UK is 4,318 GBP which translates to 19,138 NIS – half of the price in Israel.
Greece experienced the biggest decrease in prices per square metre (-17.9%), however, the country’s average annual wage also dropped dramatically by 16.1%.
The average price per square meter in Israel’s major cities
According to Numbeo the average purchase price, per square meter in Jerusalem’s city center, is 28,546 NIS.
Expect to pay around 42,00 NIS per square meter in Tel Aviv’s city center.
Haifa, the worker’s city, is considerably cheaper where you will pay an average of 16,300 NIS per square.
The average purchase price per square meter in Raanana is 21,200 NIS.
Olim, have you been able to afford to purchase your own home?