The Central Bureau of Statistics (CBS) recently released a report indicating a drop in housing prices in the Jerusalem district. However, a Mynet investigation suggests that Jerusalem housing prices have risen. They ascribe the CBS results to the fact that housing in Jerusalem’s surrounding neighborhoods has dropped masking the rise in the city’s prices.
According to the study, Jerusalem has experienced a ~2% increase in housing prices from the end of 2016. Three-room apartments rose from 1.44 million NIS to 1.51 million NIS. Four-room apartments rose from 1.85 million NIS to 1.95 million NIS. Five-room apartments rose from 2.25 million NIS to 2.45 million NIS. Furthermore, the number of transactions in the market dropped from 5,854 to 4,656.
In interviews that Mynet conducted with leaders in Jerusalem real estate, multiple people pointed out that the prices in luxury apartments did drop. One real estate lawyer suggested that the strong shekel and weak dollar were responsible for the drop in prices in that market.