Israel Real Estate: Where to Find Apartments Under One Million Shekels
A review of recent real estate transactions across Israel highlights affordable housing options in towns like Yeruham, Arad, and Be'er Sheva, alongside notable property sales in Tel Aviv, Eilat, and Ramla.
Affordable Housing and Real Estate Deals Across Israel
While housing prices in Israel remain generally high, several towns and neighborhoods still offer apartments for less than one million shekels, with some priced even below half a million. Areas like Yeruham and Arad feature particularly low prices, though buyers should watch out for high broker commissions in these regions. Many of these cheaper properties were built before 1981 and lack a reinforced security room (mamad), but they present interesting long-term potential for investors.
In Be'er Sheva, a 3-room apartment on Mivtza Yoav Street in the New Vav neighborhood, measuring 66 square meters on the third floor, recently sold for 560,000 shekels. For buyers seeking newer constructions, prices naturally rise. A 4-room apartment on Ha-Arim Ha-Te'umot Street in the Ramot neighborhood, featuring 120 square meters, a 12-square-meter balcony, an elevator, parking, and a mamad, sold for 1.32 million shekels.
Recent RE/MAX Transactions Across Major Cities
Even in Tel Aviv, distinct opportunities occasionally emerge. A 5-room rooftop apartment on Bo'az Street in the Hatikvah neighborhood, spanning approximately 110 square meters with a 25-square-meter balcony, was recently sold for 2.35 million shekels. Meanwhile, a larger 4-room apartment on Ha-Hayil Boulevard in Yad Eliyahu, covering 92 square meters with a 12-square-meter sun balcony, elevator, parking, and a mamad, fetched 3.88 million shekels.
Transactions in other cities reflect similar diversity:
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Eilat: A 3-room apartment on Grufit Street in the Ofir neighborhood (50 square meters) sold for 950,000 shekels, while a 4-room apartment on Derech Harim in Shahmon (83 square meters) went for 1.375 million shekels.
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Ramla: A 4-room apartment on Ha-Migdal Ha-Lavan Street in the Sha'ar Ha-Ir neighborhood (101 square meters) sold for 1.89 million shekels, and a 4-room semi-detached house on Struma Street in Shprintsak sold for 3.75 million shekels.