(haipo) - A new survey by the Madelan website reveals that Haifa stands out in the increase in housing prices in recent years. Of the ten neighborhoods with the highest increase in apartment values between 2019 and 2024, four neighborhoods are located in the city. This figure indicates significant trends in the local real estate market, which have implications for housing options and population distribution.
Kiryat Haim Western – the sharp jump in apartment values
The Kiryat Haim Western neighborhood recorded the highest increase in apartment values in Haifa, with a 67% jump in the average price for a 3-room apartment between 2019 and 2024. Possible reasons for this include urban renewal projects, infrastructure improvements, and a general development boom in the neighborhood. However, the sharp increase raises questions about the accessibility of housing for middle-income populations.
Neve Paz and Tel Amal – a sharp upward trend
The Neve Paz neighborhood, ranked fourth on the national list, recorded a 57.94% increase in apartment values. In fifth place is the Tel Amal neighborhood with a 57.8% increase. Trends in these neighborhoods indicate increasing demand, likely due to factors such as improved infrastructure and partial urban renewal.
Kiryat Shprinzak – the immigration continues
The Kiryat Shpinzak neighborhood closes the Haifa list with a 49.66% increase in the value of 3-room apartments. Haifa's significant presence on the list of neighborhoods leading in housing price increases strengthens the city's position in the national real estate market. However, it also raises concerns about the ability of new residents to enter the city's residential market.
Urban renewal as a lever for price increases
Experts estimate that one of the main factors behind the surge in apartment prices is urban renewal. Demolishing old buildings and constructing modern ones improves the quality of life, increases the supply of new apartments, and attracts investors and new residents to the area.
Haifa housing market: current data
According to Madelen data, in 2024, 2,991 apartments were sold in Haifa, with an annual return of 2.83% and an average price per meter of 18,200 NIS. Despite the increase, prices in the city are still significantly lower compared to other cities.
Price differences compared to Tel Aviv – almost three times
In Tel Aviv, fewer apartments were sold in 2024 (2,259), but the average price per meter was NIS 54,000 – almost three times that of Haifa. This gap highlights Haifa's comparative advantage as an attractive investment opportunity for apartment buyers.
Forecasts for 2025: Continued price increases
Dr. Assaf Gastfreund, a real estate appraiser and member of the Haifa City Council, estimates that even sharper price increases are expected in 2025, beyond the 8% recorded in 2024. The high demand for residential apartments, alongside the urban development boom, are contributing to this trend.
The impact of infrastructure development on the real estate market
According to Gastfreund, the start of renovation work in northern Haifa is expected to attract additional investors. Improvements in infrastructure and the quality of life in the area will increase demand for apartments, which could lead to continued significant price increases.
Neighborhoods with potential for further growth
Gastfreund sees high potential for urban renewal in neighborhoods such as Neve David, Kiryat Eliezer and Kiryat Haim Marabit. He notes that urban development may lead to further increases in apartment values, but notes that this also depends on municipal policy.
Haifa as a real estate investment opportunity
Despite the increase in prices, Haifa is still considered an attractive destination for homebuyers and investors, thanks to urban renewal and price gaps compared to other demand areas. As the urban momentum continues, the city may become a significant alternative to the center of the country in terms of the housing market.
The only things that came up and put us in first place are:
A. The property tax evasion
B. Crime and personal insecurity
Haifa owes a sexual population, unfortunately Arabs only buy
So, while there are relatively cheap apartments, there is increased demand and their price is jumping. An apartment in Carmel is already sky-high and cannot increase in price by tens of percent.
I only hear about people who want to sell and move to the new neighborhoods in other cities. Two of my friends sold in Romema and moved to the new Galei Carmel in Tirat Carmel and really don't want to go back to Haifa.
Yesterday I heard from a teacher who teaches in Haifa that she is moving to a new school that opened in Krayot because they bought an apartment there and they moved in and are very happy.
The big problem is that people talk about rising prices and not about the declining quality of life. Prices are rising because contractors are building increasingly expensive apartments that the public cannot afford. The quality of life is declining because the roads are congested. There are no normal large supermarkets near the house. People are being run over to death. There is no proper public transportation in the neighborhoods with normal frequency. There is no parking for those who come home from work in the evening. Now the municipality wants to rob hundreds of shekels in security taxes because there is also no normal security from the police.
Talk about that, not about some random person.
They always forget to mention the Banana Complex on Kibbutz Galuyot Street!!
Someone should pressure the politicians to move things there.
I'm dying to get out of here. Two years in polluted Haifa were enough for me. Anyone interested? Geula Street.
Yes, how much are you selling for?
in my opinion….
You would love to know.
Indeed, in my humble opinion you would be dying to know. Have a lovely day.