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How many years will you need to work to afford a Jerusalem apartment?

Apartment for sale in Jerusalem (photo credit: MARC ISRAEL SELLEM/THE JERUSALEM POST)
Apartment for sale in Jerusalem

The head of the housing sector at the Central Bureau of Statistics published new data on the difficulty in financing the purchase of an apartment.

New Central Bureau of Statistics data on the difficulty the average Israeli faces when it comes to purchasing an apartment in Israel was recently released at the Magdilim Group's annual real estate conference, held on 3 May. 

The statistics indicated that there are differences between various regions in Israel. Dr. Larisa Fleishman, who directs the geographical methodology division at the CBS, showed that in Beersheba, 10 years of income are needed to purchase an apartment at an average price.

This is the least amount of years of work that are required to buy an apartment in Israel. In Haifa, working 10.1 years is required and in Ashkelon 13 years is the average. On the other side of the scale, in Jerusalem, residents need to part with 26.9 years of income to buy an apartment, which is the highest rate in the entire country.

In Bnei Brak, 25.4 years of income are required, in Bat Yam 22.6 years, in Tel Aviv 22.2 years and in Netanya 19.9 years. The nationwide average price for an apartment increased by 11.3% in the last year to NIS 1.896 million. In cities in the Sharon, the average price increased by 17.2% to NIS 2.71 million.

What is the most expensive city in Israel to buy an apartment?

The most expensive city in terms of price is Ramat Hasharon. Another alarming figure is the 10.8% rise in 2022 in the average time it takes to build an apartment, compared to 2021. Today, building a new apartment takes almost three years, or more precisely, 33.1 months.