The largest cities of Israel - Jerusalem, Tel-Aviv and Haifa - are centres of global culture, innovative medical research and leading trends in tourism. Here, like nowhere else, the market for apartment rentals in Israel is always dynamic and develops just as fast as other aspects of tourist infrastructure in Israel.
Advantages of apartment rentals in Israel as opposed to hotel bookings are well-known to all independent travellers, who constitute the vast majority of visitors to Israel: this can be explained by the visa-free pacts that Israel has signed with most leading countries in the world, and with excellent air service (national carries and lowcost airlines alike have regular flights to Israel). Whether you want to rent an apartment in Israel for a vacation, for a medical stay or for a business trip, apartment rentals in Jerusalem, Tel Aviv and Haifa will cost you less than a hotel and will provide more flexibility and comfort.
Those interested in visiting Israel and renting an apartment there should take into account several important pointers, some of which are pertinent to the market in Israel in general, yet some only apply to the years 2012 and 2013:
1. Israelis like spending their vacation time without leaving the country, and most of them do not value luxury all that much. Consequently, affordable and simple apartments are always in demand in Israel, and those wishing to rent one should be ready for the local "competition" for apartments providing the most value for money.
2. Economic crises of recent years hit the real estate market in Israel just like anywhere else, and the number of houses and apartments purchased has dropped. Israelis prefer to rent housing, which increases the demand and lowers the supply of apartments offered for short-term rent. Of course, increased demand drives up the prices too (the 1st quarter of 2012 saw prices in Jerusalem grow by 8%, in Haifa by 5%, in Tel Aviv by 2-10% depending on the area), but compared to most European countries, prices in Israel can still be considered low: one month of long-term rent of a 2-bedroom apartment in a reasonable area of Tel Aviv costs about 650-700 euros.
3. Owners of second residences, which they rent out short-term, at present enjoy tax benefits when selling it, therefore attracting many foreign buyers who want to invest in Israeli property. However, starting on January 1st 2013 these tax benefits will be significantly cut. The government is attempting to cool down the market, and these efforts have already resulted in a large number of properties going up for sale.
Therefore, if you have decided to rent an apartment in Israel, taking into account all the current peculiarities of the market, it is highly recommended to book your property as far in advance as possible. You can always get in touch with our consultants in Israel, either by filling in our feedback form or by calling us directly.