Broker Avi Aikort: Real estate prices in Tel Aviv are going down, with some exceptions

Veteran Tel Aviv real estate broker Avi Aikort dropped a bomb in the home buying and selling community: prices are going down in the city that never sleeps, according to Globes.

In the face of national data pointing to an increase in real estate prices across the board, Aikort insists that "this is the most difficult period I've known since I started working in brokerage almost 25 years ago."

Interestingly enough, Aikort says that the plummet in demand started before the war, due the increase in interest rates and mortgage costs, and that he bases this belief on an "enormous" amount of information he receives professionally.

Aikort said that the decline in prices and demand is occurring even in places with great locations and amenities.

Aikort's ultimate advice to colleagues in the business is to "sit on the phone, bring buyers. There are all sorts of reasons for genuine motivation to buy, regardless of market conditions, but to find them you need to sit on the phones."

He does believe that prices will begin to rise again, based on his assessment that the war is winding down and that antisemitism will bring in more immigrants looking for places to buy and invest in.