After the stock surge, CEO of Hachshara Itadshut: "We sold 100 apartments in a short time"
Stock fluctuations continued yesterday; after a 41% drop this month, the stock rose by a similar rate. Simultaneously, the company sold penthouses in Kiryat Yam for over 4 million shekels. Mariash: "People still want and need to buy apartments."
The stock of Hachshara Itadshut Ironit fell by 41% since the beginning of the month until yesterday, and its value was cut by more than 330 million shekels. This is not just another event in the real estate market, and it seems that even within the company, there was uncertainty regarding the cause of this change and who is responsible for it.
Yesterday, the trend reversed: the stock returned to growth with a 41% jump—a correction following two days of collapse, amid what appeared to be institutional investor activity and an announcement of a financing agreement for a project in Kiryat Yam. The market value rose to 757 million shekels. It remains far from its peak, with the stock price at 8.4 shekels, compared to over 14 shekels in the past year.
According to the company's announcement, it signed a financing agreement with Ruby Capital in cooperation with Shlomo Insurance and Ayalon Insurance for the construction of 478 housing units in stages A and B of the project in Kiryat Yam. Under the agreement, credit lines and guarantees totaling about 1.2 billion shekels will be provided to the 'Kiryat Yam Partnership' to finance the project, including a 240 million shekel cash credit line.
At the same time, the company sent eviction notices to tenants last week in preparation for the start of work, following a contract signed last month with the Barel Group, which will carry out construction for stages A and B, expected to begin in the coming months. So far, 98 out of 399 units intended for marketing have been sold, reflecting a 25% marketing rate for a total consideration of about 194 million shekels.
Alex Mariash, CEO of Hachsharat HaYishuv Itadshut Ironit, told ice:
"In the 'Ir Galim' project that we are building in Kiryat Yam, which is one of the significant projects in the area, it is a large-scale pinui-binui project. A new neighborhood will be built with about 1,450 housing units, alongside commercial areas, employment, and public buildings. In recent months, we have sold about 100 apartments in the project, including several penthouses, at an average price of about 4.15 million shekels per unit. We identify demand from a wide variety of buyers: families, housing improvers, and investors."
According to him, sales are proceeding at a high pace:
"These data illustrate that even in a period when the housing market is dealing with quite a few challenges, people still want and need to buy apartments. When you offer a quality product in an environment that is being renewed from the ground up and at a price accessible to the target audience, the demand follows. We believe that 'Ir Galim' will become one of the significant residential centers in the Krayot in the coming years, and we see the continuation of sales and the transition to the execution stage as a significant expression of confidence in the project and the path we are leading."
He added that the activity in Ir Galim is part of the execution momentum the company is leading. At the beginning of 2026, the company moved to the execution of about 500 housing units, and plans to execute over 2,000 units in 2027. The company currently holds over 9,000 housing units with an approved zoning plan and a backlog of about 32,000 units in various stages of promotion.
Recently, Morris Wilner became an interested party in Hachsharat HaYishuv, purchasing a significant stake in the company controlled by Ofer Nimrodi. In less than a week, he purchased shares for nearly 120 million shekels, more than half from the Phoenix company. The price Wilner paid stands at 40 shekels per share, while the current stock price is 39.33 shekels. He now holds 7.5% of the company, which focuses on income-producing real estate and owns the subsidiary Hachshara Itadshut Ironit.
