Eilat Urban Renewal Project Approved: 474 New Housing Units to Be Built
The Southern District Planning Committee approved 474 new housing units in Eilat under the HaTmarim Complex urban renewal project, as property prices in the resort city surpass 20,000 NIS per square meter.
Hundreds of new housing units are heading to southern Israel as the Southern District Planning Committee has given final approval for a major urban renewal project in Eilat. The initiative will see 474 new apartments built in the city's HaDekel neighborhood.
The 'HaTmarim Complex' Project
The approved plan, officially named the 'HaTmarim Complex', spans approximately 21.5 dunams along the main HaTmarim Boulevard. The development will replace older, densely packed buildings that fail to meet modern safety and residential standards. The project features mid-rise buildings of 7 and 10 floors alongside two residential towers reaching 25 and 27 floors, while also incorporating commercial spaces, public buildings, and open public areas.
"We are currently preparing to assist residents and the municipality in implementing the projects quickly and with high quality," noted Guri Nadler, Head of the Planning Division at the Urban Renewal Authority.
Real Estate Prices and Market Trends
Eilat has recently crossed the threshold of 20,000 NIS per square meter for new projects. While traditionally a tourism hub far from Israel's central region, high demand has driven property values upward. Older 2-3 room apartments in the HaDekel neighborhood currently trade between 500,000 and 600,000 NIS, with prices per square meter ranging from 13,000 to 16,000 NIS. In contrast, new developments such as Yossi Avrahami's Venezia project near the Ice Mall command prices of 21,000 to 22,000 NIS per square meter.
The initiative was originally submitted by the Government Authority for Urban Renewal and the Municipality of Eilat. Guri Nadler added that authorities are currently advancing seven distinct urban renewal projects in Eilat, with further developments expected to significantly expand the city's housing supply.
