Harish Garden Apartment Sells for 3.035 Million NIS Amid Market Slump
A 5-room garden apartment in Harish sold for 3.035 million NIS amid a local 12% price correction. The 141-sq-m property features a 237-sq-m yard and premium features.
A 5-room garden apartment on Reut Street in the "BeTzevetta" neighborhood of Harish has been sold for 3.035 million NIS. The property spans a built-up area of 141 square meters and features an adjoining 237-square-meter yard.
The local housing market in Harish is currently undergoing a price correction, accompanied by increased difficulties for developers and homeowners looking to sell. Data shows that average prices for 4-room apartments peaked in 2023 at 1.62 million NIS before declining to roughly 1.43 million NIS in recent months—returning to levels seen five years ago.
This 12% drop in market value helps explain a recent trend where winners of state-discounted housing lotteries ("Mechir LeMishtaken") have opted to forfeit their wins. With open-market prices falling, the actual discounts offered by state programs have significantly shrunk in the city.
Garden Apartments and Market Dynamics
Over the past year, approximately 30 garden apartment transactions were recorded by the Israel Tax Authority in Harish, mostly for 5-room units. While these averaged 2.35 million NIS, the price range is wide—spanning from 1.6 to 3.17 million NIS—with only two properties crossing the 3 million NIS threshold.
Many 5-room garden apartments in Harish are relatively small, measuring 125 to 135 square meters with yards between 100 and 150 square meters. The sold property is part of a large-scale project by Shapir Engineering and Industry, built on land acquired in eastern Harish under a "Design-Build" framework.
Shapir developed roughly 1,520 housing units across 86 buildings, with about 40% sold under subsidized housing programs at 6,355 NIS per square meter plus VAT, and the rest offered on the free market. Market checks indicate that average prices in the "BeTzevetta" neighborhood align closely with the citywide average of 1.43 million NIS.
Premium Factors and Expert Insights
Real estate experts note that the 3.035 million NIS price tag is exceptionally high for Harish garden apartments. However, the property hits three major buyer priorities: a spacious 141-square-meter interior, an exceptionally large 237-square-meter yard, and a distinct location bordering open fields and the Narbeta stream route, ensuring privacy and unobstructed views.
Liron Carmon, a broker with RE/MAX Harish, confirmed that the price is unusual for the city but justified by unique circumstances. "Reut Street borders olive groves, featuring larger apartments and significantly bigger yards than other local projects," Carmon explained. "Furthermore, this property is located in the later development phases sold entirely at market rates, and the neighborhood is in high demand among religious-Zionist buyers, while available inventory remains scarce."
