The town where an apartment without a mamad will cost you 525 thousand shekels
New apartments in some cities are expensive, and those willing to settle for an apartment without a mamad can find bargains - apartments priced from 500 thousand to a million shekels. Where was a 5-room apartment sold for 1.1 million shekels, and how much does an apartment with a mamad and parking cost in Ramle?
How much does an apartment in the periphery cost? It depends on the location and the buyer's expectations. New apartments are significantly more expensive than those without a mamad. This price gap has widened during the war, and today the disparity is quite pronounced. Recently, a 3-room apartment on Sanhedrin Street in Neighborhood Dalet (60 sqm, 3rd floor out of 3) was sold for 525,000 shekels.
This is an unusual deal, both for an older building and for an apartment lacking a mamad. In Israel, it is becoming difficult to find properties at such price points. Even in the Eli Cohen neighborhood in Yerucham, it is now hard to find apartments for 350,000 shekels, a price that was common just two years ago.
Another recent transaction involved a 4-room apartment on Derech HaMeshachrerim Street in Neighborhood Bet (76 sqm, 4th floor out of 4), which sold for 820,000 shekels. This is also a very low price relative to the apartment's size. In contrast, a 4-room apartment on Eshkoliot Street in the Ramot neighborhood (120 sqm, 15 sqm balcony, 2nd floor out of 5, with an elevator, parking, and a mamad) was sold for 1.54 million shekels.
A review of other deals by the Re/Max real estate network shows that many people are purchasing affordable apartments to avoid taking on heavy mortgage burdens. Conversely, foreign residents and wealthy individuals, as noted in this week's Bank of Israel data, are increasingly buying expensive properties with less equity. It is highly likely that the wealth gap in the State of Israel is continuing to widen.
Additional Re/Max deals from the week:
Haifa
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5-room apartment on Nordau Street (83 sqm, 2nd floor out of 3) — 1.1 million shekels.
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3-room apartment on Taanach Street (43 sqm, 2nd floor out of 4) — 720,000 shekels.
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3-room apartment on Nissanboim Street (60 sqm, 12th floor out of 18, with an elevator) — 1.25 million shekels.
Ramle
- 5-room apartment on Moshe Levi Street in the Neot Shamir neighborhood (140 sqm, 20 sqm balcony, 2nd floor out of 8, with a mamad, parking, and an elevator) — 2.235 million shekels.
Rishon LeZion
- 6-room rooftop apartment on Remez Street (approx. 160 sqm, 4th floor out of 4, with an elevator and parking) — 2.61 million shekels.
