The couples who bought two apartments for less than 1.2 million shekels

Where can one find 4-room apartments for less than a million shekels? A young couple just getting married and managing to save 200,000–300,000 shekels knows that their chances of reaching an average apartment are slim. The bank will not approve a mortgage without sufficient equity, even if they earn 30,000 shekels a month and are capable of repaying 12,000 shekels a month.

Therefore, the default option for many couples is to move to the periphery and purchase an apartment at a discounted price, usually without a MAMAD, or to stay in the center and rent while trying to increase their equity.

The problem is that over the years, the gaps have only widened. Many couples tried to save, but the rise in property values only distanced them from their dream. Couples who saved tens of thousands of shekels discovered that prices had risen by hundreds of thousands — a gap that continued to widen, especially for apartments they were interested in before 2021 that experienced a large jump.

In recent days, two apartments were purchased in Be'er Sheva:

1. A 3-room apartment on Bechor Shitrit Street (Neighborhood 11), 72 sq. m, 3rd floor out of 4, was sold for 590,000 shekels.

2. A 4-room apartment on Elazar Ben Yair Street (Neighborhood Dalet), 75 sq. m, 3rd floor out of 3, was sold for 579,000 shekels.

Two apartments for less than 1.2 million shekels is a rare event, even on the periphery.

In contrast, a relatively new garden apartment in Be'er Sheva was sold at a much higher price. A 5-room apartment on HaMukhtar Street (Rambam neighborhood), 164 sq. m, with a 150 sq. m garden, on the ground floor out of 2, with parking and a MAMAD, was sold for 2.15 million shekels. Conclusion: when a MAMAD is not required, one can find especially cheap apartments in the south.

And now, for comparison, how much would two apartments in Tel Aviv cost? The initial instinct would be to guess around 10 million shekels. But no — two apartments were purchased in recent days for an especially low amount: less than 4.6 million shekels.

Here is the breakdown:

1. A 2-room apartment on Abarbanel St. (Florentin neighborhood), 39 sq. m, 2 sq. m sun balcony, 2nd floor out of 7 with an elevator, was sold for 1.88 million shekels.

2. A 3.5-room apartment on HaRechavi Street (Tel Chaim neighborhood), 85 sq. m, 5 sq. m balcony, 4th floor with an elevator and shared parking, was sold for 2.715 million shekels.

Here are more deals signed in recent days in the central region through Remax:

Bat Yam

• A 3.5-room apartment on HaRav Levi Street, about 85 sq. m, 5th floor out of 8, elevator, parking, was sold for 1.865 million shekels.

• A 2.5-room apartment on Chaviva Reich Street, about 70 sq. m, 3rd floor out of 4, parking, was sold for 1.73 million shekels.

Jaffa

• A 5-room apartment on Dolphin St. (Maronite neighborhood), 135 sq. m, 2 sun balconies of 11 meters, MAMAD, 2nd floor out of 3 with an elevator, was sold for 5.25 million shekels.