Netanya Apartment with Urban Renewal Rights Sells for 1.45 Million NIS
A 50 sqm apartment in Netanya sold for 1.45 million NIS with pinned urban renewal rights. Real estate agents note rising demand for second-hand homes over new developments.
A compact 3-room apartment measuring 50 square meters on Nahum Street in Netanya's Ramat Yadin neighborhood has been sold for 1.45 million NIS. Located on the fourth and top floor of an older building without an elevator or parking, the property comes with signed urban renewal rights (pinui-binui), and a cautionary note has already been registered in the Land Registry. Following the planned project, the apartment will gain a 12-square-meter safe room (mamad), a 12-square-meter balcony, and a dedicated parking space.
The property was originally listed at 1.49 million NIS and spent about two months on the market. The sellers sought a home with better accessibility, while the buyer, a local resident of the neighborhood, recognized the long-term investment potential tied to the upcoming building renovation.
Market Trends and Second-Hand Demand
Yossi Babil, an agent with RE/MAX Maximum, noted that the buyer acted quickly to secure the property. While Netanya has experienced overall price drops, these are mostly concentrated in newer elevator buildings that lack upside potential from renovation. Older buildings facing urban renewal are seeing much more moderate corrections.
"Despite developers' financing offers, my experience shows higher demand for second-hand apartments. Prices are more accessible, and buyers are afraid of purchasing a new property today only to find its value lower upon delivery."
Recent Real Estate Transactions Nationwide
Beyond Netanya, recent transactions reported by the Israel Tax Authority highlight diverse regional activity:
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Netanya: A 3-room apartment on Shaul HaMelech Street (84 sqm) sold for 2.6 million NIS; a 4-room apartment on Ben Avi Blvd (103 sqm) fetched 3.05 million NIS.
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Ashkelon: A 4-room apartment on Saver Maranan Street in Ir HaYin (103 sqm) was sold for 1.77 million NIS; a smaller 2-room unit on Eliezer Milrod Street (29 sqm) went for 715,000 NIS.
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Beit Shemesh: A 5-room apartment in Ramat Beit Shemesh D (130 sqm) commanded 2.8 million NIS.
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Haifa: A 3-room apartment on Freud Street (70 sqm) sold for 1.2 million NIS, while a 4-room unit on Leon Blum Street (99 sqm) reached 1.44 million NIS.
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Bat Yam: A 5-room penthouse on Anna Frank Street (112 sqm with a 51 sqm rooftop and parking) changed hands for 3.3 million NIS.
