Ramat Hasharon Duplex Sells for Over $1.4 Million
A four-room duplex apartment on Naomi Street in Ramat Hasharon has been sold for 5.16 million shekels (approximately $1.4 million USD). The 118-square-meter apartment features an 82-square-meter balcony. The property is located in the Hadar neighborhood, an area primarily developed in the 1970s and 1980s, which is currently undergoing numerous urban renewal projects, including Tama 38. Average prices for older apartments in the neighborhood are around 30,000 shekels per square meter, while new apartments fetch about 40,000 shekels per square meter.
The building permit for the property was issued 25 years ago, with construction completed in 2003. While not brand new, the building is not considered old. This sale is one of only seven second-hand property transactions exceeding 5 million shekels in Ramat Hasharon this year, making it the most expensive second-hand sale in that price range. The apartment was originally purchased by the current owners ten years ago for 3.16 million shekels. During that decade, apartment prices in the area rose by approximately 63%, outpacing the general housing price index increase of about 50%.
Appraised at roughly 35,000 shekels per square meter, considering the large balcony, the price is considered reasonable. This valuation reflects the apartment's features, including a safe room (Mamad), which meets modern requirements. Experts note that new 5-room apartments of similar size with smaller balconies in the area can sell for 5 to 5.5 million shekels, equating to 38,000 to 40,000 shekels per square meter.
Three duplexes in the same building were simultaneously on the market, with prices ranging from 4.5 million to 5.95 million shekels. The sold duplex faces west and offers an open view, unlike another unit facing east that requires renovation and will overlook a future seven-story building. The most expensive unit listed had undergone extensive renovation. The buyer of the sold duplex reportedly conducted thorough research on local transactions and pricing, deeming the final price fair for the current market conditions.
