Ramot Chen Sees Median Price Per Square Meter Drop, Four-Room Apartments Down 12%
The median price per square meter in Ramot Chen, a neighborhood in southern Ramat Gan, has fallen to between 40,000 and 42,000 shekels over the past 12 months. This represents a roughly 6% decrease across all property types, with four-room apartments experiencing a sharper decline of approximately 12%. Ramot Chen is characterized by distinct market segments, including older apartment buildings, a few newer constructions, and detached homes and cottages, which are priced significantly higher.
Recent transactions in the neighborhood, which saw 18 sales in the last year according to Tax Authority data, range from 33,000 to 53,000 shekels per square meter. Examples include a five-room apartment sold for 4.15 million shekels (approximately 38,100 shekels per square meter) and a smaller four-room apartment sold for 2.6 million shekels (approximately 45,600 shekels per square meter). A three-room garden apartment sold for about 53,500 shekels per square meter, while an eight-room house sold for approximately 33,200 shekels per square meter.
Currently, 56 properties are listed for sale in Ramot Chen. The article highlights the disparity between different property types, noting that a "three-room" apartment and a "three-room" cottage are vastly different products. While apartments are priced based on built area and floor, land properties also factor in yard space, land ownership, and building rights. This mix contributes to a median asking price of over 4 million shekels for three-room apartments, while typical apartments sell closer to 3 million shekels.
In terms of price changes over the past year, regular three-room apartments have seen an approximate 8% decrease, and four-room apartments have dropped about 12%. However, the small sample size of 18 transactions necessitates caution in interpreting these figures, as individual sales of small or renovated units can skew averages. Ground-level properties and garden apartments command significantly higher prices, reaching 60,000 to 70,000 shekels per square meter.
Average rental prices are around 10,000 shekels per month, though this is influenced by larger homes. Standard three and four-room apartments rent for 7,000 to 10,000 shekels, while private homes can reach 16,000 shekels or more. The neighborhood's advantages include quiet streets and proximity to major parks and Tel Aviv, with a socio-economic index of 9 out of 10. Downsides include limited new construction, reliance on busy main roads, and minimal local commerce. The expected operation of the light rail around 2027 could potentially boost demand in the area.
