Caesarea Apartment with Amenities Sells for $520,000

A 45-square-meter, two-room apartment in the Neot Golf project in Caesarea was sold for 1.885 million shekels (approximately $520,000). The project, located on Rothschild Boulevard, is a gated community featuring two indoor swimming pools, a gym, lawns, a squash court, and mini-golf. Built in the 1990s by Azorim, the original plans designated the units as "vacation homes, not for permanent residence."

The project comprises 500 units built in two phases. Most apartments are between 45-50 square meters with two to 2.5 rooms, while some larger 90-square-meter, four-room duplexes exist. Prices for four-room units can exceed 3 million shekels, standard apartments up to 2 million shekels, and garden or higher-floor units range from 2 to 3 million shekels.

Rental prices vary significantly, with standard apartments renting for 5,000-7,000 shekels per month, excluding management fees of 1,500-2,000 shekels. This yields a gross annual return of 3.5%-4%, considered high in the current market. Despite the original designation, the article suggests the "vacation home" status is largely academic, with many residents living there full-time and long-term renters common.

Since the start of 2024, approximately 40 transactions have occurred in the project, indicating a vibrant market. The recent sale is considered within the market range, though potentially at the upper end, with similar units previously selling for 1.5-1.7 million shekels. Real estate agents note the project's popularity stems from its gated community feel and attractive returns, drawing both investors and short-term renters.