Caesarea Apartment With Pools, Squash Court Sells for $1.885 Million

A two-room, 45-square-meter apartment in the Neot Golf project in Caesarea was sold for 1.885 million shekels (approximately $500,000 USD). The complex, located on Rothschild Boulevard, is a gated community featuring two indoor swimming pools, a gym, lawns, a squash court, and mini-golf. Originally built in the 1990s by Azorim, the project was intended for "holiday apartments, not permanent residences." Despite this original designation, the market analysis suggests the "holiday apartment" status is largely academic, with around 40 transactions occurring since the start of 2024, indicating a vibrant real estate market.

The Neot Golf project consists of 500 units built in two phases. Most apartments are small, typically two to two-and-a-half rooms ranging from 45 to 50 square meters, though some four-room units of 90 square meters exist. Prices for four-room apartments can exceed 3 million shekels, while standard apartments sell for up to 2 million shekels. Rental income for standard apartments, excluding management fees of 1,500-2,000 shekels per month, ranges from 5,000 to 7,000 shekels monthly, yielding a gross annual return of 3.5%-4%, considered high in the current market.

Realtor Ayelet Weiss Kalmanovitch of Montefiore Agency stated that the apartments are not strictly "holiday apartments" as many residents live there full-time or rent long-term. She described the community as a secure, American-style gated community. Weiss Kalmanovitch highlighted the project's popularity, driven by the attractive returns on investment, making it appealing for both investors and those seeking short-term rentals during holidays. She confirmed the sale price was market rate, noting similar properties are listed for 2 million shekels and garden apartments or cottages are priced closer to 4 million shekels.