Ramot Gan Neighborhood Sees Record Apartment Sale Amidst Urban Renewal Boom
A five-room apartment in Ramat Gan's Haruzim neighborhood, also known as Shenkar, has sold for a record 11.91 million shekels, highlighting the area's rapidly increasing property values. The 191-square-meter apartment, located on the eighth floor of a new building at 9 Anna Frank Street, was purchased for over 62,000 shekels per square meter. The building is slated for completion in 2029.
Haruzim, situated north of Bialik Street and near major transport routes, is undergoing significant urban renewal, transforming from a quiet, rural area into one featuring boutique buildings and green spaces. While prices vary, new constructions in the neighborhood now range from 48,000 to 53,000 shekels per square meter.
Recent transactions in the area include a 65-square-meter, three-room apartment sold for 3.29 million shekels (over 50,000 shekels per square meter) and a 153-square-meter, five-room apartment on the seventh floor that fetched 8.26 million shekels (approximately 54,000 shekels per square meter). A garden apartment in a neighboring building, measuring 65 square meters, sold for 3.36 million shekels, equating to nearly 52,000 shekels per square meter of built area.
Further deals on nearby Haruzim Street and Anna Frank Street show similar price points, with a 163-square-meter, five-room apartment on the eighth floor selling for 10.6 million shekels (65,000 shekels per square meter), and a 70-square-meter garden apartment selling for close to 53,000 shekels per square meter.
Despite the high volume of urban renewal projects, the average apartment price in Haruzim remains elevated. Rental prices for 3.5 to 4-room apartments range from 7,000 to 10,500 shekels, with new apartments commanding higher rates. A new, average four-room apartment costs around 5.1 million shekels, yielding a low rental return of approximately 2.2%. Investors may find better returns elsewhere, such as in Beersheba, where similar investments could yield up to 4%, though Ramat Gan's prime location is seen as a driver for potential value appreciation.
