Eilat Approves Major Urban Renewal Project Adding 474 New Apartments

The southern Israeli city of Eilat has received approval for a significant urban renewal project, "Matam Ha Tamarim," which will add 474 new housing units to the Dekel neighborhood. The plan, located on approximately 21.5 dunams along Tamarim Boulevard, also includes commercial spaces, public buildings, and open areas. The project aims to replace old, dense, and outdated buildings that do not meet current safety and living standards with new structures ranging from 7 and 10 stories to two residential towers of 25 and 27 stories.

This initiative is part of a broader urban renewal effort in Eilat, with the National Council for Urban Renewal and the Eilat Municipality advancing seven similar "pinui-binui" (demolish-and-build) projects in the city. The "Matam Ha Tamarim" plan was submitted by the National Council for Urban Renewal and the Eilat Municipality and is supported by the city. It is designed to adhere to standard regulations and is eligible for government subsidies to ensure its economic viability.

The approval comes as housing prices in Eilat have been rising, driven by demand in the popular resort city. While older apartments in the Dekel neighborhood are selling for hundreds of thousands of shekels, with prices per square meter between 13,000 and 16,000 shekels, new projects are expected to reach 16,000 to 20,000 shekels per square meter. Some prime locations already see prices around 21,000 to 22,000 shekels per square meter.

Guri Nadler, Director of Planning at the National Council for Urban Renewal, stated that the council and the Eilat Municipality are preparing to assist residents and the municipality in implementing these projects quickly and effectively, highlighting the ongoing commitment to urban renewal in the city.