Netanya Three-Room Apartment Sells for 1.45 Million Shekels Amid Urban Renewal Plans

A 50-square-meter, three-room apartment on the fourth floor of a four-story building in Netanya's Ramat Yadin neighborhood was sold for 1.45 million shekels. The apartment, located on Nachum Street, lacks parking and a balcony. The building is old and has no elevator, but its residents have signed an agreement for a "Pinui-Binui" (evacuation-construction) urban renewal project, with a caveat already registered in the land registry. Following the project, the apartment will gain a 12-square-meter safe room, a 12-square-meter balcony, and a parking space. The apartment was initially listed for 1.49 million shekels and was on the market for approximately two months. The sellers sought a more accessible home, while the buyer, a local resident, recognized the apartment's potential due to the upcoming building renovation. Yossi Babyl, an agent with RE/MAX Maximum, noted that the buyer quickly recognized the apartment's potential. He observed that while prices are generally declining in Netanya, this is more pronounced in newer buildings without urban renewal prospects. In older buildings slated for renewal, price drops are more moderate. Babyl also mentioned investor interest but stated that their offered prices often do not align with market expectations, leading to few transactions. He added that despite contractor financing offers, his experience shows a greater demand for second-hand apartments due to more accessible prices and buyer apprehension about future value depreciation on new builds. The article also lists recent sales of other apartments in Netanya, Ashkelon, Beit Shemesh, and Haifa, with prices ranging from 715,000 shekels for a two-room apartment in Ashkelon to 3.3 million shekels for a five-room apartment in Bat Yam.